2 Artificial Intelligence-Powered Growth Stocks to Buy Right Now

These growth stocks are excellent buys today, and much of the reason for that is powered by their use of artificial intelligence.

| More on:
stock research, analyze data

Image source: Getty Images

Artificial intelligence (AI) isn’t the future, it’s happening right now. Yet many Canadians have brought up the fear that this intelligence is going to take over jobs. However, it’s not fear that should fuel interest in AI — it’s excitement!

Companies are using AI across the country to help make their offerings better. They are not replacing jobs to do so but collecting data and finding issues to improve products again and again.

Today, I’m going to look at two AI-powered growth stocks that continue to do just that and determine why these are strong investments to consider right now.

Kinaxis

First up is Kinaxis (TSX:KXS), a supply-chain management company that uses AI to power its Software-as-a-Service (SaaS) platform. It helps enterprise-level companies not just in Canada but around the world. Kinaxis stock helps these enterprise companies by providing high-speed analytics and responses through its RapidResponse product.

While other tech stocks have dropped, Kinaxis stock has climbed 37% in the last year alone. In 2023, it’s already up 27% as well. And it looks like it’s one of the growth stocks that has even more ahead of it.

During its most recent earnings report, Kinaxis stock reported earnings that were in line with total revenue estimates, according to analysts. However, its SaaS revenue beat guidance, and management managed to raise its full-year 2023 revenue guidance by 1% as well. Furthermore, it raised its earnings before interest, taxes, depreciation, and amortization (EBITDA) guidance by a whole 8%!

Its growth remains competitive, with the company continuing to maintain a top spot in the industry. It should continue to be one of the top growth stocks investors should consider on the TSX today — especially for its handling of A.I.

WELL Health

Another of the top growth stocks investors may want to consider for AI growth is WELL Health Technologies (TSX:WELL). WELL stock is a solid choice already, with a stable income source from its secure connection to the healthcare sector.

It’s one of the growth stocks that really took off during the pandemic. Telehealth use skyrocketed, and WELL stock quickly became the largest outpatient clinic in the country. It’s now dominating the United States as well, both organically and through acquisitions.

However, the company announced recently its use of AI to help medical care workers. Its AI Voice product is aimed at “dramatically reducing” the “administrative burden” of patient encounters. After doctor feedback, it was found to reduce chart note taking by up to 30%.

But it’s not just using it to enter chart information, it also has to keep that information safe. WELL stock uses AI to then store information privately and securely — something it’s done for years both through telehealth but also through its digital filing systems across North America.

Shares of WELL stock are now up 43% in the last year and a crazy 91% year to date. However, shares have come down recently, providing a good time to jump in, as they start to climb back once more.

Whichever of these growth stocks you choose, know that AI is helping to power that growth. And that growth should go straight to your pockets.

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 Amy Legate-Wolfe has positions in Kinaxis and Well Health Technologies. The Motley Fool recommends Kinaxis. The Motley Fool has a disclosure policy.

More on Tech Stocks

space ship model takes off
Tech Stocks

1 Canadian Stock That Could Be the Best Investment This Decade

This tech stock might not seem like the most obvious buy, but trust me, it certainly should be.

Read more »

A microchip in a circuit board powers artificial intelligence.
Tech Stocks

The Smartest Growth Stock to Buy With $2,500 Right Now

Some of the smartest growth stocks are those that ride technology rallies irrespective of the tech revolution. They never get…

Read more »

Data center servers IT workers
Tech Stocks

Where Will CGI Group Be in 3 Years?

CGI could be a larger, more profitable, and more efficient TSX tech stock by 2028. Here's why.

Read more »

chip with the letters "AI" on it
Tech Stocks

The Ultimate AI Stock to Buy With $1,000 Right Now

If you’re looking to put $1,000 to work and ride the AI wave, here is a top TSX stock that…

Read more »

dividends can compound over time
Tech Stocks

3 Reasons I’m Considering Descartes Systems Stock for a $2,500 Investment This Month

Descartes Systems stock dipped 11% on June 4, creating an opportunity to invest $2,500. Here’s why this stock is a…

Read more »

bulb idea thinking
Tech Stocks

Down 90% From All-Time Highs, Is Lightspeed a Buy Right Now?

Lightspeed stock has fallen from record highs but is poised to deliver outsized gains to shareholders over the next three…

Read more »

a person watches a downward arrow crash through the floor
Tech Stocks

Is Lightspeed Commerce Stock a Buy Now?

Lightspeed Commerce (TSX:LSPD) stock has a growing capacity to steadily recover from its 90% plunge. Here’s why…

Read more »

social media scrolling on phone networking
Tech Stocks

Here’s How Much You Would Have Made If You’d Invested $1,000 in the Shopify IPO 10 Years Back

Shopify stock has delivered outsized gains to long-term shareholders since its IPO in May 2015. Is the tech stock still…

Read more »