DOCU - 3 Top Artificial Intelligence Stocks to Buy in August
Artificial intelligence (AI) is expected to add $15.7 trillion to the global economy by 2030, according to a study by PricewaterhouseCoopers. This huge figure consists of $6.6 trillion in increased productivity, as well as $9.1 trillion of increased demand for products and services because of personalization and improved quality. Those interested in investing in the AI trend should consider companies that are utilizing the technology to improve their products and services, such as DocuSign (NASDAQ: DOCU), Alteryx (NYSE: AYX), and Etsy (NASDAQ: ETSY).
Let's look at these three companies, how they are using AI to grow, and why they are good investments today.
DocuSign has seen a 37% compound annual growth rate over the last three years, riding the popularity of its flagship e-signature product. But it has even bigger plans and has been acquiring technology to expand its addressable market. In July 2018, it acquired SpringCM, a cloud-based contract lifecycle management software company, for $220 million in cash. This purchase provided the foundation for DocuSign to digitize all phases of an agreement's life cycle. This functionality has been integrated into its Agreement Cloud products, providing a solid foundation for its move into the AI space.