Over the last year and a half, the popularity of artificial intelligence (AI) has exploded, with many realizing the potential that the revolutionary technology offers. The opportunities that AI offers are now so impressive that not just every Canadian needs to invest in AI; even every company is looking at how to take advantage of the revolution.
There are computer chip stocks capitalizing on the increased demand for computing power now. Massive tech companies are building their own AI models. However, even non-tech companies are investing in AI by incorporating it into their operations to improve efficiency and, ultimately, profitability.
With so much potential coming from the AI revolution, investors will certainly want to take advantage. The good news is that there are a tonne of different strategies for doing so.
The most popular strategy will be to invest directly in the companies making AI products, whether it’s the chip stocks or the companies building the models themselves.
However, the businesses that have adopted AI technologies into their operations offer a tonne of potential as well, especially if they can continue to harness the power and improve their operations to drive meaningful growth in their profitability for years to come.
Therefore, it’s essential that every Canadian begins investing in the AI revolution, as it represents one of the most significant technological advancements of our time.
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How Canadians can start investing in the AI revolution
As I mentioned above, one of the most popular ways to gain exposure to the potential of the AI revolution is to invest in stocks that are making AI models, such as Microsoft or Alphabet, the parent company of Google.
These massive businesses already have billions of dollars to spend on research and development, teams of software developers and engineers to build the models as well as tonnes of data to train their models on. So, over time, these models should only become faster and more powerful.
Furthermore, as these AI models improve, demand from both individuals and businesses will only continue to increase, creating a tonne of opportunity for growth in the long haul.
So, it makes sense to consider investing in a massive tech stock to take advantage of the AI revolution. However, the one downside to investing in many of these stocks is that they trade at significant premiums.
That’s why you may also want to consider finding stocks that are reasonably priced but still offer attractive long-term growth potential by using AI technology to improve their own operations.
Three top Canadian stocks using AI to grow their businesses
Each day, more and more companies are investing in AI and adopting it into their operations. So, investors have plenty of options to consider how they want to gain exposure to the AI revolution.
However, three of the best stocks to invest in for AI exposure on the TSX today are WELL Health Technologies (TSX:WELL), Shopify (TSX:SHOP), and Thomson Reuters (TSX:TRI).
WELL Health, for example, is the largest owner/operator of outpatient clinics in Canada and continues to acquire more clinics and expand its footprint across the country to scale its costs.
However, in addition, WELL’s clinics are now using AI services to improve their efficiency, not to mention WELL itself has made a substantial investment in HEALWELL AI, a tech company offering AI-powered tools for early disease detection and optimized patient care.
Shopify has also been investing heavily in the AI revolution, offering numerous tools to both consumers and merchants. These tools will ideally help to drive more sales on the consumer side while improving efficiency for merchants and Shopify itself.
The tools range from chatbots to AI-powered search optimization, personalized product recommendations, automated inventory management and more.
Finally, Thomson Reuters, a massive $100 billion global information and technology company, is also using AI to improve its products and services.
By integrating AI features into its operations it can help professionals streamline their tasks, make better decisions and improve their efficiency, which should ultimately drive more demand for Thomson Reuters’s services.
Therefore, there are plenty of opportunities for Canadians to start investing in and taking advantage of the AI revolution without having to pay a massive premium to buy one of the mega-cap U.S. tech stocks.
