The term “AI,” or Artificial Intelligence, is a buzzword that’s been gaining traction over the past few years. But what is it, really? At its core, AI refers to the simulation of human intelligence processes by machines. This encompasses learning, reasoning, self-correction, and even the potential for creativity. Computers and software that possess AI capabilities can process vast amounts of information at speeds that the human mind can’t fathom.
With the advancements in AI technology, there’s been a surge of interest in AI stocks. These are shares in companies that produce or utilize artificial intelligence in their operations. Given the potential of AI to revolutionize industries ranging from healthcare to finance, it’s no wonder investors are eager to get a piece of the pie.
The AI industry is exciting, but investing in its stocks can be tricky. It’s changing fast, and companies have to deal with both tech problems and ethical issues. If you want to invest, make sure you learn about the industry first. Like with any investment, it’s important to do your homework and understand what you’re getting into. If this has you keen on investing in the AI sector, here are three AI stocks to watch in the stock market today.
AI Stocks To Check Out Today
Symbotic (SYM Stock)
To begin, Symbotic Inc. (SYM) specializes in robotics and automation solutions, primarily aiming to revolutionize supply chain processes. Their advanced robotics technology offers warehouses and distribution centers more efficient, faster, and space-saving storage and retrieval methods.
Late last month, Symbotic announced its third quarter FY 2023 financial results. In detail, the company reported a loss of $0.07 per share on revenue of $311.84 million. This is in comparison to analysts’ estimates for the quarter which was a loss of $0.08 per share, and revenue of $261.02 million. As a result, revenue increased by 77.63% versus the same period, the prior year.
In 2023 year to date, shares of SYM stock have jumped by a whopping 266.78%. Meanwhile, during Monday morning’s trading session, Symbotic stock is trading higher off the open by 1.63% at $44.24 a share.
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Alphabet (GOOGL Stock)
Next, As the parent company of Google, Alphabet Inc. (GOOGL) stands as one of the world’s leading technology giants. Beyond its core search engine platform, the company has a vast portfolio including YouTube, Google Cloud, and Android, among others.
Also last month, Alphabet reported a beat for its second quarter 2023 earnings results. Specifically, the tech giant announced Q2 2023 earnings of $1.44 per share, with revenue of $74.60 billion. This is versus Wall Street’s estimates which were earnings of $1.32 per share, on revenue of $72.77 billion. Moreover, revenue grew by 7.06% compared to the same period, the previous year.
Year-to-date, shares of GOOGL stock have advanced by 46.31% so far. While, during Monday morning’s trading session, Alphabet stock is trading modestly higher by 0.65% at $130.40 per share.
C3.ai (AI Stock)
Lastly, C3.ai (AI) is at the cutting edge of enterprise artificial intelligence, providing solutions that enable organizations to digitally transform their operations. By leveraging their platform, businesses can develop, deploy, and operate large-scale AI applications efficiently.
Just last week, C3 AI announced when it will report its Q1 FY 2024 financial results. In detail, the company is set to report its first quarter for fiscal year 2024 financial results on Wednesday, September 6, 2023, after the U.S. stock market closes.
Since the start of 2023, shares of AI stock have increased by 199.46%. Meanwhile, during Monday morning’s trading session, C3.ai’s stock opened higher by 0.73% at $33.18 a share.