The year 2023 was quite impressive for the U.S. stock market, with the S 500 and the Nasdaq Composite indexes posting returns of 24% and 43%, respectively. A major part of this bull rally can be attributed to the strong performance of artificial intelligence (AI) and other related stocks.

AI is far more than a passing trend and marks a transformational technology in today's world. Its relevance as a major investment theme persists in 2024.

Against this backdrop, here's why high-quality AI-powered stocks such as Nvidia (NASDAQ: NVDA), Super Micro Computer (NASDAQ: SMCI), Snowflake (NYSE: SNOW), Palantir Technologies (NYSE: PLTR), and UiPath (NYSE: PATH) can prove to be smart buys in 2024.

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Source Fool.com