As technology continues to evolve at a fast pace in the 21st century, artificial intelligence (AI), powered by various deep learning and machine learning techniques, is gaining popularity quickly due to its immense potential. This is one of the key reasons why most retail investors are looking for ways to benefit from the upcoming AI boom, which has triggered a robust rally in AI-related tech stocks of late.
But can this deep learning-based AI trend help you earn deep profits by yielding outstanding returns on your investments in the long run? Before discussing that and looking at one of the best Canadian AI stocks to buy now, let’s take a quick look at the potential of this technological revolution.
Why it’s the right time to invest in AI stocks
The Microsoft-backed OpenAI launched its ChatGPT platform nearly a year ago, which played a very important role in familiarizing people with deep learning and machine learning-powered AI technology. ChatGPT gained huge popularity globally as it became the fastest-growing consumer tech platform of all time, attracting over 100 million monthly active users within a few months after its launch.
While this growth looks very promising, we shouldn’t forget that ChatGPT, gaining popularity for its advanced conversation skills, is just a slice of the vast AI pie. AI technology extends far beyond just chatbots. AI’s potential includes everything from developing algorithms that can predict weather to robotic systems in manufacturing. With its immense potential, we can expect AI to extend its reach to a wide range of future industries, including healthcare, finance, and automotive.
This diversity in AI simply means that investment opportunities in deep learning-powered AI are not limited to just language processing technologies but span across industries. That’s why, when you’re looking to benefit from the upcoming AI boom, you need to look at the bigger picture and explore various sectors where AI is making or can make a big impact.
A top Canadian AI stock to buy today
If you’re looking for investment opportunities in the Canadian AI sector, BlackBerry (TSX:BB) stock could be worth considering. This Waterloo-headquartered software company currently has a market cap of $2.9 billion, as its stock trades at $4.93 per share with about 12% year-to-date gains.
BlackBerry operates two main business segments: cybersecurity and IoT (Internet of Things). While the company makes most of its revenue from its cybersecurity segment, the demand for its innovative IoT solutions for the automotive and other industries is also growing fast, which brightens its growth outlook. Notably, BlackBerry is currently planning to separate both these business segments into two separate publicly traded companies so that they can focus more on growth opportunities in their respective domains.
Besides utilizing deep learning-powered AI technology in its predictive cybersecurity solutions, the company has recently developed an AI-based intelligent vehicle data platform for futuristic vehicles called BlackBerry IVY. As the demand for such advanced AI solutions is expected to surge in the long run, BlackBerry’s financial growth trends could witness huge improvements in the next decade, making this Canadian AI-related stock attractive to buy now to hold for the long term.
