Artificial Intelligence (AI) is not just the stuff of science fiction but a rapidly growing industry that is transforming the global economy. As businesses increasingly adopt AI solutions, they are reaping significant benefits. According to a study by the McKinsey Global Institute, AI has the potential to boost global gross domestic product (GDP) by up to US$13 trillion by 2030. With AI already enhancing productivity, reducing costs, and spawning new products and services across various industries, investing in this technology is becoming more appealing than ever.
It’s already in our lives
AI is making its presence felt across a spectrum of industries, from healthcare to finance, manufacturing, and retail. Its applications are diverse and impactful. AI is revolutionizing healthcare by enabling more accurate diagnoses, personalized treatment plans, and drug discovery. Medical professionals are using AI-powered algorithms to analyze medical images and identify diseases at an early stage.
Investors are also using AI-powered algorithms to make more informed and data-driven investment decisions. Financial institutions leverage AI for risk assessment, fraud detection, and algorithmic trading. Automation through AI-powered robots is streamlining manufacturing processes, enhancing efficiency, and reducing operational costs. These robots can perform repetitive tasks with precision and speed.
Even in retail, AI is being used to enhance the customer experience. AI-powered chatbots provide instant customer support, while recommendation engines personalize product suggestions. As AI continues to develop and gain wider acceptance, the demand for AI products and services is poised for substantial growth. This surge in demand presents lucrative opportunities for companies involved in AI development and deployment.
Data-backed real returns
Several studies and reports provide valuable insights into the potential of AI. McKinsey & Company’s research reveals that 80% of global businesses believe AI will significantly impact their industry within the next five years. PwC’s study indicates that AI could create up to 1.4 million new jobs in the United States by 2030. So how do you get in on the action?
Investors who wish to harness the potential profits of AI have several options. Many publicly traded companies are heavily investing in AI research and development. These tech giants are already incorporating AI into their products and services, making them attractive investment options.
Exchange-traded funds (ETFs) also can track a basket of AI stocks to provide diversification and lower risk. These ETFs can be an ideal choice for investors looking to spread their investment across various AI companies. For those seeking high-risk, high-reward investments, AI-focused venture capital funds are available. These funds invest in early-stage AI companies with the potential for substantial returns.
OpenText stock: A Canadian AI investment
OpenText (TSX:OTEX), one of Canada’s largest software companies, is now laser-focused on AI. After a $6 billion acquisition, the company has shifted its attention to the AI and cognitive era. OpenText stock works with global organizations transitioning from the digital era to the AI era.
OpenText stock’s integration of acquired products and commitment to improving cybersecurity highlight its strategic approach. In the words of Muhi Majzoub, OpenText’s Executive Vice President and Chief Product Officer, “The internet changed everything in the mid-90s, but with AI going forward, everything will change.”
OpenText stock’s longstanding involvement in AI underscores its commitment to innovation. At their annual event this week, the company introduced a new product line called OpenText Aviators, all focused on AI development as follows:
- IT Operation Aviator: Enhances the user experience and streamlines network issue resolution.
- DevOps Aviator: Identifies and mitigates risks in project and product delivery.
- Content Aviator: Simplifies content search across millions of documents.
- Experience Aviator: Generates content based on user input.
- Business Network Aviator: Provides market insights and optimization recommendations.
- Aviator Platform for Technologists: Offers tools and connectors to facilitate interaction with AI models.
- Aviator Search for Techs: Provides a search across multiple AI models.
- IoT Aviator: Monitors and alerts businesses about device issues, such as temperature fluctuations in shipments.
Investing in AI offers tremendous potential for real returns. As AI transforms industries and drives economic growth, investors can tap into this opportunity by considering investments in AI. OpenText stock, with its strategic focus on AI, represents a promising option for investors looking to participate in this dynamic and innovative sector.