5 Best Artificial Intelligence Stocks to Buy for 2021

2. International Business Machines Corporation (NYSE: IBM)

Number of Hedge Fund Holders: 51

International Business Machines Corporation (NYSE: IBM) is a New York-based multinational technology firm that sells computer hardware, middleware, and software. The company has invested heavily in artificial intelligence and holds the unique record of filing the most number of patents for 28 years as a business firm. The company has maintained focus on high value profitable products since it was founded in 1911, and now offers artificial intelligence services to clients across the globe. It has operations in more than 170 countries. 

The market cap of the firm is more than $120 billion and it posted a revenue of more than $70 billion in December 2020. The shares of the company gained more than 12% last month as the vaccine rollout reopened the economy and spending on information technology firms increased. IBM has a steady profit inflow and seems to have benefited from a market pivot to value stocks as growth stocks saw sell-offs during the first three months of the year. IBM is ranked second on our list of top 10 artificial intelligence stocks to buy for 2021. 

As of the end of the fourth quarter of 2020, Arrowstreet Capital owns 2.7 million shares of IBM worth $344.97 million. IBM accounts for 0.48% of Arrowstreet’s total portfolio.