10 AI Stocks Making Waves on Wall Street

6. International Business Machines Corporation (NYSE:IBM)

Number of Hedge Fund Holders: 56

International Business Machines Corporation (NYSE:IBM) is a multinational technology company offering AI consulting services and a suite of AI software products. On January 16, the company announced a collaboration with L’Oréal, the world’s leading beauty company, to improve cosmetic formula and encourage sustainability. IBM’s generative artificial intelligence (GenAI) technology and expertise will be leveraged for uncovering insights in cosmetic formulation data, enabling L’Oréal’s use of sustainable raw materials, for energy and material waste reductions. A custom AI foundation model will be engineered to improve L’Oréal Research & Innovation teams’ performance and consumer satisfaction in every cosmetic category. In essence, L’Oréal’s unparalleled expertise in cosmetic science will be amalgamated with IBM’s cutting-edge artificial intelligence technologies for scientific discoveries, bringing forth “ecologically responsible” and “innovative” solutions. The collaboration will also allow L’Oréal to meet its L’Oréal for the Future’s target which requires the company to source most of its product formulas based on bio-sourced materials and/or the circular economy by 2030.

“This alliance between highly specialized expertise in artificial intelligence and cosmetics seeks to revolutionize cosmetic formulation. It embodies the spirit of AI-augmented research, emphasizing sustainability and diversity”.

 -Guilhaume Leroy-Méline, IBM Distinguished Engineer, Business Transformation Services CTO, IBM Consulting France.