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Published: 15 Feb 2024
Artificial intelligence is captivating audiences. It is the topic of conversation in board rooms and around dinner tables everywhere. In recent months there has been much hype surrounding AI. In fact, ChatGPT is the fastest growing consumer application in history, according to UBS researchers.
There has been so much movement so quickly that AI regulation is also on the way. OpenAI CEO Sam Altman recently appeared before Congress asking for regulation of the technology.
Amid the heightened interest, businesses are looking to capitalize by incorporating AI into their workflows and products. Tech companies are offering AI hardware, software, development tools and improved efficiencies. This can lead to an AI washing — when companies over-emphasize the role AI plays in their product offering. But it can also lead to innovation.
Innovation is important when evaluating investment opportunities. It has the potential to disrupt industries, create new markets and drive growth – all of which are attractive to investors seeking high returns.
18 companies on stock exchange innovating with AI
In February 2024, Nvidia overtook both Alphabet and Amazon as Wall Street’s third most valuable company, with a value of $1.825 trillion.
Here are some companies — including Alphabet, Amazon and Nvidia — trading on the stock exchange currently innovating with AI:
- Adobe (ADBE). Adobe’s stock image library now accepts content created with generative AI technology and also offers its own art generator named Adobe Firefly. Adobe also incorporates AI in its Experience Cloud offering for marketing and analytics.
- Alphabet (GOOGL). In addition to being Google’s parent company, Alphabet Inc. recently released an AI-powered chatbot named Bard. Google also offers other AI-related products, services and research initiatives. At Google I/O 2023, Alphabet demonstrated how generative AI will be added to Workspace and Android devices.
- Amazon (AMZN). AWS has several AI and ML offerings, including Rekognition for facial recognition, Comprehend for text insights and relationships, and SageMaker for building ML models at scale. Amazon also uses AI in its e-commerce offering, Amazon.com, and the Alexa voice assistant. Currently Amazon has its eye on drone delivery, which would incorporate AI as well.
- Baidu (BIDU). Baidu operates the second largest search engine in the world — behind Google – and the top engine in China. It touts several other offerings, including a mapping service, online encyclopedia, cloud storage service and an AI-powered chatbot named Ernie Bot.
- C3 AI (AI). C3 AI is an enterprise AI application software company that offers a generative AI product suite for predictive insights. C3 provides industry specific software for finance and oil. The generative AI application is a standalone product but is integrated with other C3 applications, including C3 AI ESG, C3 AI Readiness and C3 AI Supply Network Risk.
- DocuSign (DOCU). The e-signature software provider uses AI to analyze and extract information from contracts and has AI-powered digital identity verification features, which helps the company comply with EU and UK regulatory requirements for qualified electronic signatures.
- IBM (IBM). The Watson product suite incorporates AI and ML services to predict outcomes and automate workflows. IBM’s Watson studio lets enterprise customers create and scale enterprise AI offerings as well. Watsonx is IBM’s platform for training foundation models and enterprise scale generative AI.
- Intuit (INTU). The financial software platform uses AI to improve customer experience during tax preparation as well as help with compliance and decision-making. Intuit has a large collection of proprietary data, which it could use to fuel AI initiatives in the future. Intuit has also registered approximately 700 AI-related patents.
- Meta (META). Meta owns Facebook, Instagram and WhatsApp, all of which use AI to parse and organize data about users’ relationships, preferences and behavior on Meta platforms. It also uses AI in its recommendation engine. Meta has also created an open source large language model named Llama.
- Micron (MU). Micron makes memory and storage hardware to power AI systems. Microns’ products are used in self-driving cars and data centers. It also makes machine vision and computer vision products to monitor semiconductor manufacturing processes.
- Microsoft (MSFT). The company has developed several AI-powered tools, including Azure AI for developers, Cognitive Services APIs to add intelligent features to apps. and the Microsoft Bot framework for building and deploying AI chatbots. The company has released its own AI chatbot for the Bing search engine, Bing AI, which runs on GPT-4. Microsoft also recently released Jugalbandi, a generative AI-driven chatbot, in India. The chatbot supports more than 20 official languages, with many variations.
- Nvidia (NVDA). Nvidia Corp. makes high-powered graphics processing units that power AI. Nvidia also provides APIs for high-performance computing and data science as well as systems-on-a-chip for the automotive market. It also has a suite of AI-powered software development kits named Nvidia Maxine.
- Oracle (ORCL). Oracle is a cloud computing company that develops and sells database software and technology. Oracle Cloud Infrastructure helps developers add AI to their applications. Oracle also has a partnership with Nvidia.
- Palantir (PLTR). Palantir makes Gotham, an AI-powered government platform for finding patterns in data to locate and respond to terrorism threats. Palantir also offers AI-powered data mining platforms to let businesses streamline processes and manage enterprise data. Gotham can be used to restock and optimize retail supply chains.
- Snowflake (SNOW). This data warehousing company designed its platform to support ML and AI-driven data science applications. The data platform stores, analyzes and shares large quantities of structured and unstructured data. This is especially useful for real-time video streaming data.
- SoundHound (SOUN). This audio and speech recognition company offers a multimodal AI platform that integrates voice, imagery and touch. It has a voice-enabled digital assistant, a music recognition mobile app and a developer platform.
- Taiwan Semiconductor Manufacturing (TSM). Taiwan Semiconductor Manufacturing creates chips needed to power many technologies, including mobile phones and electric cars. Many of the technologies that use TSMC chips also use AI. TSMC is self-described as the world’s dedicated semiconductor foundry.
- Tesla (TSLA). Tesla is an electric vehicle maker that owns a large pool of driving data. Having a large proprietary data set helps companies succeed when using AI because it gives their offerings a unique training set and gives other companies a unique data set to train their models on.
With heightened AI development and investment comes safety concerns. Learn about 8 generative AI worries afflicting AI companies and thought leaders today.