Technology made a lot of business news recently, with AI at the forefront of it.
Businesses all over the world made headlines discussing the future of AI and how they've chosen to implement it in their current infrastructure. Companies in all sectors are using AI to increase office productivity and security.
Take Australia's Westpac Bank (WBK) for instance. They candidly discussed some growing pains they've experienced when incorporating the technology. Heads of the company spoke of AI technology as a long-term investment, since they're still a few years away from making the software behave the way they'd like.
It would appear that China has edged the United States temporarily in the AI race, so it's important to keep an eye on these developments while watching the markets. The country made news when discussing a plan that would have them as the world's leader in AI, with a thriving $150 billion market by the year 2030.
AI has been one of the hot-button news items thrown around in the business and investing world - along with blockchain and cryptocurrency. For good reason, since companies in all sectors are continuously looking to implement it to learn and serve.
Chatbots are increasingly popular ways to provide service, and the AI continuously learns to hone it and provide a better experience. Companies in fields from automotive to healthcare are all embracing AI, and it is clear that it’s a global-centric investment that will have a lot of ups and downs and uncertainty as the market plays itself out.
Financial experts suggest that the United States is lagging behind in revealing solid plans to stake its claim in the AI race.
Meanwhile, AI stocks in healthcare and other industries appear to be hot ticket items as the details on this new technology develops.
Many analysts early this month began giving their picks on which AI-related stocks you should keep your eye on. A few must-buy examples include Cray (CRAY), Xilinx (XLNX), Arotech (ARTX), Omron (OMRNY) and Veritone (VERI).
Aside from these hot stocks, you can round out your portfolio with tried and true stocks like International Business Machines (IBM) and Alphabet (GOOG).
The healthcare industry is one of the most affected by changes in AI since professionals are taking steps toward code intuitive enough to detect cancer early, increase productivity or keep patients record secure. Retail stores like Walmart are embracing AI to assist in their supply chain management and re-ordering.
By 2025, the field of artificial intelligence is forecasted to grow to a $36 billion market. Social media platforms such as Facebook will make use of this technology to improve search functions and facial recognition. Apple and Amazon will use the technology to improve the functionality of its Siri and Alexa assistants respectively.
While most people think software, it's important to keep an eye on the hardware players involved as well. Companies like Intel produce the chips and CPUs that power artificial intelligence. You can expect data centers to grow by leaps and bounds, growing its reach and allowing for the technology to continuously spread. These high tech centers will continuously evolve, as solar is the fastest growing energy, so you can expect these data centers to become more green and streamlined.
Finally, autonomous vehicles are worth a serious look moving forward, as more companies are unveiling plans. Google, in particular, will soon launch its Waymo vehicle, which is sure to cut into Uber's market share.
Forbes notes that AI spending will balloon to $58 billion in the next 3 years, so understanding how the market shakes out will be helpful to investors moving forward.
Whether you’re a business owner looking to incorporate AI, or an investor wanting to grow your money by adding AI to your portfolio, consider these points and continue to learn and stay up to date with the news and happenings.