Leading companies across diverse industries, including electronics, IT infrastructure, surveillance, renewable energy, robotics, and cybersecurity, are heavily investing in AI and machine learning to leverage the technology for widescale innovation. In turn, companies are able to reduce operational costs, tackle workforce challenges, and transform client experiences.
For instance, in the IT infrastructure space, AI spending is expected to jump to $509.1 billion in 2027 from $175.9 billion in 2023, according to the IDC. The spending on AI platforms is expected to rise as they become increasingly important for business’s digital operations.
“Harnessing machine learning can be transformational, but for it to be successful, enterprises need leadership from the top. This means understanding that when machine learning changes one part of the business — the product mix, for example — then other parts must also change. This can include everything from marketing and production to supply chain, and even hiring and incentive systems,” said Erik Brynjolfsson, co-founder of Workhelix.
Elsewhere, PwC global chairman, Mohamed Kande, during his speech at the World Economic Forum in Davos urged people to not be afraid of AI in the workplace but embrace it as a digital colleague.
“People fear what they don’t understand, so exposing them to the technology, putting in their hands makes a big difference,” Kande said about AI, adding that doing so allows employees to view AI as a “digital colleague…You don’t fear your colleagues, you partner with them…So we are actually asking people to partner with the technology.”
For this article, we selected AI stocks by reviewing news articles, stock analysis, and press releases. We listed the stocks in ascending order of their hedge fund sentiment taken from Insider Monkey’s database of 900 hedge funds.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
A scientist at a computer station, surrounded by a neural network of artificial intelligence code.
10. Palladyne AI Corp. (NASDAQ:PDYN)
Number of Hedge Fund Holders: N/A
Palladyne AI Corp. (NASDAQ:PDYN), a robotics developer, offers an advanced AI and ML software platform transforming the capabilities of robots in terms of observation, learning, reasoning, and acting with unprecedented agility akin to human intelligence with minimal data sets, lower power requirements, and reduced training time. The AI software can equip most commercial robots with real-time environmental awareness to facilitate rapid adaptability to task variances without reprogramming through constant cloud connectivity, fostering high levels of autonomy and safety even in remote settings.
On January 15th, Palladyne AI Corp. (NASDAQ:PDYN) and Red Cat Holdings (NASDAQ:RCAT) revealed that it completed the first successful flight involving Teal drones powered by Palladyne Pilot AI software, which autonomously coordinate to identify, prioritize, and track ground objects. The test demonstrated that Palladyne Pilot AI software enables multiple drones to autonomously collaborate and exchange sensor information seamlessly.
“The successful integration of Palladyne Pilot AI software into Teal drones to enable multi-drone autonomous collaboration is an important milestone in the partnership we announced with Red Cat last summer. We believe the force multiplier effect resulting from the autonomous collaboration capability of multiple drones will provide a substantial tactical advantage to the warfighter in the field,” said Matt Vogt, Chief Revenue Officer of Palladyne AI Corp.
