The Artificial Intelligence (AI) sector has experienced an extraordinary expansion and metamorphosis in recent years. This has been driven by notable innovations in machine learning, deep learning, natural language processing, and computer vision. As a result, AI has become an essential component in a variety of industries. Such as healthcare, finance, manufacturing, and transportation, among others. The growing need for smart automation and data-driven decision-making has encouraged organizations to make significant investments in AI technologies, leading to a substantial increase in market value.
AI stocks include a wide range of businesses, from established technology giants to smaller, specialized start-ups. Leading companies in the industry, such as Microsoft (NASDAQ: MSFT), NVIDIA (NASDAQ: NVDA), and IBM (NYSE: IBM), have consistently dedicated considerable resources to AI research and development, solidifying their positions as innovators in the space.
In addition to these major players, numerous burgeoning companies focus on specific AI applications, like autonomous vehicles, robotic process automation, and predictive analytics. As the AI sector persists in its development and refinement, investors need to stay vigilant in their analysis of AI stocks, carefully observing both the competitive environment and the potential for groundbreaking discoveries that could revolutionize the market. That being said, here are two ai stocks to watch in the stock market in May 2023.
AI Stocks To Watch Today
- C3.ai Inc. (NYSE: AI)
- Alphabet Inc. (NASDAQ: GOOGL)
C3.AI (AI Stock)
First up, C3.ai Inc. (AI) is a leading enterprise AI software provider that enables businesses to harness the power of AI for digital transformation. Their comprehensive suite of solutions caters to a wide range of industries, helping organizations streamline operations, improve efficiency, and make data-driven decisions.
In the company’s most recent news release, C3 AI announced that the U.S. Air Force has designated its Predictive Analytics and Decision Assistant (PANDA) as the official system of record for Condition Based Maintenance Plus (CBM+) and predictive maintenance. Developed in collaboration with the U.S. Air Force, PANDA leverages the C3 AI Platform and Readiness application to optimize fleet maintenance, enhance aircraft availability, and minimize downtime.
Since the start of 2023, shares of AI stock have advanced by 60.98% year-to-date. Meanwhile as of this past Friday’s closing bell, AI stock is trading at around $17.82 per share.
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Alphabet (GOOGL Stock)
Second, Alphabet Inc. (GOOGL) is a global technology giant and the parent company of Google, which dominates the online search, digital advertising, and cloud computing markets. Alphabet’s vast array of products and services includes AI technologies such as Google Assistant, machine learning tools, and autonomous vehicles.
Last week, Alphabet reported better-than-expected first-quarter 2023 earnings results. In detail, the company posted earnings of $1.17 per share, along with revenue of $69.8 billion. This is versus analysts’ consensus estimates for the quarter which was earnings of $1.06 per share, on revenue estimates of $68.9 billion.
Year-to-date, shares of Alphabet stock have increased by 20.44% so far. While, this past Friday, shares of GOOGL stock closed the trading day at $107.34 a share.
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