How To Invest In Artificial Intelligence
The central theses
- Tesla AI Day came and went, they delivered the humanoid robot prototype announced last year and were poised to launch well before the end of the decade.
- Companies like Amazon are built on the power of artificial intelligence, with every aspect of the business leveraging AI, from customer referrals to their highly profitable cloud-based services.
- AI is transforming every industry, from healthcare to education to investing. So here is a list of possible AI investments.
We absolutely cannot ignore the fact that artificial intelligence is changing the way we do everything in every industry, from the possibility of self-driving cars to social media algorithms showing you tailored content. You may have heard about some advances in AI in text or image generation. You may even have heard of AI being used in healthcare, as the World Economic Forum just announced how AI could detect tuberculosis.
The hope is that machines will eventually replicate human intelligence without the need for human input or intervention. This area is growing fast and it seems likely that every industry will be affected. Many big companies have invested heavily in AI, and it feels like you could be left behind if you don’t take it seriously.
What is happening to AI?
Basic forms of AI are currently used in many industries. Universities use AI for admissions and financial aid decisions. Ecommerce platforms use AI to provide product recommendations. Many companies use AI for fraud detection and budget control.
AI now allows computers to make decisions that historically required humans. Problems are solved within a company without people ever interacting. AI is being used to solve complex problems, automate new tasks and business functions, minimize errors, drive research and data analysis, and even—er—improve customer service.
According to the Brookings Institute, the US lags significantly behind China in AI development and the federal market for AI is still in its infancy.
How far-reaching is artificial intelligence?
AI covers everything from search engine algorithms to robotics and self-driving cars. There is tremendous potential for AI to improve the healthcare industry. AI can help schedule staff, identify patient risks, and even discover patient conditions. Patient risk predictors can speed up the work of frontline staff and improve hospital flow. There’s even the possibility of using AI to create a robotic taxi service, which Tesla is already working on.
According to Zion Market Research, the global AI industry is projected to grow to $422.37 billion by 2028. That would be an increase from $59.67 billion in 2021.
It’s worth noting that many tech giants sell AI analytics services to business customers, ranging from cloud computing to software tools.
Leading companies in various areas of AI.
With so much emphasis on the future of AI, here are some of the leading companies leveraging this emerging technology.
Alphabet, Google’s parent company, is one of the leading companies in AI research. We’ve all experienced the power of Google’s AI technology, from the accuracy of our daily searches to the often incredible precision with which they organize our photos for us.
Google’s use of AI could fill a book, but suffice it to say it’s becoming more ubiquitous on their platforms. Google Assistant is an AI-powered voice assistant. Google Maps uses AI-powered updates to give you a live view of your destination and automatically corrects for traffic changes along the way.
Alphabet also owns a company that uses AI for drug discovery, DeepMind, whose scientists just received a $3 million award to develop an AI system that predicts how almost any protein folds into its 3D shape . DeepMind researchers also recently taught digital humanoids how to play soccer from scratch. The team is investigating whether these AI training strategies can work beyond football.
This high-end chipmaker is responsible for powering AI applications. The company provides AI solutions for various industries ranging from healthcare to higher education. Nvidia provides solutions for speech recognition, medical imaging, gaming and improving supply chain management.
While the company has suffered from crypto mining changes (like the Ethereum merger) in 2022 that have caused the GPU market to decline, analysts are now backing Nvidia as the company launched new products like the Omniverse Cloud Services for announced industrial metaverse applications.
It’s pretty amazing how deeply integrated AI technology is throughout Amazon’s business. Amazon uses AI to customize the products customers see and recommend. They’re also using AI in certain fulfillment centers with small robots used to move packages through the warehouse to their human workers. Then there are many Amazon Fresh and Amazon Go stores that use the Just Walk Out payment system.
So, AI plays a role in most areas of its business, from targeted advertising to the Amazon Web Services platform. Alexa can also be found in many homes across the country, and AWS cloud customers have access to many AI tools.
Lemonade is the first insurance company fully powered by AI. The company uses an AI-powered bot, Maya, to do everything for you from finding a quote to processing claims. You can go through the site to see how efficient AI is when it comes to insurance.
The company offers insurance products for the following areas: homeowners, renters, pets, life and auto insurance. Lemonade has disrupted the insurance industry by relying on AI to process claims. If you were to take out property insurance, you wouldn’t have to worry about calling an insurance agent and being stuck on the line. With Maya you can do everything online.
We can’t forget one company that hosts a special annual AI Day. With a humanoid robot, self-driving cars, and the possibility of a robotic taxi service envisioned as a hybrid between Airbnb and Uber, Tesla is always innovating when it comes to AI. One can only imagine what the pinnacle of AI technological advances will be like when hearing about Tesla’s projects. One of the main purposes of Tesla’s AI Day is to recruit the best talent in AI as the company invests heavily in this space.
These companies are worth investing in if you’re looking to buy stocks in the AI industry. We’ve got you covered in the next section if you want additional stock options.
The Best AI Stocks to Consider Right Now
Here are some AI stocks worth considering over the long term as the stock market continues to fall.
Meta Platforms Inc. (META)
You’ve probably seen how Meta uses AI in its news feeds and algorithms for ads on Facebook. That just scratches the surface of what Meta is working on with the inclusion of AI. The company owns the Meta AI Lab, which recently announced that it is attempting to use AI to decipher language from the brain activity of people who have suffered traumatic brain injuries. The research has yet to be peer-reviewed and is still in its early stages, but it shows Meta’s ambitions for the future of AI technology. While it often feels like meta can read your mind, it would really be something else if they could literally read your brainwaves.
C3.ai is involved in Enterprise AI, which offers custom and custom AI applications to customers who are going all-digital and want to bring their businesses to the cloud. These AI algorithms can help with operations, reduce costs, detect fraud, and even improve employee safety.
The company is not yet posting a profit, as it is still investing in expansion investments.
Salesforce is a cloud-based customer relationship management platform that uses connected apps to bring businesses and customers together. The company also offers AI-based intelligence for sales, marketing, and service teams across all industries. The cloud-based software helps businesses track customer analytics along with sales and spend. Salesforce Einstein is the official AI technology used in the Customer Success Platform.
Other AI stocks worth investing in:
- Adobe (ADBE) Creative Cloud products now all use Adobe’s AI platform, Sensei.
- International Business Machines Corp. (IBM) just announced that research is being conducted into how to train a customer service robot to sound more human.
- Workday, Inc. (WDAY) is a cloud-based application provider focused on human resources.
We’ve only just scratched the surface when it comes to investing in AI. Many companies specialize in AI, and many organizations are implementing AI-based technology. There is a lot of debate in professional circles about what actually qualifies as AI versus extraordinary algorithms and machine learning, all impressive work, but real AI is based on neural networks. You can expect more from us on this topic in the future.
How Q.ai uses artificial intelligence
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