AI Stocks: 9 Biggest AI Companies in 2023

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.

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.

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.”

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.

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.”

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."

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.

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.

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.