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Asthe field of artificial intelligence continues to rapidly evolve andexpand, investing in AI companies has become an increasinglyattractive opportunity for investors to capitalize on the growingindustry.
Thereare two main methods used by businesses to use artificialintelligence. Many large tech companies use AI to make their existingoperations more powerful, such as through high-profile applicationslike robotics, self-driving cars, and virtual assistants.
Some companies alsoprofit directly from AI by selling the hardware, software, services,or expertise that the technology needs.
According to Grand View Research, the globalartificial intelligence market size was valued at USD 136.55 billionin 2022 and is projected to expand at a compound annual growth rate of37.3% from 2023 to 2030, making these next few years pivotal in thegrowth of the sector.
With the AI market already large and still growing quickly,plenty of companies can profit from AI. Although picking stocks in agrowth industry comes with a lot of uncertainty, these AI stocks areall worth considering.
One stock investors should take a look at is EPAZ. EpazzInc. (OTC: EPAZ) is a mission-critical provider of dronetechnology, blockchain mobile apps, and cloud-based business softwaresolutions.
A fewweeks ago, EPAZ detailed an update regarding the ZenaDrone lineup. Thecompany announced that the aerial technology used by ZenaDrone 1000from EPAZ will soon receive an update to its artificial intelligence(AI) predictive automation software.
ZenaDrone Inc., a spinoff of Epazz Inc. Holdings,is a manufacturer of multipurpose drones equipped with machinelearning systems, multispectral sensors, and AI technology.
The data gathered byZenaDrone's cameras is used to build an interactive 3Denvironment. According to the update, the ZenaDrone team will employpredictive AI analytics, or "predictive modeling," a type ofanalysis that employs methods and resources to create predictivemodels and make predictions of future outcomes based on acquireddata.
Followingthe updates, EPAZ announced that the company is submitting over fivePhase I proposals to the U.S. government under its SBIR Phase Iprogram. SBIR Phase 1 allows small businesses with innovative productsto receive US government contracts within 90 days of submission.
If ZenaDrone is awardeda Phase I contract worth up to $75,000 per proposal, EPAZ will then bein a position to submit for Phase 2 contracts, worth up to $1.2million per contract.
ZenaDrone will gain the ability to be listed as the sole sourcesupplier of its technology, which would allow the U.S. government topurchase the ZenaDrone 1000 without a bidding process.
CEO Shaun Passley,Ph.D., said, "We are working towards our first government contractusing multiple avenues, which will hopefully lead to our first set ofgovernment customers, and through The SBIR would open us up to thewhole federal government for our drone technology."
The possibility ofhigher returns exists for more seasoned investors or those whodon't mind taking on risk on the OTC markets. For investorsinterested in the high tech and AI sectors, EPAZ offers an attractiveplay, with competitive technology that the company continues toimprove and invest in.
Another company that is leveraging the use of AI in itsproducts is C3.AI (NYSE: AI), which operates as an enterpriseartificial intelligence (AI) software company and offers the C3 AIapplication platform.
The C3 application platform is an application development andruntime environment that enables customers to design, develop, anddeploy enterprise AI applications.
Additionally, it provides integrated turnkeybusiness AI applications for industries including oil and gas,chemicals, utilities, manufacturing, financial services, defense,intelligence, aerospace, healthcare, and telecommunications. Thecompany’s AI solutions are applicable across multiple industries,which gives it an advantage and makes it a promising long-terminvestment option.
On February 21, C3.ai announced that its expanded collaborationwith Amazon Web Services is aimed at leveraging the power of AI tohelp customers in industries such as defense and intelligence tackletheir most pressing business challenges.
As part of this collaboration, C3.ai willintegrate its AI applications, including C3 AI Law Enforcement, withAWS services such as Amazon Comprehend.
C3.ai reported impressive financial resultsin its previous fiscal quarter. The company’s revenue increased 7%year over year, reaching $64.2 million. Subscription sales grew by 26%to $59.5 million in the previous quarter.
Keep an eye out, as this AI stock seems to betrending in the right direction.
Sarcos Technology and Robotics Corporation(NASDAQ: STRC, STRCW) designs, develops, and manufactures a broadrange of advanced mobile robotic systems that are designed to enablethe safest and most productive workforce in the world.
Sarcos robotic systemsinclude baseline software enabling basic controls, teleoperation, andsemi-autonomous capabilities. Sarcos will provide additional softwareoptions, such as supervised autonomy, as an incremental service.
Sarcos'supervised autonomy framework uses multi-modal sensor data tooptimally perceive, interact with, and conceptualize unstructuredenvironments.
Thecompany’s advanced, success-based AI enables human workers'flexibility, creativity, and improvisation skills to deliver improvedworkflow performance and safer interactions between humans andmachines for jobs in unstructured environments. In addition, Sarcosintends to offer its software solutions separately for sale orlicense.
DrewHamer, CFO of Sarcos, said, “We see strong demand to purchase Sarcosrobotic systems." "We expect to sell solutions for specificmarkets and use cases based on our customers' needs andapplications.”
STRC recently announced their preliminary fourth quarter 2022revenue of $6.1 million and full year 2022 revenue of $14.6 million,each at the high end of their guidance range.
The market for roboticsecurity is predicted to expand in the coming years and could reach$71.8 billion by 2027. Keep STRC on your watchlist as the sectorcontinues its growth.
Palantir Technologies (NYSE: PLTR) builds and deployssoftware platforms for the intelligence community in the United Statesto assist in counterterrorism investigations and operations.
Palantir Gotham, asoftware offered by PLTR, enables users to identify patterns hiddendeep within datasets, ranging from signals intelligence sources toreports from confidential informants, and facilitates the handoffbetween analysts and operational users, helping operators plan andexecute real-world responses to threats that have been identifiedwithin the platform.
It also offers Palantir Foundry, a platform that transforms theways organizations operate by creating a central operating system fortheir data and allowing individual users to integrate and analyze thedata they need in one place.
In addition, the company also has its PalantirApollo software, which allows customers to deploy their own softwarein virtually any environment.
PLTR rose last week after posting its first profitof 4 cents a share, albeit non-GAAP. The company earned $31 million ona GAAP measure, or a penny a share.
PLTR is closer to reporting GAAP profitability thisyear due to strong cost control, showing a marked improvement in itsbusiness fundamentals.
Palantir was able to report a positive GAAP net income in thepast quarter and is guided to have a profitable year in 2023;previously, it was not expected to reach breakeven until 2025.
One of the top companiesin the AI sector right now, would be Nvidia (NASDAQ: NVDA). Nvidia provides software development tools to build artificialintelligence applications.
For its fiscal fourth quarter, NVDA outperformedWall Street expectations thanks to an 11% increase in data center chipsales to $3.62 billion, driven by cloud service providers'investments in artificial intelligence technology.
Nvidia has takenadvantage of the AI boom, because its graphics cards are becoming thede facto standard in data centers around the world.
The initial stage of machine learning, knownas "training," requires an immense amount of computing power;the subsequent stage, known as "inference," requires less.Both phases however; are well supported by graphics processing unit(GPU) chips produced by NVDA, which are typically used for renderingvideo games.
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