Artificial Intelligence

AI Stocks: 9 Biggest AI Companies in 2023

Artificial Intelligence Investing
The acronym AI, with a face superimposed onto it.
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What are the biggest AI stocks? Learn about the largest AI companies by market cap on US, Canadian and Australian exchanges.

Artificial intelligence (AI) may be an emerging technology, but there are plenty of billion-dollar companies in this space.

As the market has grown over the past few years, AI technology has made strong inroads into several key industries, including logistics, manufacturing, finance, healthcare, customer service and cybersecurity.

While AI-driven advancements in robotics have received the most press in recent years, the latest buzz has centered around OpenAI’s ChatGPT. This intelligent chatbot shows how quickly generative AI is advancing, and has attracted the attention of heavyweight technology companies such as Microsoft (NASDAQ:MSFT), which recently invested US$10 billion in privately held OpenAI. Alphabet (NASDAQ:GOOGL) has answered back with its own AI chat tool, Google Bard.

On a global scale, Markets and Markets predicts that the AI industry will experience a compound annual growth rate of 36.2 percent between 2022 and 2027 to reach a market value of more than US$407 billion.

Here the Investing News Network profiles some of the biggest AI stocks by market cap on US, Canadian and Australian stock exchanges. Data was gathered on February 13, 2023, using TradingView’s stock screener.

American AI stocks

According to Tracxn Technologies, the number of US AI companies has doubled since 2017.

One of the major factors fueling growth in the American AI market, states GMI Research analysts, is “rising investment in Artificial Intelligence by the government and prominent technocrats in the country.”

Below are three of the top US AI stocks.

1. Qualcomm (NASDAQ:QCOM)

Market cap: US$145.88 billion; share price: US$130.84

San Diego-based Qualcomm designs and manufactures semiconductors, software and wireless telecommunications products. The multinational corporation’s product catalog includes processors, modems, RF systems, 5G, 4G and optimized software.

After a decade of AI research and development, Qualcomm's goal is to make AI ubiquitous in everyday life by “inventing, developing, and commercializing power-efficient on-device AI, edge cloud AI, and 5G." The company has developed several AI-based products, including the Qualcomm Snapdragon 765G mobile gaming platform, which combines 5G and AI technologies.

2. Snowflake (NYSE:SNOW)

Market cap: US$53.99 billion; share price: US$164.34

Cloud-based data warehousing company Snowflake offers customers data storage, processing and analytics capabilities through its data-as-a-service platform. The highly scalable Snowflake Data Cloud platform supports multi-cloud infrastructure environments, allowing companies to bring data from other platforms together in one space. The platform was also designed to support enterprise AI projects that leverage big data and machine learning (ML).

Snowflake has made several acquisitions in the past few years, including picking up AI companies with complimentary technologies. In early 2023, the company announced its intention to acquire Myst AI, an AI-based time series forecasting platform provider. Time series forecasting is used in several fields, including supply chain management and inventory planning. Myst AI’s technology is capable of predicting spikes in energy demand and renewable generating capacity, as well as prices, in an effort to cut energy costs.

3. L3Harris Technologies (NYSE:LHX)

Market cap: US$40.84 billion; share price: US$214.48

L3Harris Technologies is an IT services provider and aerospace and defense contractor. The company designs, develops and manufactures radio communications products and systems for use across all domains, including air, land, sea, space and cyberspace.

In 2020, the company agreed to help the US Department of Defense (DoD) develop AI and ML systems intended to “reduce the amount of time it takes to decipher usable intelligence from increasing amounts of data collected from space and airborne assets.” The multimillion-dollar contract is in line with the initiative to accelerate the DoD's integration of big data, AI and ML.

More recently, L3Harris was selected by the DoD to deliver AI services geared toward improving intelligence gathering and collaboration between defense and intelligence agencies. “Massive volumes of data must be turned into actionable intelligence every day,” said Ed Zoiss, president of space and airborne systems with L3Harris. “We will help to empower DOD users with ‘point and click’ capabilities to generate synthetic data and create custom workflows that can be used with automated updates.”

Canadian AI stocks

Recognized as a world-leading AI research hub, Canada ranks fourth out of 54 countries in the Global AI Index. Since 2017, the Canadian government has invested hundreds of millions of dollars into accelerating the research and commercialization of AI technology in the country through the Pan-Canadian Artificial Intelligence Strategy.

Below are three of the top Canadian AI stocks.

1. Open Text (TSX:OTEX)

Market cap: C$12.75 billion; share price: C$47.25

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 focused in the areas of enterprise content management, digital process automation, security and AI and analytics tools. OpenText serves small businesses, large enterprises and governments alike.

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

2. Descartes Systems Group (TSX:DSG)

Market cap: C$8.39 billion; share price: C$99.46

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 ML 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,” said Ken Wood, executive vice president at Descartes. “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.”

3. Kinaxis (TSX:KXS)

Market cap: C$4.49 billion; share price: C$162.44

Kinaxis is a supply chain planning software company that has developed a cloud-based SaaS platform known as RapidResponse. The subscription software is used by supply chain operations for multiple industries, including the electronics, aerospace and defense, pharmaceutical, automotive and retail markets on a global scale.

In May 2022, Kinaxis unveiled its new Planning.AI analytical approach as part of its RapidResponse platform. This enhancement allows for quicker, more accurate responses to market disruptions.

"Supply chain planners and leaders are often in the tricky situation of having to choose between making an accurate decision or making a fast one," Kinaxis CEO John Sicard said. "Planning.AI eliminates that struggle by empowering people to make fast and accurate decisions through the use of multiple advanced analytical approaches. This latest breakthrough builds on our revolutionary concurrent planning technique, driving a true step change in supply chain agility and resiliency."

Australian AI stocks

AI investment in Australia is expected to reach AU$3.6 billion in 2025, according to research firm IDC. The industries spending the most on AI are banking, the federal and central government, professional services and retail.

Below are three of the top Australian AI stocks.

1. Xero (ASX:XRO)

Market cap: AU$11.7 billion; share price: AU$78.03

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.

2. TechnologyOne (ASX:TNE)

Market cap: AU$4.65 billion; share price: AU$14.41

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, AI and ML.

3. Brainchip Holdings (ASX:BRN)

Market cap: AU$1.09 billion; share price: AU$0.62

Global technology company BrainChip Holdings has developed and commercialized a type of edge AI that simulates the functionality of the human neuron. The company's neuromorphic processor, Akida, enables the deployment of edge computing across several applications, including connected cars, consumer electronics and industrial IoT.

In August 2022, the company launched the BrainChip University AI Accelerator Program. "By partnering with BrainChip's AI Accelerator Program, universities are able to ensure that students have the tools and resources needed to encourage development of cutting-edge technologies that will continue to usher in an era of essential AI solutions," BrainChip CEO Sean Hehir stated.

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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

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