If you followed artificial intelligence (AI) or technology stock market news in 2024, you probably heard about the monster gains delivered by US chip maker Nvidia Corp (NASDAQ: NVDA).
Many investors will be hoping this is just the beginning, and experts predict AI could transform worldwide economies.
For those looking to invest in the sector a bit closer to home, here are 5 ASX AI shares to keep an eye on this year.
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Appen Ltd (ASX: APX)
Appen is an Australian company specialising in data collection, labelling, and preparation for machine learning and AI systems.
The company works to enhance the performance of AI-driven products and services.
After a slow start in 2024, the ASX AI stock has been a runaway train, now up 435% over the last 12 months. Although, it's worth noting Appen shares are still down by around 90% over the past five years.
Last year's sharp rise was on the back of increased profits and the global AI boom that Goldman Sachs "expects to continue."
Artrya Ltd (ASX: AYA)
Artrya is a medical technology company based in Perth. Its focus is on improving the diagnosis and treatment of coronary artery disease.
Artrya's software-as-a-medical device, Salix Coronary Anatomy, is an AI-based solution that quickly analyses cardiac CT scans to assist clinicians in accurately determining the extent of "vulnerable plaque" for patients who may be at risk of heart attack.
Co-founder and managing director John Barrington says there is growing demand for improved detection of coronary artery disease, with 9 million people dying from the disease each year globally. "The pressure on health systems is already substantial, and it's only going to increase over the next few decades with ageing populations," he says.
After its initial listing in 2021, the Artrya share price fell significantly. However, over the last 12 months, the ASX AI stock has risen 233%.
Life360 Inc (ASX: 360)
Life360 is a location-sharing app designed to help families and close groups stay connected. It provides real-time location tracking, geofencing, and alerts when members arrive or leave designated places.
Life360 was somewhat of an ASX golden child in the AI and technology sector last year. It surged by around 200% during 2024.
The app currently has more than 70 million users, and despite its monster year in 2024, Goldman Sachs believes it has more room for growth.
NextDC Ltd (ASX: NXT)
NextDC is an Australian company that designs, builds, and operates data centres to provide businesses with secure, high-performance infrastructure for digital operations.
NextDC shares delivered modest returns in 2024, growing by around 14% over the 12-month period. However, the stock has room to grow according to Morgans.
NXT is a key supplier to Cloud Service Providers (CSP) including AWS, Google, Microsoft and others. NXT is benefitting from the extraordinary growth of Cloud and digitisation. The AI revolution has barely started but NXT will all benefit from this.
Weebit Nano Ltd (ASX: WBT)
Weebit Nano is a developer of advanced semiconductor memory technology.
The Israel-based company focuses on developing advanced storage and computing technologies, particularly its ReRAM (Resistive Random-Access Memory) technology.
This technology is used in Internet of Things (IoT) sensors, smartphones, robotics, autonomous vehicles, 5G communications, advanced AI systems, and cloud computing.
Unlike many other ASX technology and AI shares, Weebit Nano experienced a fall in 2024, dropping by 21%.
It's also off to a rough start in 2025. This is despite an announcement earlier this month the company has licensed its ReRAM technology to tier-1 semiconductor supplier, Onsemi.
