Over the last year, the AI revolution has been creating a tonne of optimism across various sectors. AI technology has been around for years now, but ever since the launch of ChatGPT at the end of 2022, the potential of AI has become more evident, creating high interest in AI stocks from savvy investors.
In addition, with technology rapidly improving and more companies joining the party, increased competition is only accelerating the pace of innovation.
This surge in AI development is not only transforming industries but also driving stock market performance, which has been particularly noticeable given the uncertain environment in both the stock market and the economy over the last year.
There’s no question that AI’s potential is significant, and its broad scope has made it one of the most exciting investment opportunities of our time. So, it’s unsurprising that many investors are eagerly seeking ways to capitalize on AI stocks.
The good news is that investors have plenty of opportunities to invest in stocks that stand to benefit significantly from AI advancements.
So, while it may seem too late to invest in some AI stocks, especially the well-known giants like Nvidia, Microsoft, and Alphabet, which have already experienced massive rallies and now trade at high valuations, there are still numerous opportunities to invest in the AI boom.
For example, companies that successfully integrate AI into their business models can experience substantial profitability and growth.
So, if you’re looking to gain exposure to AI’s potential, here are two top Canadian stocks to consider adding to your portfolio today.
A massive Canadian growth stock to buy for exposure to AI
While there are plenty of high-quality stocks that can benefit from the adoption of AI, one of the best Canadian stocks to consider today is Thomson Reuters (TSX:TRI). Thomson Reuters is a massive $97 billion stock that provides information services, and is known for its expertise in delivering news, financial data, and technology solutions to various industries.
The stock is strategically positioned to benefit from advancements in AI, especially as it integrates Generative AI into its software and workflow solutions to enhance efficiency.
So, while Thomson Reuters is a massive, well-known company with a lengthy track record of consistent and, more importantly, stable growth, the stock is also ideal for investors looking for exposure to AI.
For example, it has recently launched Checkpoint Edge with CoCounsel in its Tax and Accounting business and continues to integrate acquisitions like Pagero, SurePrep, and CaseText, enhancing its AI capabilities. Furthermore, Thomson Reuters has its own in-house venture fund, focusing on emerging technologies and AI for workflow automation.
Therefore, investing in Thomson Reuters not only allows you to own one of the best stocks in Canada earning tonnes of recurring revenue and consistently increasing its dividend, but it also provides exposure to AI advancements and positions investors to benefit from the company’s strategic focus on continuously integrating AI into its core operations.
A small-cap growth stock with significant long-term potential
Even before Thomson Reuters began using AI to drive efficiency and profitability, it was already one of the best long-term growth stocks you could own on the TSX. However, the one downside of Thomson Reuters is its massive size, with a market cap of just shy of $100 billion.
So, while it continues to have a tonne of growth potential, due to its sheer size already, the pace of growth could be limited in the coming years.
Therefore, if you’re looking for a stock to buy that offers exposure to AI and could have significant growth potential, I’d consider WELL Health Technologies (TSX:WELL) and its current market cap of just $1.1 billion.
WELL is a leading digital health company that also owns and operates a network of outpatient medical clinics across Canada, where it has already integrated three key AI-powered solutions: WELL AI Voice, WELL AI Decision Support, and WELL AI Inbox Admin.
These tools have already drastically improved clinical workflows, saving practitioners over two hours per day, detecting over 110 rare and complex diseases early, and reducing administrative tasks by over 15 hours per week.
Therefore, as it continues to expand its operations, improve efficiency and scale its costs, WELL is certainly one of the top Canadian stocks offering exposure to AI to buy now.
