Apple (NASDAQ: AAPL) recently announced that its much-awaited mixed reality headset, the Apple Vision Pro, will be available in the United States starting February 2. Following this announcement, AAPL stock jumped 2.4% on January 8, posting its biggest single-day gains in more than eight months.
Despite the buzz surrounding the upcoming launch, the American tech giant faces the challenging task of translating this excitement into financial growth, especially considering the mixed success of virtual, augmented, and mixed reality technologies in the past decade. While many small and large firms have attempted to project these immersive technologies as the next big thing, we haven’t so far seen widespread consumer adoption, which leaves their future impact somewhat uncertain. This is one of the key reasons I wouldn’t be surprised if Apple stock struggles to hold onto these gains in the near term.
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Invest in AI stocks instead
In comparison to mixed reality technology, the field of artificial intelligence (AI) has witnessed significant advancements in the last year. AI technology has the potential to grow at an exponential rate in the next decade, as its implementation becomes more widespread across various sectors, making it an attractive emerging area for long-term investors.
Given AI tech’s consistently expanding popularity, you can expect strong returns on investments in the years ahead by buying some cheap yet fundamentally strong AI stocks in 2024. Let me quickly highlight one of the best AI stocks you can buy in Canada today and hold for the long term.
A top Canadian AI stock to consider now
Regardless of whether you’re placing your bets on shares of well-established large businesses or smaller companies tied to new, emerging trends, you must always carefully analyze the company’s underlying fundamentals and future growth prospects. This approach could help minimize your risks and ensure that your investment decisions are grounded in long-term growth potential rather than based on market hype.
With that in mind, BlackBerry (TSX: BB) could be an attractive stock to consider in 2024. This Waterloo-headquartered company has a market cap of $2.6 billion, as its stock trades at $4.42 per share after sliding by 5% in the last year.
What makes it a great stock to hold for the long term
BlackBerry, once known primarily for its mobile devices, has transformed into a key player in the cybersecurity domain, with a significant portion of its revenue now coming from this segment. Its enterprise cybersecurity client base includes several large public and private organizations globally. In the last few years, the company has increased its efforts to integrate AI technology to offer innovative cybersecurity solutions for businesses, including Cylance AI, that are capable of proactive cyber defence by predicting cyberattacks. These efforts make BlackBerry’s enterprise cybersecurity solutions the sting from most of its peers.
Moreover, BlackBerry’s expanding presence in the Internet of Things (IoT) sector further brightens its financial growth prospects. Through its IoT segment, the Canadian software firm has been focusing on developing advanced machine learning and AI-based technological solutions for various sectors, including the automotive industry. This diversification into IoT, along with its innovative AI-driven cybersecurity initiatives, makes BlackBerry a great Canadian AI-focused stock to consider in 2024 that has the potential to yield solid returns in the long run.
