Today artificial intelligence (AI) is the DNA of every tech innovation. Businesses cannot ignore the power of artificial intelligence as it is becoming a vital part of our everyday life now. AI is being designed and integrated into every operation to perform typical tasks that require some degree of problem solving and decision-making. These tasks can range from making decisions related to an insurance claim to creating images from scratch basis the available text prompts.
Businesses are still discovering new uses of artificial intelligence and incorporating it into technology. And this evolution of AI-backed services such as Siri or Alexa is here to stay.
From an investment point of view, artificial intelligence stocks offer great investment opportunities to investors. Let's explore the top AI stocks to look forward to in 2023.
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Investing in Artificial Intelligence
While there are several ways to invest in AI, the most prominent one is through the layer of a company's tech stack. While there is still no clear AI company, just like the way Google is the search engine, there are many investable industries that are employing substantive AI right now.
Industries such as cybersecurity, information technology (IT), and even retail shopping are witnessing AI-powered advances. However, one ideation that every investor agreed with is that - every company can provide AI investment opportunities and can be worth investing in if they offer AI-backed solutions for
While some focus on designing AI-based services, many are simply focused on investing in AI to enhance their business operations. Today, many tech giants are marketing their AI analytical services to enterprise clients. These services range from cloud computing to client software solutions.
Best AI Companies to Invest in
Here we have curated a list of top companies to invest in right now if you are an investor who is looking to get into the AI space.
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Microsoft ($MSFT)
Microsoft employs AI-powered technology in a variety of its services. And recently, they just announced the introduction of an AI-powered graphic design tool named - Microsoft Designer. The tool, "Microsoft Designer," is a graphic design application in Microsoft 365 that will employ the same AI technology in DALL·E. Azure - Microsoft's AI platform enables companies to design innovative AI services.
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Alphabet Inc. ($GOOGL)
Google's parent company is referred to as one of the global leaders in AI research. If you are an investor, you do not have to look far to witness the reach of Google's AI technology. Google's AI-backed tech is also being integrated into every aspect of Alphabet's business - ranging from accurately organizing photos to predicting where to travel next with Google Maps.
Today every business is aware of the power of AI in Google. However, it is worth mentioning that Alphabet recently bought the AI startup Alter for a whopping $100 million. An avatar startup, Alter helps creators and brands represent their virtual identities. Many analysts now believe that this move was made to assist Google in competing with TikTok. Alphabet is not set to increase its investment in AI and cloud security as well.
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Tesla ($TSLA)
One of the top organizations that are fully committed to AI is Tesla. The company is dedicated that it organizes an annual AI Day that acts as a recruitment tool to attract the brightest minds in the field of AI. Tesla has also been teasing its latest inventions - a humanoid robot and self-driving cars. Tesla's new idea of a robot taxi service will be a mix of Uber and Airbnb as the company plans to focus on advancements in AI.
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Amazon ($AMZN)
The entire organizations operate on AI technology. From forecasting customer demand to the Alexa device that is now in many homes, Amazon, in some fashion, functions entirely on AI. Amazon has also integrated AI at their fulfillment centers as robots to work in coordination with human beings. The company uses AI for product forecasting to maintain its inventory levels for such a wide variety of items that are available online. Amazon also uses chatbots for smoother customer service functions, thus making it easier for consumers to shop without any issues.
Additionally, Amazon Fresh and Amazon Go stores operate on the Just Walk Out payment system, where the user or consumer does not have to deal with a human at the checkout process.
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International Business Machines Corp. ($IBM)
IBM was considered to be at the forefront of AI-based technology when their Deep Blue supercomputer defeated chess champion Garry Kasparov, in the year 1997. Today, IBM's Watson is making headlines for its AI efforts. The system can be used to predict future occurrences, optimize tasks and offer assistance with time management. IBM also announced that they are also training customer service robots to make sound and improve connections. IBM also integrated AI in their chatbots, which offers businesses a conversational medium to interact with their clients in real-time to enhance customer engagement and digital experiences.
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Palantir Technologies Inc. ($PLTR)
A data analytics company, Palantir uses AI tools to assist businesses and individuals in making decisions based on better data insights. The company uses AI to analyze available data and recommend decisions to customers. The Palantir Apollo is employed by businesses to improve their delivery systems and automated configurations. Palantir has been recognized as the leader in AI platforms, as their software is used across 50 different industries. The company is now building the digital infrastructure required for constant industrial progress.
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Workday, Inc. ($WDAY)
AI is changing the way businesses integrate HR analytics into their operations. Workday has based its foundation on similar ideas. The company assists larger firms with AI-powered and cloud-based HR solutions. Businesses that operate on Workday have analytics tools that assist them with data-driven decision-making. It also offers them financial tools for budget planning. Workday uses AI for informed decision-making to unlock new opportunities and improve experiences, thereby enabling the workers to realize their full potential.
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Lemonade ($LMND)
Lemonade is the first insurance company that is fully functional on artificial intelligence (AI). The Lemonade website has an AI bot named "Maya," that assists the user with every step of the process, from signing up for the policy to filing a claim. Many users are now turning to Lemonade as it equips them to file insurance claims in seconds without any additional assistance.
Key Highlights
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Artificial intelligence is impacting many aspects of our lives, from search engine results to products, including photo apps, face ID, and on and on.
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Businesses are exploring new opportunities to invest in AI rights, as companies globally are looking to capitalize on this technology.
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Insurance companies are integrating AI-backed software. There are even AI investment apps available for investors as well.
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In Conclusion
It is fascinating to notice how the power of AI technology is set to disrupt every aspect of our daily lives in years to come.
There are several avenues for an investor to invest in AI today. A recent Zion Market Research stated that the global AI market is set to grow to $422.37 billion by the year 2028, growing from $59.67 billion in 2021. It is equally important to understand that artificial intelligence (AI) stocks are rarer than one might think. Many organizations tout AI-backed tech initiatives and machine learning. However, there are just a few public, pure-play AI stocks to invest in.
But, with AI touching many parts of the business in multiple industries, the only question that remains is whether to invest in AI and where?
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