5 Hot Artificial Intelligence Stocks To Check Out This Month
As adoption of artificial intelligence (AI) rises, artificial intelligence stocks could be among the biggest beneficiaries in the stock market. Industries from manufacturing to travel and analytics have now adopted AI technology to improve products or gain a strategic edge. Of course, I get that investing in tech-related companies in the current climate may not exactly be ideal. But when you truly realize how big of a role AI plays in our daily lives, you might want to take a closer look.
Even Cathie Wood has hailed AI as the “next big frontier” of technology. The star stock-picker and founder of ARK Invest believes that AI could have a market opportunity of $80 trillion within the next ten years. Admittedly, she may not be right all the time, but you can’t discredit her vision in investing in the frontier of technology.
Whether you are aware of it or not, the applications of AI can be seen everywhere. For instance, AI tools are playing a big role in improving the shopping experience on Meta Platforms’ (NASDAQ: FB) Facebook and Instagram. What’s more, Meta announced this week that it has detailed a new machine learning system that will help the company combat harmful content across its social media platforms. Given all this, would you put up a list of artificial intelligence stocks to buy in the stock market today?
Top Artificial Intelligence Stocks To Watch Right Now
- C3Ai Inc (NYSE: AI)
- Apple Inc (NASDAQ: AAPL)
- UiPath Inc (NYSE: PATH)
- NVIDIA Corporation (NASDAQ: NVDA)
- Upstart Holdings Inc (NASDAQ: UPST)
Enterprise AI software provider C3.ai aims to accelerate digital transformation for organizations. It offers AI software designed to improve the efficiency and user experience of enterprise-scaled applications to its customers. Just yesterday, the company announced that it won a $500 million agreement with the U.S. Department of Defense.
If anything, this is testament to the company’s capabilities in artificial intelligence (AI) technology. Not only will it be able to showcase C3.ai’s extensive solutions, the company could keep finding new ways to better serve the U.S. federal government. In fact, the U.S. Air Force and U.S Space Command have already adopted the company’s defense and intelligence applications.
Earlier this month, the company posted another strong quarter. From its fiscal second quarter, total revenue came in 41% higher year-over-year to $58.3 million. Its subscription revenue for the second quarter was $47.4 million, up 32% year-over-year. Notably, it also expanded and restructured its relationship with Baker Hughes (NASDAQ: BKR) for the second time, increasing the value of the contract by $45 million to $495 million. Being a pure-play artificial intelligence stock, would you place a bet on AI stock today?
Apple gets most of its revenue from its hardware products, accounting nearly 78% of its revenue from its latest quarter. And the services business makes up the rest. The tech giant has already incorporated AI into its hardware devices, such as Face ID and Siri, among many others. But Apple seems to be making a bigger push into AI as it is reportedly working on a fully autonomous vehicle. According to third-party reports, Apple allegedly has set an internal target to launch its self-driving car by 2025.
Investors seem excited about Apple’s foray into autonomous vehicles. Morgan Stanley analyst Katy Huberty said she believes that the entry into the self-driving car space could help Apple double its revenue and market capitalization in the long run.
In addition, the company has tapped Taiwan Semiconductor Manufacturing Company (NYSE: TSM) to build its first in-house 5G modem chip. This deal would allow Apple to be in control of yet another hardware component in its devices. As Apple continues to expand on multiple fronts, would you consider AAPL stock a buy?
UiPath specializes in robotic process automation (RPA). While it may seem like a dream at this point, the company aims to have a robot for every person, hoping to transform the way humans work. Now, that would be quite exciting, wouldn’t it? With its promise of automation and freeing employees to do more meaningful tasks, companies are fast to partner with UiPath. For example, the company’s end-to-end automation platform is being incorporated into PwC’s Perform platform, designed to enhance operational effectiveness.
The company also has just released its third fiscal quarter report this week. UiPath recorded $220.8 million in revenue, an increase of 50% year-over-year. Earlier this year, UiPath also struck a partnership with CrowdStrike (NASDAQ: CRWD). The partnership seeks to deliver increased security protection and visibility with the UiPath RPA platform and the CrowdStrike Falcon platform.
The company also partnered with Snowflake (NYSE: SNOW) to integrate UiPath Insights on Snowflake’s cloud-based platform this latest quarter. With its steady growth and partnerships, would PATH stock make your list of best artificial intelligence stocks to buy?
Chipmaker NVIDIA made its name through its graphics processing units (GPUs) for the gaming and professional markets. And now its products include AI chips, used in data centers and autonomous vehicles among others. Last month, the company unveiled an AI system called GauGAN2, the successor to its GauGAN model.
GauGAN2 creates photorealistic images from segmentation maps, which are labeled sketches that depict the layout of a scene. In the same month, the company added $3.5 million to conversational AI startup Kore.ai’s $70 million Series C funding round. Moreover, it is also partnering with the startup to integrate voice AI technology for customer service centers.
On the chip-front, NVIDIA is reportedly adding to its GeForce RTX 3000 lineup in January next year. The company is expected to launch three new graphics cards under the lineup, including the RTX 3090 Ti 24GB. It can be said that the launch is highly anticipated amidst the global chip shortage. Considering its continuous push into the AI space, will NVDA stock be on your watchlist moving into 2022?
Upstart is a leading artificial intelligence lending platform that is designed to improve access to affordable credit while reducing the risk and costs of lending for its bank partners. Its platform uses sophisticated machine learning models to accurately identify risk. Therefore, it could approve more applicants than traditional credit score based lending models. That appears to be an attractive business model, and the company has demonstrated enormous growth since it went public last year.
Moreover, Upstart also tripled its net income and earnings per share over the same period. If all that wasn’t enough, the company remains busy as ever on the operational front.
Earlier this week, the First National Bank of Omaha (FNBO) announced that it is expanding its partnership with Upstart. In doing so, the duo hopes to scale FNBO’s loan program nationwide. With Upstart seemingly firing on all cylinders now, will you consider investing in UPST stock right now?
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