Jul 08, 2021 (StockMarket.com via COMTEX) -- Check Out These 3 Hot Artificial Intelligence Stocks Right Now
Artificial intelligence (AI) stocks appear to be gaining traction among tech investors in the stock market today . Whether you are familiar with the concept of AI or not, it remains an increasingly relevant area of research now. Simply put, AI is defined as the simulation of human intelligence processes by machines, hence the name. Notably, AI tech has and continues to evolve to carry out complex tasks like natural language processing and speech recognition. If that wasn't enough, the tech also does this much more efficiently than humans today. With the tech industry rapidly growing in terms of scale, massive amounts of data across businesses and industries continue to pile up. This would be where AI-related services come into play.
Evidently, we could look at the recent partnership between cloud data warehousing company Snowflake ( NYSE: SNOW ) and C3.Ai ( NYSE: AI ). Through this collaboration, Snowflake customers now have access to C3.Ai's comprehensive suite of development tools and enterprise applications. The likes of which include AI-driven customer relationship management, predictive maintenance, and supply network optimization among others. According to C3.Ai CPO Houman Behzadi, all of this would serve to "create significant time and operational efficiencies" for users. Elsewhere, even the mobile tech industry is leveraging AI to deliver cutting-edge user experiences. Just last week, Qualcomm ( NASDAQ: QCOM ) launched its Snapdragon 888+ smartphone processor chip equipped with its sixth-gen AI Engine.
Overall, it seems like AI is yet another frontier that the tech industry is heading towards now. Given the recent popularity of tech stocks in general, more investors could be eyeing the top AI stocks now. If you are looking to do the same yourself, here are three making headlines in the stock market this month.
Top Artificial Intelligence Stocks To Watch In July 2021
First up, we have the International Business Machines (IBM) Corporation. The New York-based tech giant has a hand across numerous emerging and well-established fields in the industry today. These include but are not limited to cloud architecture, enterprise security, and IT infrastructure. Not forgetting, the company is also one of the leading names in the AI world. With operations in over 170 countries, IBM is certainly no newcomer to the tech space today. Because of all this, IBM stock could be on investors' radars now.
Indeed, IBM's standing in the world of AI is evident in its work on the Summit supercomputer. As it stands, IBM's Summit is the second-fastest supercomputer in the world. Nevertheless, the company continues to employ its AI expertise across a wide range of fields. As of last week, IBM is now working with Telefonica Tech to offer hybrid cloud solutions based on AI and blockchain tech. In detail, organizations will be getting access to an AI-powered virtual assistant and a blockchain platform for enterprise assets. According to IBM, these solutions will help create an open hybrid cloud environment, speeding up enterprise innovation overall. Given the competitiveness in the business world today, IBM's latest offerings could be in high demand now.
Moreover, the company is also reportedly developing AI tools that can spot and eliminate bias in online ad targeting. This would provide ad tech companies such as Google ( NASDAQ: GOOGL ) by extending their potential addressable markets. All in all, IBM appears to be strategically leveraging AI to make the most of existing trends across the board. Would this make IBM stock a top buy for you now?
Following that, we will be taking a look at the Nvidia Corporation. In brief, Nvidia is a computer systems design services company. Given its vast array of computer hardware offerings, this would be the case. Namely, Nvidia designs and manufactures graphics processing units (GPUs). The company primarily markets its GPUs to the gaming and professional markets. One key draw of its wares is the AI-powered applications. The company's NVIDIA DGX systems serve as one of the most powerful tools for AI exploration in the field today. Accordingly, this would cater to data scientists' work now. With NVDA stock currently sitting on year-to-date gains of over 50%, could it have more room to run?
Well, similar to our previous entry, the company is also looking to make a splash in the AI-powered supercomputer space now. Earlier last month, Nvidia CEO Jensen Huang revealed plans to invest at least $100 million in a supercomputer center in the U.K. Fast forward to this week, and Nvidia is making headlines after officially launching the U.K.'s most powerful supercomputer, the Cambridge-1. Notably, the Cambridge-1 will serve to enable top scientists and healthcare experts via a combination of AI and simulation. In turn, this will ideally accelerate the digital biology revolution and bolster the country's world-leading life sciences industry.
By and large, this is a massive play by Nvidia. Huang also highlights that the work done via the Cambridge-1 will drive groundbreaking research, potentially benefiting millions around the globe. Given the expanse of Nvidia's current market reach, would you consider NVDA stock a top AI stock to know now?
Another hot name in the AI industry now would be UiPath Inc. For some context, UiPath is a global software company that specializes in robotic process automation (RPA). Understandably, AI tech would be a principal component in its work today. The company currently offers an end-to-end platform for automation to customers. This involves a combination of its leading RPA solutions and a full suite of AI capabilities. However, PATH stock has mostly been trading sideways since going public earlier this year in April. Would it be wise for investors to jump on it now?
If anything, UiPath appears to be gaining momentum on the operational front now. Just last month, the company announced new integrations with enterprise Software-as-a-Service player, Smartsheet ( NYSE: SMAR ). Through this partnership, Smartsheet users can now automate the management of workflows, potentially saving hours of repetitive, manual work. This would show UiPath's commitment to optimize its services to meet shifting customer demands. On top of that, the company recently announced that its UiPath Community now has over 1.5 million members. This would make it the largest automation community globally, providing UiPath with deep insights regarding emerging trends in the industry.
Additionally, UiPath also started the fiscal year strong in its recent quarter fiscal posted last month. In it, the company raked in total revenue of $186.2 million, adding up to a 65% year-over-year increase. Adding to that, UiPath also ended the first quarter with annual recurring revenue of $653 million. This would indicate a 64% surge year-over-year. In closing, CFO Ashim Gupta said, "Given our existing momentum, we plan to continue to invest in growth while maintaining operational rigor as we run our business." All things considered, will you be adding PATH stock to your watchlist?
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