AI Stocks: 9 Biggest AI Companies in 2023

Market cap: US$204.56 billion; share price: US$127.03

Semiconductor company Advanced Micro Devices designs, develops and manufactures high-performance computer processors, graphics and visualization technologies that are used for AI, data centers, business computing solutions and gaming.

According to Bloomberg, Microsoft is rumored to be financially supporting Advanced Micro Devices' expansion of its in-house AI processor division to the tune of at least US$2 billion, although the tech giant has denied the report.

In an earnings call during early May, Advanced Micro Devices CEO Lisa Su stated, “We are very excited about our opportunity in AI — this is our number one strategic priority.”

Market cap: US$122.93 billion; share price: US$110.35

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.

Qualcomm has partnered with Microsoft to bring on-device AI innovations to market, including generative AI running on Snapdragon compute platforms, and tools for developers building applications for Windows 11 PCs powered by Snapdragon.

Market cap: US$48.75 billion; share price: US$150.01

Cloud-based data warehousing company Snowflake offers customers data storage, processing and analytics capabilities through its data-as-a-service platform. Snowflake's scalable 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 complementary 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: C$15.37 billion; share price: C$56.99

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 (IoT) to quickly create interactive visuals.

In March, OpenText launched a new version of its AI-powered cloud platform ValueEdge that features "new capabilities that build on the platform's existing functionality, enabling chief technology officers to accelerate speed-to-value eliminating the typical waiting, wasting and wondering in the development process."

Market cap: C$8.9 billion; share price: C$104

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$5.26 billion; share price: C$186.60

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

In May of last year, 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, the company said.

"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 noted. "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."

More recently, Kinaxis partnered with leading global supply chain company HAVI to provide machine learning and AI-powered supply chain planning and analytics solutions for the quick service restaurant industry.

Market cap: AU$16.7 billion; share price: AU$109.73

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$5.44 billion; share price: AU$16.44

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.

TechnologyOne recently announced its latest half-year financial results, highlighting that it saw record profits for the 14th year. The company’s SaaS annual recurring revenue was up 40 percent and its after-tax profit was up 24 percent. TechnologyOne attributes the strong results to robust demand for the company’s global SaaS enterprise resource planning solution. During the same period, TechnologyOne increased its large-scale enterprise SaaS customer base by 27 percent.

Market cap: AU$750.49 million; share price: AU$0.45

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.

BrainChip partnered with AI-based video analytics solutions provider CVEDIA in May to further develop edge AI and neuromorphic computing. The CVEDIA-RT platform for video analytics will be integrated with BrainChip’s Akida neuromorphic IP. The technology has applications in security and surveillance, transportation, information technology services and retail.