AI Stocks: 9 Biggest Companies in 2024

Market cap: US$3.188 trillion
Share price: US$428.91

In addition to the reported billions Microsoft is committed to investing in OpenAI, the technology behemoth has built its own AI solutions based on the chatbot creator’s technology: Bing AI and Copilot. OpenAI officially licensed its technologies to Microsoft in 2020.

An update to Windows 11 in 2023 integrated the Bing chatbot into the operating system's search bar, allowing users to interact with the chatbot directly with Microsoft's Edge browser, Chrome and Safari.

Microsoft’s moves into generative AI have translated into higher revenues for its Azure cloud computing business and a higher market capitalization as the tech giant pushed past the US$3 trillion mark in January 2024.

In late May, Microsoft unveiled its Copilot+ Windows PCs, the company's first range of AI PCs, which the company says are the “fastest, most intelligent Windows PCs ever built.”

After receiving criticism over security flaws, Microsoft announced in late September that it has made changes to the Copilot+ exclusive Recall software, which uses AI to create screenshots of everything users do on their computers.

Market cap: US$2.95 trillion
Share price: US$120.05

The global leader in graphics processing unit (GPU) technology, NVIDIA is designing specialized chips used to train AI and machine learning models for laptops, workstations, mobile devices, notebooks, and PCs. The company is partnering with a number of big name tech firms to bring a number of key AI products to market.

Through its partnership with Dell Technologies (NYSE:DELL), NVIDIA is developing AI applications for enterprises, such as language-based services, speech recognition and cybersecurity. The chip maker has been instrumental in the build out of Meta Platforms’ (NASDAQ:META) AI supercomputer called the Research SuperCluster, which reportedly uses a total of 16,000 of NVIDIA's GPUs.

In the first quarter, Taiwan Semiconductor Manufacturing Company (NYSE:TSM) and NVIDIA released the world's first multi-die chip specifically designed for AI applications: the Blackwell GPU. Blackwell’s architecture allows for the increased processing power needed to train larger and more complex AI models.

In early June, NVIDIA saw its market cap zoom past the US$3 trillion mark to surpass that of Apple (NASDAQ:AAPL). On June 18, its valuation jumped to as high as US$3.34 trillion to briefly pass Microsoft before pulling back. In Q4 2024, the GPU giant is expected to produce 450,000 Blackwell AI chips worth a potential US$10 billion in revenue.

Market cap: US$2.03 trillion
Share price: US$164.29

Alphabet holds court with both Microsoft and NVIDIA as part of the tech sector’s Magnificent 7, and its foray into AI has similarly brought the tech giant much success. Alphabet's market cap surpassed the US$2 trillion mark in April.

The company has its AI chatbot Gemini, formerly known as Bard, which is integrated into products such as its Google Suite, the Chromecast browser and Google Pixel phone line.

In early April, Google introduced a custom AI chip designed for its cloud services customers. Set to be delivered later this year, the technology uses British semiconductor company Arm Holding's (NASDAQ:ARM) AI architecture. In the same week, Google revealed its new A3 Mega AI processor based on NVIDIA’s H100 Technology.

More recently, Google partnered with automaker Volkswagen (OTC Pink:VLKAF,ETR:VOW) to launch a smartphone app-integrated AI assistant for VW drivers.

Market cap: C$34.93 billion
Share price: C$154.55

Montreal-based CGI is among the world’s largest IT systems integration companies, and offers a wide range of services, from cloud migration and digital transformation to data analysis, fraud detection and even supply chain optimization. Its more than 700 clients span the retail, wholesale, consumer packaged goods and consumer services sectors worldwide.

Through a partnership with Google, CGI is leveraging the Google Cloud Platform to strengthen the capabilities of its CGI PulseAI solution, which can be integrated with existing applications and workflows.

CGI is aggressively working to expand its generative AI capabilities and client offerings, and is reportedly planning to invest US$1 billion into its AI offerings. In early March, the company launched Elements360 ARC-IBA, an AI powered platform for brokers and insurers to settle accounts in the UK broking industry.

