In this paper, we review the recent advancements in artificial intelligence (AI) and their applications in financial predictions. We bring clarity to the current state of research on AI applications in enhancing stock selection. We explore many possible applications of these recent advancements in the following specific research problems: Develop models to analyze financial ratios of companies to classify them based on their relative performance. We are enlightened with a great scope of further studies in this area. Thus, our review will help researchers develop accurate models using AI technologies to improve stock selection for long-term investments. Investors can use these models to select top-performing stocks for constructing portfolios. Furthermore, business managers can incorporate these models in strategic financial management to improve the profitability and sustainability of their business.