Looking for AI companies to invest in? Stock markets have always been an ever-evolving landscape. Over time, certain technologies come out of nowhere to disrupt the market. Our constant strive for innovation has propelled society faster than expected. In recent years, one market-disrupting innovation, A.I. or Artificial Intelligence, has been constantly discussed in the news.
Artificial Intelligence (AI) has been touted to disrupt markets in different sectors, not just Tech and other sectors. Recently, Microsoft’s announcement of bringing ChatGPT into its services and products like Microsoft Word, Bing, etc., has taken the tech industry by storm.
In addition, ChatGPT is an artificial intelligence chatbot developed by OpenAI that is a trained and fine-tuned language model that interacts with users conversationally from its supervised and reinforcement learning techniques. Its dialogue format allows ChatGPT to challenge incorrect premises, answer follow-up questions, reject inappropriate requests, and admit mistakes.
This is just one of the few game-changing solutions for Artificial Intelligence. At this very moment, companies focused on A.I. are on the path of disrupting multiple industries and transforming the way we live and work. From healthcare to finance to entertainment, AI is being implemented to automate processes, improve decision-making, and enhance customer experiences.
Top 10 Biggest AI Companies To Invest in 2024
AI’s wide range of implementation promises a lot of growth in industries and the Technology Sector. Markets and Markets research also forecasts growth of 36.2% CAGR by 2027 and will reach $407 billion by then.
To take advantage of this growth, investors should first know who the big players in this space are and get a feel of the market’s direction.
Microsoft Corporation (MSFT)
Microsoft Corporation is a company that specializes in technology. They create and support software, services, devices, and solutions. The company is divided into three segments:
- Productivity and Business Processes – this segment includes products and services related to productivity, information services, and communication, available on different platforms and devices. Some examples are Office Consumer, dynamics business solutions, LinkedIn, and Office Commercial.
- Intelligent Cloud – this segment offers server products and cloud services that modern businesses and developers can use and also includes enterprise services
- Personal Computing – this segment aims to provide a customer-centric experience with its technology through products and services such as gaming devices, Windows, and search and news advertising.
AI Investability
We like Microsoft as an AI company to invest in as they’ve gotten a lot of buzz lately thanks to its partnership with OpenAI and its integration of ChatGPT into its products. Microsoft’s Azure cloud service also offers bot services, machine learning, cognitive services, and other AI solutions.
Alphabet Inc. (GOOGL)
Market Cap: $1.38 Trillion
Alphabet Inc. is a holding company focused on different market segments. This includes:
- Google Services – offers products and services such as ads, Android, Chrome, Search, YouTube, Google Maps, and Google Play.
- Google Cloud provides enterprise customers with collaboration tools, infrastructure and platform services, and other services.
- Other Bets – focuses on earlier-stage technologies that are not part of Alphabet’s core Google business, such as health technology and Internet services.
Alphabet also has Google Cloud Platform and Google Workspace, which are enterprise-ready cloud services offered by Alphabet, providing cybersecurity, artificial intelligence (AI), machine learning, data analytics, and infrastructure. Google Workspace includes several communication and collaboration tools, including Gmail, Drive, Docs, Meet, Calendar.
AI Investability
Alphabet is one of the leaders in AI and data analytics, and as a result, it’s a company that should be on any trader’s radar to invest in. It has aggressively acquired AI startups for several years to further invest in its artificial intelligence capabilities. In addition to using AI to improve its services, Alphabet’s Google Cloud sells several AI and machine learning services to businesses. Alphabet also has an industry-leading software project in TensorFlow and its own Tensor AI chip project.
Meta Platforms (META)
Market Cap: $538.85 Billion
Meta Platforms, Inc. is a Tech company that creates technologies that facilitate social connections, community building, and business growth. Its products allow sharing information and interacting with friends and family using devices such as smartphones, computers, wearables, and VR headsets. The company has two business segments:
- Family of Apps (FoA) comprises social apps and services like Facebook, Instagram, Messenger, and WhatsApp.
- Reality Labs (RL) comprises consumer hardware, software, and virtual and augmented reality content.
Facebook allows people to communicate, discover new things, and share content, while Instagram is a platform for self-expression, shopping, and private messaging. Meta’s RL products include Meta Quest VR devices, content, and software available through the Meta Quest Store that also offer a variety of social experiences.
