AI Stocks to Buy Now
Source: theglobeandmail.com
AI Stocks Poised for Growth
Artificial intelligence is transitioning from a futuristic idea to a key technology. Generative AI is expected to add trillions to the economy by 2030, reshaping industries. AI is impacting the global economy, from voice interfaces to energy infrastructure. This change is affecting how businesses operate and serve customers. Companies using AI see improved efficiency and customer satisfaction, while those that don't adapt risk falling behind.
While large tech companies get much of the attention, investors should consider other options. Companies set to benefit from AI are in various sectors, including AI software and infrastructure.
Seven AI Stocks to Consider
Here are seven stocks that provide exposure to AI's growth:
SoundHound AI (NASDAQ: SOUN): SoundHound AI specializes in conversational AI, enabling voice interactions between humans and machines. Its platform supports interactions across automotive, restaurant, and consumer brands. Its edge computing allows voice processing on devices, and its acquisition of Amelia expands its customer service automation. SoundHound's technology positions it to benefit from the shift to conversational computing.
Lemonade (NYSE: LMND): Lemonade uses AI to transform insurance, using AI chatbots for claims and behavioral economics to reduce fraud and improve customer experience. Its AI-driven approach reduces overhead, offering savings to customers and improving unit economics. Lemonade's expansion into auto insurance shows AI's potential in traditional industries.
Oklo (NYSE: OKLO): Oklo develops nuclear fission power plants for AI data centers, offering carbon-free power. The company benefited from executive orders that streamline nuclear development. With CEO Jacob DeWitte present at the signing ceremony, Oklo is positioned to capitalize on nuclear deployment for AI data centers.
Navitas Semiconductor (NASDAQ: NVTS): Navitas Semiconductor creates GaN power semiconductors that improve energy efficiency in data centers. The company is collaborating with Nvidia to develop systems for AI server racks, validating its technologies. Navitas offers a play on the power efficiency demands of AI.
Meta Platforms (NASDAQ: META): Meta Platforms is investing in AI, deploying it across its user base and building infrastructure for AI experiences. Its AI research yields applications from content recommendation to ad targeting. Its open-source Llama models position it as an enabler of the AI ecosystem. Meta can benefit from AI through advertising and virtual reality.
Amazon (NASDAQ: AMZN): Amazon integrates AI throughout its ecosystem, from Alexa to warehouse robotics and AWS AI services. Its Bedrock platform offers access to AI models, and its AI chips offer alternatives to processors. As both a user and provider of AI, Amazon benefits from AI adoption.
Poet Technologies (NASDAQ: POET): Poet Technologies develops optical interconnect solutions that use light to move data between chips, reducing power consumption and heat generation. Its photonic integrated circuits enable faster data transmission while consuming less power, addressing bottlenecks in AI data centers. Poet's technology could be fundamental to making advanced AI viable.