Quality AI stocks are hard to find, despite the growing popularity of the technology. However, Experts believe that the age of AI is upon us. Gartner, a research and consulting firm, forecasted that the AI industry could create up to $3.9 trillion in business value over the next three years.
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Best AI Stocks To Trade This Week
Only a few pure-play AI stocks trade on public markets. Many of the leading companies are closely guarded private holdings. But many companies utilize AI technology to improve their systems and make their businesses more efficient.
Micron Technology, Inc. (MU)
Micron is a big player in the AI sector. Many of its products are built to support AI systems. In October, Micron launched its first 3D Xpoint SSD, the X100. The X100 is three times faster than the most recent NAND Flash-based SSDs, and it’s ideal for running high-powered AI applications.
The company recently bought the 3D Xpoint fabrication plant, and it’s using its new assets to manufacture and improve other products. For example, Authenta is a security key for IoT-enabled devices, and Crucial is the company’s first portable consumer SSD.
The stock is up by 41% year-to-date and could surge even higher due to its recent acquisition of FWDNXT, a startup that provides integrated hardware and software solution for edge AI applications.
Salesforce is also investing heavily in AI. The cloud computing company recently launched its Einstein Analytics platform, enabling users to develop customized, AI-powered apps.
Many institutional investors believe Salesforce is a long-term winner. In fact, many of them recently increased their stake in the company. Alps Advisors Inc. increased its holdings in the company by 47.9%. Meanwhile, Front Barnett Associates LLC (4.2%), Montag A & Associates Inc. (16.5%), Manchester Capital Management LLC (131.2%) all added to their Salesforce stakes during the third quarter.
The stock is up by 19% since the start of 2019. After entering the year at around $135.55, shares traded for $161.78 per share as of Monday’s close.
Adobe Systems (ADBE)
Adobe Systems is a computer software company that is pioneering AI research. The company recently introduced various AI products and services. The stock is down by 0.031% after trading hours on Monday but has performed well since the start of 2019.
The company recently released a new smartphone app, Photoshop camera. The app uses AI to automatically edit photos, and Adobe aims to boost its exposure by offering more mobile options.
Adobe also partnered with IBM iX on a “Design System as a Service” offering. DSaaS will use AI to help enterprises manage their design systems. If the firm continues to develop cutting-edge AI products, it could continue its upward trend through the end of the year.
The Washington-based tech giant, Microsoft, recognizes the future of AI in the global economy, and they’re going big on the technology. In another step towards AI development, Microsoft recently acquired Maluuba, a Canadian AI firm.
Microsoft’s CEO, Satya Nadella, says the company wants to expand the use of AI and make it readily available for mass adoption. It’s targeting industries like education, manufacturing, and healthcare. Microsoft’s stock has been a steady performer for years, and it touched a high of $146 per share in 2019.
Chinese search engine giant Baidu is one of the leading developers of AI. It’s pushing hard to gain a competitive advantage over competitors, like Tencent and Alibaba. The company invested over $2.9 billion on R&D over the past three years, with a bulk of the money going to AI application.
The company recently committed $202 million to AI firm Neusoft Holdings. The investment will boost its AI presence in sectors like healthcare and IoT. Baidu’s stock is up by 0.025% at Tuesday’s pre-market hours and could be set for a favorable week.
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