The artificial intelligence (AI) revolution is here! Generative AI technologies have hit a tipping point, and now they’re permeating into all aspects of the global economy.
Unfortunately, it isn’t easy to pick winners from this trend. It’s too early to say which companies will dominate the AI revolution and which ones will face disruption. However, some Canadian firms seem to have adopted the technology to boost their business and could be in a strong position to win. Here are the top three Canadian AI stocks that should be on your radar now.
Well Health Technologies
Health care is one of the industries ripe for AI disruption. Developers are already experimenting with ways an AI chatbot can offer at least basic healthcare information and mental health assistance to users for a fraction of the cost.
Vancouver-based healthtech giant WELL Health Technologies (TSX:WELL) is also involved. Earlier this year, the team launched WELL AI Voice, a transcription and voice-assisted data collection service for healthcare professionals. The service is designed to reduce the grunt-work involved with medical administrative tasks. The team has also launched an investment fund focused on acquiring stakes in emerging AI startups in the healthcare field.
I expect these initiatives to boost the company’s core data management and healthcare technology services. Keep an eye on this often underrated stock.
Docebo
Education is another industry that’s ripe for disruption. The AI revolution is already evident from Khan Academy’s use of ChatGPT to create a virtual private tutor for all its users. The AI bot can personalize the learning experience and answer questions in plain language.
Docebo (TSX:DCBO) is adopting similar technology to change the way corporations train staff. The company integrated large language models (LLMs), the technology that powers ChatGPT and its rivals, to help its corporate clients create custom content for staff training, personalize each learning module and automatically include business data in the training material.
Recent acquisitions such as Edugo.AI are propelling Docebo’s expansion in this area. Over time, these new products and acquisitions could help the company enhance its offering to its network of 3,500 corporate clients.
Investors seem to have noticed this shift, because the stock is up 24% since last month and is trading near its highest level since 2021.
Kinaxis
Supply-chain logistics software company Kinaxis (TSX:KXS) is another key player in the AI race. In fact, it was an early adopter. The team unveiled the Planning.AI analytics platform last year and has been deeply integrating machine learning across its suite for several years.
Now Kinaxis’s customers can use simple language commands to seek out data from their businesses. They can also manage suppliers, predict future sales and forecast the need for changes to their supply chain.
The Ottawa-based tech giant is certainly well positioned for the AI revolution. The stock price, which is up 16.7% year to date and 100% over the past five years, also reflects this. Keep an eye on this underrated AI stock.
