The AI market has been gaining significant attention over the past year, with expectations of soaring past US$1.6 trillion by the end of the decade. Companies actively incorporating AI into their operations are poised for significant growth, driving stock value and returns for investors.
One such Canadian AI stock to watch is Kinaxis (TSX:KXS), a cloud-based supply-chain management company that uses AI technology to forecast demand, optimize inventory, and enhance transportation planning. Despite a dip in share prices following the tech bubble, Kinaxis remains a leader in the supply-chain management space and is well-positioned for future growth with its AI-powered solutions.
Another notable Canadian AI stock is Open Text (TSX:OTEX), a software company that develops enterprise information management software. Open Text has been leveraging AI to improve customer experience, enhance security, and drive content analytics. The company recently announced its plans to expand its AI initiatives into various sectors, including chat spaces and engineering, to diversify its client portfolio and drive growth.
Both Kinaxis and Open Text offer investors the opportunity to tap into the potential growth of the AI market. With their established positions in their respective industries and AI-powered innovations, these stocks can turbocharge your savings and provide exposure to the lucrative AI sector.
