We absolutely can’t ignore 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 customized content. You may have heard of some of AI’s advances in text or image generation. You may have even heard about AI being used in health care, 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 interference. This space is growing rapidly, and it seems likely that every industry will be impacted by it. Many major companies have invested heavily in AI, and it feels like if you don’t take it seriously, you could be left behind.
Basic forms of AI are currently being used across many industries. Colleges are using AI for admissions and financial aid decisions. E-commerce platforms use AI to help make product recommendations. Many businesses are using AI for fraud detection and budgetary oversights.
AI is now allowing computers to make decisions that historically required human beings. Issues are resolved within a company without humans ever interacting. AI is being used to solve complex problems, automating new tasks and business functions, minimizing errors, leading research and data analysis, and even – ahem – enhancing customer service.
According to findings from the Brookings Institute, the U.S. is significantly behind in AI developments compared to China, and the federal market for AI is still in its early stages.
AI covers everything from search engine algorithms to robotics and self-driving cars. There’s enormous potential for AI to improve the health care industry. AI can help schedule staff, detect patient risks, and even discover patient conditions. Patient risk predictors can expedite the work of front-line staff and improve the flow of hospitals. There’s even the possibility of using AI to create a robot taxi service, already in process at Tesla.
According to Zion Market Research, the global AI industry should grow to $422.37 billion by 2028. This would be up from $59.67 billion in 2021.
It’s worth noting that many tech giants sell AI analytical services to business clients, from cloud computing to software tools.
With so much emphasis on the future of AI, here are some leading companies utilizing this new technology.
Alphabet, the parent company of Google, is one of the leaders 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 to say, it’s becoming more ubiquitous across their platforms. Google Assistant is an AI-powered voice assistant. Google Maps uses AI-powered updates to give you a live view of where you’re going and autocorrecting for traffic changes along the way.
Alphabet also owns a company that uses AI for drug discovery, DeepMind, whose scientists were just awarded a $3 million prize for creating an AI system that predicts how almost every protein folds into its 3D shape. Researchers at DeepMind also recently taught digital humanoids how to play soccer from scratch. The team is investigating whether these AI training strategies can work beyond soccer.
This high-end chip maker is responsible for powering AI applications. The company offers AI solutions to various industries, ranging from health care to higher education. Nvidia offers solutions for speech recognition, medical imaging, gaming, and improving supply chain management.
While the company has suffered in 2022 with crypto mining changes (like the Ethereum merge) causing the GPU market to drop, analysts are now back to supporting Nvidia since the company announced new products, such as the Omniverse Cloud Services for industrial Metaverse applications.
It’s pretty astonishing how deeply integrated AI technology is throughout Amazon’s entire company. Amazon uses AI to customize the products that customers see and recommend. They also use AI at certain fulfillment centers, with small robots used to ferry packages around 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 parts of its business, from targeting advertisements to the Amazon Web Services platform. Alexa is also in many households around the country, and AWS cloud customers have access to many AI tools.
Lemonade is the first insurance company to be fully powered by AI. The company uses an AI-powered bot, Maya, to handle everything for you, from finding a quote to handling claims. You can go through the website to see how efficient AI is when it comes to insurance.
The company offers insurance products for the following sectors: homeowners, renters, pets, life, and auto insurance. Lemonade has turned the insurance industry upside down by relying on AI for handling claims. If you were to claim property insurance, you wouldn’t have to worry about calling an insurance agent and being stuck on the line. You can handle everything online with Maya.
We can’t forget a company that has a dedicated annual AI Day. With a humanoid robot, self-driving cars, and the possibility of a robot taxi service envisioned as a mix of Airbnb and Uber, Tesla’s always working on innovations when it comes to AI. One can only imagine what the peak of AI’s technological advancement will look 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 is investing heavily in this field.
These companies are worth looking into as an investment if you’re looking to purchase shares in the AI industry. We have you covered in the next section if you want some additional stock choices.
Here are some AI stocks worth looking into long-term as the stock market continues to tumble.
Chances are that you’ve seen how Meta uses AI in its news feeds and algorithms for ads on Facebook. That’s just scratching the surface regarding what Meta’s working on involving AI. The company owns the Meta AI lab that recently announced they’re trying to use AI to decode speech from brain activity from those who’ve suffered traumatic brain injuries. The research has yet to be peer-reviewed and is still in its early stages, but it goes to show the ambition Meta has for the future of AI technology. While it often feels like Meta can read your mind, it would truly be something else if they could literally read your brainwaves.
C3.ai is involved in enterprise AI, which offers done-for-you and customized AI applications to clients looking to go all digital and get their companies on the cloud. These AI algorithms can help with operations, reducing costs, detecting fraud, and even employee safety.
The company hasn’t reported a profit yet because expansion investments are still being made.
Salesforce is a cloud-based customer relationship management platform that uses connected apps to bring companies and customers together. The company also offers AI-based information for sales, marketing, and service teams across all industries. The cloud-based software helps companies track customer analytics along with sales and spending. Salesforce Einstein is the official AI technology used in the customer success platform.
We just scratched the surface here 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 technical circles about what actually qualifies as AI versus exceptional algorithms and machine learning, all impressive work but real AI is built around neural networks. You can expect more from us on this topic in the future.
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