Kinaxis (TSX:KXS) and BlackBerry (TSX:BB) are two Canadian AI stocks that are poised for a bull run in the coming years. With the increasing implementation of artificial intelligence across various sectors, these companies are well-positioned to benefit from the growing demand for AI products.
Kinaxis, based in Ottawa, specializes in software solutions for supply chain management. Their AI-driven software combines human and machine intelligence to improve supply chain planning and decision-making. This technology helps businesses automate workflows, enhance efficiency, and achieve effective supply and demand balancing. Despite a modest year-to-date gain of 8.1%, Kinaxis has not seen significant appreciation in its stock price, making it an attractive and undervalued investment for the long term.
BlackBerry, headquartered in Waterloo, is another top AI stock on the Toronto Stock Exchange. While the company’s cybersecurity segment has been impacted by macroeconomic uncertainties, the demand for their AI-enabled enterprise cybersecurity solutions is expected to strengthen as businesses prioritize safeguarding their data from cyber threats. Additionally, BlackBerry has been focusing on developing machine learning and AI-powered solutions for the automotive industry, which is likely to see significant growth as more automakers adopt autonomous and electric vehicles. The company has also launched the BlackBerry IVY innovation fund to invest in startups developing data-driven solutions for the automotive industry, further enhancing its long-term outlook.
The market outlook for AI stocks is promising, with projections indicating substantial growth in the generative AI market over the next decade. Bloomberg Intelligence predicts the market could reach $1.3 trillion, with $280 billion in new software revenue. This presents significant opportunities for investors looking to capitalize on this trend.
In conclusion, Kinaxis and BlackBerry, as affordable AI stocks on the TSX, have strong potential for future growth. With their AI-driven solutions and focus on emerging technologies, they are well-positioned to benefit from the increasing demand for AI products across multiple industries.
