HON - The $5 Billion AI Business You've Never Heard Of
2024-02-23 12:33:00 ET
It's no secret that interest and, more importantly, investment in artificial intelligence (AI) are booming. That creates growth opportunities for companies and enhances value for shareholders in companies with exposure. One such company is diversified industrial Honeywell International (NASDAQ: HON) . It's not just a user of AI to add value to its solutions; it also has a significant stake in a quantum computing business that management plans to monetize.
AI's benefits include its ability to automate tasks and improve outcomes through better predictive capability. Vast amounts of data can be processed and analyzed to improve customer (or, in the case of the medical field, patient) outcomes. However, to do this properly, you need high-performance computing.
That's why semiconductor foundry Taiwan Semiconductor is seeing strong growth in its high-performance computing chip and part of why its management expects more than 20% revenue growth this year. It's also why Honeywell's quantum computing business, Quantinuum, attracts so much interest.
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The $5 Billion AI Business You've Never Heard Of