Got a spare $10,000 to invest? Smart investors should buy these ASX shares

Here's why I think investing $10,000 into Appen Ltd (ASX:APX) and these ASX shares could be a very smart move…

If you're lucky enough to have a spare $10,000 in your savings account and no near term plans for it, I would suggest you consider putting it to work in the share market.

After all, the potential returns on offer are vastly superior to the interest rates most bank accounts offer right now.

But where should you invest these funds? My money would be on one of these high quality ASX shares:

Appen Ltd (ASX: APX)

I think this global leader in the development of high-quality, human annotated datasets for machine learning and artificial intelligence (AI) could be a great option for a $10,000 investment. In a presentation last year, management noted that the AI market is expected grow to be worth up to US$191 billion by 2025. Approximately 10% of this market spend is expected to relate to the data labelling which Appen is involved in. Due to its industry leading position, I believe the company is well-positioned to capture a growing slice of this massive market in the coming years. This should underpin strong earnings growth for the foreseeable future.

Cochlear Limited (ASX: COH)

Another option for a $10,000 investment is Cochlear. It is a leading global hearing solutions company. I believe it has outstanding long term growth potential due to the ageing population tailwind. As people get older their hearing will tent to fade. So, with the over-65 population expected to increase significantly globally over the next couple of decades, I believe Cochlear is well-positioned to profit due to the quality of its product portfolio, investments in R&D, and global distribution network.

ResMed Inc (ASX: RMD)

A final option to consider investing $10,000 into is ResMed. I continue to believe the sleep treatment-focused medical device company's shares could be market beaters over the next decade. This is due to the quality of its portfolio of cloud-connected devices which care for people with sleep apnoea, chronic obstructive pulmonary disease (COPD), and other chronic diseases. It is worth noting that this is not a small market. Management estimates that there are 936 million people with sleep apnoea globally and over 380 million people who suffer from COPD. This provides ResMed with a significant runway for growth in the future.

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Cochlear Ltd. The Motley Fool Australia owns shares of Appen Ltd. The Motley Fool Australia has recommended Cochlear Ltd. and ResMed Inc. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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