In September, CGI signed the European Union's Artificial Intelligence Act pledge to work for trustworthy and safe AI development.

Market cap: C$12.15 billion
Share price: C$44.78

Ontario-based OpenText is one of Canada’s largest software companies. The tech firm develops and sells enterprise information management software. Its portfolio includes hundreds of products in the areas of enterprise content management, digital process automation and security, plus AI and analytics tools. OpenText serves small businesses, large enterprises and governments alike.

OpenText's AI & Analytics platform has an open architecture that enables integration with other AI services, including Google Cloud and Azure. It can leverage all types of data, including structured or unstructured data, big data and the internet of things to quickly create interactive visuals.

Early in the year, OpenText launched its Cloud Editions 24.1, which includes enhancements to its OpenText Aviator portfolio.

"Leveraging AI for impactful results depends on reliable data – without it, even the most skilled data scientists will struggle,” OpenText CEO and chief technology officer Mark J. Barrenechea stated. “By expanding the Aviator portfolio in conjunction with our world class information management platform, Cloud Editions 24.1 empowers customers with the tools and insights needed to get ahead."

Market cap: C$12.08 billion
Share price: C$138.10

Descartes Systems Group provides on-demand software-as-a-service (SaaS) solutions. The multinational technology company specializes in logistics software, supply chain management software and cloud-based services for logistics businesses.

AI and machine learning enhancements to Descartes’ routing, mobile and telematics suite are helping the company’s customers optimize fleet performance.

“AI and ML are perfect extensions to our advanced route optimization and execution capabilities,” Ken Wood, executive vice president at Descartes, said. “From dynamic delivery appointment scheduling through planning and real-time route execution, we’ve used AI and ML to improve our ability to deliver the next level of fleet performance for customers.”

Market cap: AU$22.52 billion
Share price: AU$148.72

New Zealand-based technology company Xero provides cloud-based accounting software for small- and medium-sized businesses. The company’s product portfolio also includes the Xero Accounting app, Xero HQ, Xero Ledger, Xero Workpapers and Xero tax tools.

Xero has made a number of AI enhancements to its platform in recent years, including bank reconciliation predictions that save time and reduce errors, and Analytics Plus, a suite of AI-powered planning and forecasting tools.

In March, the company launched its Gen AI assistant, named Just Ask Xero, or JAX. Some of its features include the automation or streamlining of repetitive and time-consuming tasks; the ability to anticipate tasks based on previous user actions and the ability to make cashflow projections on request.

Market cap: AU$7.84 billion
Share price: AU$23.80

TechnologyOne is another large enterprise technology software firm in Australia. In fact, it is the country’s largest enterprise resource planning SaaS company. TechnologyOne has a client base of over 1,200, including customers in the government, education, health and financial services sectors across Australia, New Zealand and the UK. The company’s research and development center is targeting cloud-based technology, artificial intelligence and machine learning.

Municipalities such as Shoalhaven in the UK are using TechnologyOne AI-based SaaS solutions to manage city services, including waste management and road maintenance.

TechnologyOne's H1 2024 financial results for its fiscal period ended March 31 highlighted its 15th year of record first half revenue, profit and SaaS fees.

Market cap: AU$351.38 million
Share price: AU$1.86

Israeli semiconductor IP company Weebit Nano develops silicon oxide-based resistive random-access memory (ReRAM) technologies. The company seeks to address the need for significantly higher-performance and lower-power computer memory technology.

Weebit's products can be used to enable edge AI applications and AI systems such as neuromorphic computing. An advancement in AI and machine learning, neuromorphic computing is based on architectures designed to function in the same way as the human brain’s operation.

Weebit says its ReRAM cell “functions similarly to a synapse in the brain, making it a promising solution for neuromorphic computing.” The company is collaborating with research partners in academia and industry to further develop the use of ReRAM for neuromorphic computing.