As in 2023, investors were once again captivated by the potential of artificial intelligence (AI) in 2024. But not every stock has benefited. Sure, Nvidia and Broadcom have had great years, but not every AI beneficiary was as fortunate.

Broadcom's (NASDAQ: AVGO) share price has nearly doubled year to date. Actually, the stock had more than doubled for the year until a few days ago, when the Fed's hesitancy to forecast as many rate cuts for 2025 as investors are hoping for led to a stock market sell-off.

The S&P 500 (SNPINDEX: ^GSPC) is up 28% this year, which is almost triple its average annual gain going back to 1957. Technology stocks are leading the S&P higher at the moment, but those operating in the artificial intelligence (AI) space are generating particularly strong gains.

One of the prominent stocks driven by artificial intelligence (AI) is Palantir Technologies (NASDAQ: PLTR). From a low of around $6 per share at the height of the 2022 bear market, the SaaS stock's AI tools have driven a more than 12-fold gain in the stock in two years.