7 Best Artificial Intelligence (AI) Stocks To Buy Now

There was a time when AI was only a pipe dream for futurists and scientists. However, Ark Invest estimates that the industry’s worth will increase to $14 trillion by 2030 from its current level of about $1 trillion.

Artificial intelligence (AI) encompasses much more than a chess-playing, small-talking supercomputer. In the corporate world, AI is used to automate and simplify operations.

For instance, the vast majority of postings that break Facebook’s community guidelines are deleted automatically by algorithms. In addition, businesses are now attempting to increase their AI capabilities by creating AI-specific chips and processors. These advancements will allow businesses to automate increasingly tricky operations.

There are established IT companies coexisting alongside newer, more experimental ones.

The top 7 Artificial Intelligence (AI) firms are listed below. 

C3.ai Inc.

C3.ai is dedicated only to the field of artificial intelligence.

SaaS provider C3.ai has developed software that facilitates the rollout of enterprise-level AI applications. The company’s products offer a broad range of uses and assist companies in speeding up software development while cutting costs and risks.

For instance, the US Air Force uses C3 AI Readiness to foresee breakdowns in aircraft systems, track down replacement components, and develop novel means of boosting mission efficacy. In addition, C3 AI is being used by European utility Engie (OTC: ENGIY) to assess energy use and save costs.

C3.ai claims it is the only company to provide an entire stack business AI development platform and is unaware of other companies offering a similar service.

Although the AI SaaS industry is developing and might draw competition from large cloud infrastructure providers like Amazon or Microsoft, the company’s distinct positioning could make it a long-term winner (NASDAQ: MSFT).

Amazon

Amazon may have begun as an online bookstore, but technology has always been the company’s primary focus.

Amazon Web Services Sagemaker is a cloud infrastructure solution that installs high-quality machine learning models for data scientists and developers. Amazon Go is a cashier-less food shop that leverages artificial intelligence.

Because of the use of algorithms to power its industry-leading e-commerce and video/music streaming recommendation engines, Amazon’s online store is also founded on artificial intelligence. Amazon also utilizes AI to rate its products.

Amazon’s logistical operations are also improved by Amazon’s AI capabilities, which aid in scheduling, rerouting, and other means of enhancing delivery precision and efficiency. Incorporating drone deliveries, which it has long pursued, would be another use for artificial intelligence for the tech giant.

It’s hard to determine how much of a difference AI has made for Amazon, but it’s undeniably a significant factor in Amazon’s success. Amazon has always been at the forefront of new technologies, including e-commerce, e-books, cloud computing, video streaming, and voice recognition. As a result, AI supplies a large portion of the foundation necessary for the firm’s rapid and efficient expansion into new markets. 

Nvidia (ticker: NVDA)

Among American semiconductor manufacturers, Nvidia is by far the most valued. The firm manufactures CPUs and GPUs for home and business PCs and server farms. Nvidia has done well in this high demand for AI services, posting an increase of 46% in overall revenue year over year.

In addition, the company’s gaming and data center operations this previous quarter brought in revenue of $3.62 billion and $3.75 billion, respectively.

That’s hardly surprising since 355 of the 500 leading supercomputers use the company’s technology and every primary cloud computing provider. Nvidia is also a frontrunner in the field of innovation since the company is now working hard on creating Eos, the world’s fastest artificial intelligence supercomputer.

International Business Machines Corp. (IBM)

IBM, one of the first and still-operating computer firms, has led the way in data storage and processing for many years. Watson, the company’s flagship AI technology, set out to fundamentally alter how AI is used in established enterprises.

For example, over 70% of the world’s banks utilize the program to enhance customer service and ensure the safety of financial transactions. In addition, organizations may use Watson without requiring a complete infrastructure overhaul since it is compatible with both Azure and AWS.

Last quarter, the company’s sales grew by 8%, driven by double-digit percentage increases in software and consulting services. For the 2022 balance, the firm sees sales growth in the upper mid-single digits. 

Alphabet Inc. (GOOG, GOOGL)

Alphabet incorporates AI technology into practically every element of the company. Developing and maintaining reliable AI systems is fundamental to Google’s business model, which spans from targeted advertising on Google and YouTube to driverless vehicle offers.

Competition from TikTok and other short-form video apps is tough, but YouTube can remain relevant and beat the market by heavily integrating machine intelligence. With a market capitalization of over $1.5 trillion and a price-earnings ratio of roughly 21, Alphabet is one of the world’s biggest firms. 

Meta Platforms, Inc. (META)

As part of its transition towards artificial intelligence, Meta revamped its brand name and logo. Machine learning has long played a vital role in Facebook’s platform, with algorithms attempting to pair users with relevant content and businesses. However, at this time, Meta is allowing its AI powers to permeate across the company.

The enormous potential of this was recently shown by a set of AI tools at Meta that improved the quality of the translation of over 200 languages by an average of 44% compared to earlier work in the field of AI. Such advances are sure to become more regular as its systems make more diverse use of AI. 

Micron Technology (MU) 

Micron provides memory and storage solutions across various market segments, manufacturing both computer and storage chips. The business has increased chip production in Japan and launched a worldwide development strategy valued at $150 billion.

In addition, Micron plans to expand its production, research, and development investments via international collaboration with government agencies to better meet customer demand.

While the firm has lately warned of falling demand that would damage its goods due to rising inflation, the worldwide market for sophisticated chips will grow over the long run as the variety of devices employing such chips expands.