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Keep an eye on machine learning stocks. Companies are tripping over each other for the technology, which involves feeding data to a machine so it can learn and even make human-like decisions. It could be a$503.4 billion marketby 2030. Two years later, it could be worth $771.38 billion, according to Precedence Research

Even better, were seeing substantial machine learning demand from just about every major industry. That includes healthcare, finance, retail, entertainment and manufacturing just as they are adopting the technology to boost revenue, cut costs and automate operations, as noted by Learn.G2.com. Even more impressive, about48% of global businesses are already using machine learning with 44% of them seeing lower business costs.

While we can always jump intoNvidia(NASDAQ:NVDA), its now an $880 stock thats already made quite a few investors very wealthy. In fact, the last time I mentioned NVDA in a machine learning article, it was only a $700 stock.If you missed its run, dont worry. There are plenty of other machine learning stocks with similar potential.

Source: Phonlamai Photo / Shutterstock.com

Lets start withLantern Pharma(NASDAQ:LTRN), a $52.95 million company trading at less than $5.

An artificial intelligence company, its helping to transform the cost and speed to oncology drug discovery and development with itsAI and machine learning platform, RADR.With the help of machine learning, AI and advanced genomics, its platform can scan billions of data points to help identity compounds that could help cancer patients.

Typically, with early-stage discovery and development, the traditional approachcan take three to five years. However, with companies like Lantern, the process can be as low as two years.

Most recently, the company announced, Multiple clinical trials across three AI-guided drug candidates are active with first expected data and readouts for LP-184 (for use across multiple cancer indications) in the second half of 2024; with additional next-generation drug development programs approaching IND studies.

Source: Al Serov / Shutterstock.com

Theres alsoRekor Systems(NASDAQ:REKR), a $156.57 million company thats leveraging AI and machine learning to identity infrastructure concerns for transportation, public safety and urban mobility. One of its key solutions is Rekor One an AI-powered roadway intelligence platform.

Most recently, the company announced substantial growth throughout 2023. Gross 2023 revenues of $34.9 million, for example, was 75% better than year ago numbers. Fourth quarter gross revenue jumped 71% year over year.

The total value of its contract values jumped 124% year over year to $49.1 million. And it narrowed its adjusted EBITDA loss from $37.4 million to $28.7 million for 2023.

Even better, as noted byInvetorplace contributor Josh Enomoto, For the current fiscal year, experts are calling for revenue of $66.07 million. Thats up a staggering 89.1% from last years tally of $34.93 million. In the following year, sales could jump to $88.74 million, implying a 34.3% gain over projected 2024 revenue.

Source: Owlie Productions / Shutterstock.com

Or, we can diversify at a lower cost with an exchange-traded fund such as theInvesco AI and Next Gen Software ETF(NYSEARCA:IGPT). With an expense ratio of 0.61%, the ETF holds some of the top AI and machine learning stocks on the market, including Nvidia,Alphabet(NASDAQ:GOOG),Meta Platforms (NASDAQ:META),Adobe(NASDAQ:ADBE),Advanced Micro Devices(NASDAQ:AMD) andQualcomm(NASDAQ:QCOM) to name a few.

Whats nice about this ETF is that we can buy 100 shares of it for just under $4,300, which allows us to diversify with its 98 holdings. Or, we can just buy NVDA and not have the same diversification, and pay about $87,700 for 100 shares.

Since bottoming out at around $30.27 in October, the IGPT ETF hit a high of $47.03 in March. Now back to $42.78, Id like to see it initially retest its prior high. Even better, the ETF is technically oversold on RSI, MACD, and Williams %R all of which are pivoting higher.

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Read More:Penny Stocks How to Profit Without Getting Scammed

On the date of publication, Ian Cooperdid not have (either directly or indirectly) any positions in the securities mentioned.The opinions expressed in this article are those of the writer, subject to theInvestorPlace.comPublishing Guidelines.

Ian Cooper, a contributor to InvestorPlace.com, has been analyzing stocks and options for web-based advisories since 1999.

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3 Machine Learning Stocks with the Potential to Make You an Overnight Millionaire - InvestorPlace