AI Investability
We like Meta Platforms as an AI company to invest in as they are a leader in social media and online advertising and owns Facebook, Instagram, and other platforms. Meta has ramped up its spending on AI and machine learning technology. This is critical to its training advertising models and generates relevant suggested content for its social media users. Meta is also its next-generation own AI supercomputer.
Salesforce Inc. (CRM)
Market Cap:$ 196.00 Billion
Salesforce, Inc. provides customer relationship management (CRM) technology. Salesforce’s Customer 360 platform covers the following:
- Sales
- Service
- Marketing
- Commerce
- Collaboration
- Integration
- Artificial intelligence
- Analytics
- Automation and others.
The company connects customer data across systems, devices, and applications to provide its client with a complete view of their customers. The Company also provides third parties a way to create additional functionality and applications that run on its platform with its developer tools.
The company also allows its customers to use its sales offering to store data, forecast opportunities, monitor leads and progress, gain insights through analytics and relationship intelligence, and deliver quotes, contracts, and invoices. The company is offering its business worldwide on a subscription basis.
AI Investability
Salesforce has been acquiring AI startups to sharpen its features of Salesforce Einstein, which is their artificial intelligence service. This initiative includes an extensive team of data scientists and uses machine learning to help employees perform tasks more efficiently by simplifying and speeding them up. These are the features AI investors love to invest in. Salesforce Einstein is also available for customers who can build the features of their applications like scorecards and in-depth navigation insights.
Accenture PLC (ACN)
Market Cap: $452.77 Million
Accenture plc is a global professional services company that provides strategy and consulting, operations, technology, and Accenture song services. Their clients include customers in North America, Europe, and Growth markets.
The company provides a range of services, including:
- Application services
- Artificial intelligence
- Automation
- Business process outsourcing
- Business strategy
- Change management
- Cloud
- Data and analytics
- Digital commerce
- Digital engineering and manufacturing
- Finance consulting
- Infrastructure
- Marketing
- Mergers and acquisitions
- Metaverse
- Operating models
- Security
- Supply chain management
- Technology consulting
- Technology innovation
- Zero-based transformation
Accenture helps its clients achieve transformational impact with solutions in C-Suite assessment, team dynamics, and others. The company also offers automated production lines leveraging the cloud, data, and artificial intelligence (AI) that makes plants and factories smarter through Eclipse Automation.
AI Investability
We like Accenture as a company to invest in as they are a global professional services company; Accenture’s AI offering range through various services that include strategy, technology, consulting, and operation services to its clients worldwide. Its areas of expertise include data management, data democratization, industrialized solutions such as turnkey analytics and artificial intelligence solutions, and metaverse and sustainability services.
International Business Machines (IBM)
Market Cap: $117.22 Billion
International Business Machines Corporation is a technology company providing hybrid cloud and artificial intelligence (AI) solutions. Its offerings include integrated solutions as well as products that use data and information technology (IT) in industries and business processes. Its segments include:
- Software – includes Hybrid Platform & Solutions that includes software to help clients operate, optimize and manage their IT resources and business processes within the hybrid, multi-cloud environments, and Transaction Processing. This includes software that supports clients’ mission-critical, on-premises workloads in various sectors.
- Consulting – is engaged in business transformation, application operations, and technology consulting.
- Infrastructure – is engaged in infrastructure support and hybrid infrastructures.
Financing – is engaged in commercial and client financing business.
AI Investability
IBM is one of the leaders in artificial intelligence – perhaps the top AI company to invest thanks to its strong cloud platform IBM Cloud. Its efforts center around IBM Watson, an AI-based cognitive service, the scale-out system designed for delivering cloud-based analytics, AI software as a service, and AI services. IBM has been acquisitive, purchasing several startups over several years.
Baidu Inc. (BIDU)
Market Cap: $53.15 Billion
Baidu Inc is a Chinese language Internet search provider. While you may never heard of this company, it’s on our top list of AI companies to invest for a good reason. The Company offers a Chinese language search platform via its website Baidu.com. It enables users to find information online, including Webpages, images, news, documents, and multimedia files, through links provided on its Website. The Company operates in two segments:
Baidu Core – this segment mainly provides search-based, feed-based, and other online marketing services and services from the Company’s new artificial intelligence (AI) initiatives. Within Baidu Core, the Company’s product and services offerings are categorized as Baidu AI Cloud, Mobile Ecosystem, and Intelligent Driving & Other Growth Initiatives.
iQIYI – is the online entertainment service of Baidu that offers original, partner-generated, and professionally produced content on its platform.
