2 Artificial Intelligence-Powered Growth Stocks to Buy Right Now

Foolish readers should look to snatch up artificial intelligence-powered growth stocks like Kinaxis Inc. (TSX:KXS) and others today.

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North American markets were broadly in the red in early afternoon trading on Friday, March 10. Today, I want to discuss how Canadian investors can seek exposure to the artificial intelligence (AI) space. These growth stocks have the potential to work wonders for your portfolio in 2023 and beyond. Let’s jump in.

Here’s why you should seek exposure to artificial intelligence stocks right now

Grand View Research recently estimated that the global AI market was valued at US$136 billion in 2022. It projected that this market would deliver a compound annual growth rate (CAGR) of 37% from 2023 through to 2030. Some of the industry verticals that are driving this growth include automotive, healthcare, retail, finance, and manufacturing.

Docebo is a growth stock worth buying on the dip

Docebo (TSX:DCBO) is a Toronto-based learning management software company that provides AI-powered learning platform in North America, Europe, and the Asia-Pacific region. It offers Learning Management System (LMS) to train internal and external workforces, partners, and customers. Shares of Docebo are down marginally in the year-over-year period as of close on March 10. However, the stock has increased 6.1% so far in 2023.

ResearchAndMarkets recently estimated that the global learning management system market was valued at US$13.5 billion in 2021. The report projects that this market will reach US$41.3 billion by 2027. That would represent a CAGR of 20% from 2022 through to the end of the forecast period.

The company unveiled its fourth-quarter (Q4) and full-year fiscal 2022 earnings on March 9. In Q4 2022, Docebo posted revenue growth of 31% to $39.0 million and gross profit jumped 33% to $31.4 million. Meanwhile, Docebo achieved revenue growth of 37% for the full year. Adjusted net income increased to $2.3 million, or $0.07 per share, compared to an adjusted loss of $9.7 million, or $0.30 per share, in fiscal 2021.

This AI-powered stock is on track for strong earnings growth in an exciting market space. I’m looking to snatch up this growth stock in March.

Kinaxis is still a top growth stock in the AI space

Kinaxis (TSX:KXS) is still one of my favourite growth stocks on the TSX. This Ottawa-based company provides cloud-based subscription software for supply chain operations in North America and around the world. It has attracted top clients like Ford, Toyota Motors, Unilever, and others. Shares of this growth stock have climbed 8.7% year over year.

Investors got to see its final batch of fiscal 2022 results on March 2. In Q4 2022, Kinaxis delivered revenue growth of 44% to $98.4 million. EBITDA stands for earnings before interest, taxes, depreciation, and amortization, and it aims to give a better picture of a company’s profitability. Kinaxis posted adjusted EBITDA growth of 87% to $21.1 million in the fourth quarter of fiscal 2022. For the full year, the company achieved revenue growth of 46% to $366 million, and adjusted EBITDA climbed 99% to $79.4 million.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Ambrose O'Callaghan has positions in Kinaxis. The Motley Fool recommends Adobe, Docebo, and Kinaxis. The Motley Fool has a disclosure policy.

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