3 Canadian AI Stocks That Are Minting Coin in 2024

AI stocks like Kinaxis Inc (TSX:KXS) are outperforming the TSX.

| More on:
Group of people network together with connected devices

Source: Getty Images

Did you know that there are many Canadian companies claiming a piece of the generative artificial intelligence (AI) pie?

From supply chains and logistics to e-commerce and textual analysis, Canadian companies are moving the needle in AI research. Not all Canadian AI companies are household names, but many of them are growing rapidly. Potentially, one of them could someday join the “Magnificent Seven” club of trillion-dollar tech stocks.

In this article, I will explore three Canadian AI companies that are changing the game in 2024.


Kinaxis (TSX:KXS) is an industry-leading supply chain analytics company. It uses generative AI to deliver rich supply chain insights. With Kinaxis RapidResponse, you can quickly collect key supply chain trends and use them to forecast (for example) how much inventory will be needed on what date. RapidResponse’s software can figure this kind of thing out using AI alone. In the past, you’d have had to hire a statistician to crunch all of this data for you.

Kinaxis’s RapidResponse platform has seen increased adoption in recent years due to its use of generative AI. In the most recent 12-month period, the company’s revenue grew 20.5%, and its diluted earnings per share (EPS) grew 72%. Overall, it was an impressive showing.


OpenText (TSX:OTEX) is a company that specializes in text analysis and content management. Its AI cloud has a number of powerful AI features:

  • Text analytics
  • Predictive insights
  • Text mining (extracting usable info from text)
  • Video classification analysis
  • Automated business reports (e.g., updates on sales and earnings for a given quarter)
  • Natural language chatbots
  • And more

This is a pretty comprehensive set of enterprise AI features, and OTEX’s AI Cloud lets users access it all with one subscription. It is definitely promising, and OTEX’s revenue growth recently exploded to 51% due to the increased adoption of the AI cloud. I’d say there’s some risk of these products losing clients once the “wow” factor of AI wears off, but trading at 7.5 times earnings, OTEX isn’t exactly priced for continued growth.


Shopify (TSX:SHOP) is a Canadian e-commerce company. It provides a platform for self-hosted online stores, it includes both a website builder and a payment platform. The company also recently branched out into point of sale (POS) terminals, which are similar to e-commerce payment platforms only for use in physical stores. If you’ve ever worked food service or retail: they’re the touch-screen applications you use to take orders and keep track of what’s in the cash register.

Shopify’s main use of AI is much easier to understand than Shopify’s or Kinaxis’s: it uses large language models (LLMs) to help vendors write product descriptions. Basically, if you own a business, you can write a few simple bullet points about one of its products in Shopify Sidekick and have your purely factual description turned into a compelling product description that converts visitors into customers. Shopify is also using AI to help vendors build customer service chatbots. It’s a pretty exciting set of AI features, and it bodes well for Shopify’s future.

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 Andrew Button has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Shopify. The Motley Fool recommends Kinaxis. The Motley Fool has a disclosure policy.

More on Tech Stocks

analyze data
Tech Stocks

Investing in Canadian Fintech: Stocks to Watch in 2024

The Canadian fintech sector is expanding, with more opportunities than ever. Yet this stock remains undervalued.

Read more »

The TFSA is a powerful savings vehicle for Canadians who are saving for retirement.
Tech Stocks

Invest in This TFSA Stock to Sail Into a Serene Retirement

Constellation Software (TSX:CSU) is getting interesting for TFSA investors after going sideways for a few weeks.

Read more »

consider the options
Tech Stocks

OpenText Stock Is Down: Buy the Dip — or Run for Cover?

OpenText saw a sharp dip in its stock price after its third-quarter earnings. Did investors overreact, creating a buying opportunity?

Read more »

A plant grows from coins.
Tech Stocks

These Tech Stocks Actually Pay a Dividend

OpenText Corp stock pays a dividend. Other tech stocks do as well.

Read more »

Digital background depicting innovative technologies in (AI) artificial systems, neural interfaces and internet machine learning technologies
Tech Stocks

Better Artificial Intelligence Stock: UiPath vs. C3.ai

Deciding between UiPath and C3.ai isn't easy since both have strengths and weaknesses.

Read more »

Digital background depicting innovative technologies in (AI) artificial systems, neural interfaces and internet machine learning technologies
Tech Stocks

3 Millionaire-Maker Tech Stocks That Should Be on Your Radar

These three tech stocks have already proven themselves worthy, but have a lot more to prove in the near future.…

Read more »

A close up image of Canadian $20 Dollar bills
Tech Stocks

3 No-Brainer Stocks to Buy With $20 Right Now

These three stocks are easy buys for those who don't have all that much to spend, and want long-term growth…

Read more »

A shopper makes purchases from an online store.
Tech Stocks

1 Tech Stock I’d Buy Before Shopify

Shopify (TSX:SHOP) stock might be stagnating, which could mean this other tech stock is at a prime advantage.

Read more »