AI Investability
The company focuses on AI and the cloud through its Baidu AI Cloud. Baidu supports AI platform-as-a-service (PaaS) and AI SaaS solutions across many industries, such as finance, transportation, media, and manufacturing. Baidu uses AI, machine learning, deep learning, language processing, video, and data analysis to help its customers. Developers mostly use Baidu.
Workday (WDAY)
Market Cap: $52.81 Billion
Workday, Inc. is a company that provides enterprise cloud applications for finance and human resources. The Company provides organizations with software-as-a-service solutions to help solve business challenges, including managing their finances, supporting and empowering their workforce, spending in an ever-changing environment, and planning for the unexpected. The Company provides organizations with a unified system that helps them continuously adapt how they manage their business and operations.
Workday is a company to invest in as it embeds artificial intelligence (AI) and machine learning (ML) into its platform, enabling its applications to natively leverage Machine Learning and Artificial Intelligence as part of the workflow. Workday offers its solutions worldwide, primarily through direct sales. The Company uses Workday Services Partners to offer professional services directly and through its customers to deploy its solutions.
AI Investability
As a cloud-based application provider focused on human capital management. Workday provides various services, including payroll, recruiting, and talent acquisition. Workday has also developed a proprietary AI-based engine that optimizes businesses’ operations to help manage shift staffing, scheduling, prioritizing tasks, and predicting labor demand.
Fortinet Inc. (FINT)
Market Cap: $51.599 Billion
Fortinet, Inc. is a company that offers networking and cybersecurity software. The Company provides its cyber security solutions to various organizations, and its product offerings consist of its core platform network security products and enhanced platform technology products. These are offered in various forms spanning virtual appliances, software, physical appliances, and cloud-hosted services.
Its Secure Networking solutions enable the convergence of security and networking across all edges to provide a next-generation firewall, secure access service edge (SASE), and software-defined wide area network (SD-WAN). Fortinet’s Zero Trust Access solutions enable customers to know and control who and what is on their network. Finally, FortiGuard security services counter threats in real-time with artificial intelligence-powered, coordinated protection.
AI Investability
Fortinet’s FortiGuard security services counter threats in real time with artificial intelligence-powered, coordinated protection. With the addition of its FortiXDR, a new Extended Detection and Response(XDR) solution is designed to reduce complexity, coordinate response to cyberattacks across the organization, and speed detection. Investing in this company may be a good idea thanks to FortiXDR’s aim to leverage AI for critical incident responses and investigation efforts. In addition, FortiXDR can fully automate security operations processes to help mitigate threats faster across the broad attack surface.
Microchip Technology (MCHP)
Market Cap: $43.35 Billion
Microchip Technology Incorporated (a semiconductor stock) is a company that provides smart, connected, and secure embedded control solutions. The Company’s product portfolio combines software, hardware, and services.
Because of its synergistic product portfolio, it empowers disruptive growth trends, including fifth-generation data centers, AI and machine learning, IoT (Internet of things) and edge computing, advanced driver assists systems (ADS) and autonomous driving, and electric vehicles (EV). MCHP operates in two segments:
Semiconductor products – designs, manufactures, develops, and markets microcontrollers, development tools and analog, interface, timing, mixed-signal, wired and wireless connectivity devices, and memory products.
Technology licensing segment – sells and licenses the Company’s intellectual property.
The company’s solutions serve approximately customers across the communications, industrial, consumer, automotive, aerospace and defense, and computing markets.
AI Investability
Microchip Technology plays a big part in the AI revolution as it is a semiconductor stock first, and its variety of products are optimized for AI and Machine Learning research and framework. Its synergistic portfolio, which covers software and hardware, gives MCHP a strong foothold in the AI industry – making them a compelling company to invest in.
Final Thoughts on Investing in AI Stocks
As time goes on, AI will grow and develop further. Investors looking for growth should not veer away from market leaders in this sector that are touted as the next market disruptor in our era. The only question left is, “Who will lead the pack?”
