4 AI Companies Primed For Significant Growth Heading Into 2024

Artificial intelligence has revolutionized several facets of our lives without us even realizing it. Whether it’s YouTube recommendations, ChatGPT early detection of disease in humans or real-time data analytics, AI has become accessible to everyone. It’s therefore no surprise that a report from PwC estimates that AI will contribute $15.7 trillion to the global economy by the end of the coming decade!

From an investor standpoint, AI continues to present a huge opportunity, and luckily, there’s more than one way to position your portfolio to benefit from a continuing AI revolution. You can invest in companies that build AI hardware, develop AI solutions, or sell AI development tools. With that being said, here are four companies that appear well placed to reap outsized returns from the burgeoning AI market.

Genesis Ai Corp. (CSE:AIG) (OTCQB:AIGFF) is an under the radar AI company whose ultimate goal is to create general artificial intelligence (AGI). To achieve that goal, the company plans to interconnect thousands of expert AI tools on its platform, which at the moment appears like the most practical approach to take. By allowing different AIs to learn from each other, exchange data, and provide services, the company increases the quality of the AIs by up to 70%.

The main difference between AI and AGI is in the learning process. Right now, AI learns by being fed more information by humans while AGI would be able to recognize when it doesn’t know something and would be able to seek out new information for itself. It could then create or modify its own algorithms when it sees that its outputs don’t match the real world. Essentially, AGI would be able to teach itself–something that current AI doesn’t really do.

In the meantime however, the company’s Genesis AI, a proprietary generative AI model in development, is building digital twins for real-world natural resources applications. Digital twins can be manipulated and studied in computer generated worlds, with the influence of deep machine learning and neural networks to provide disruptive real-world solutions.

Although Genesis Ai Corp.’s (CSE:AIG) (OTCQB:AIGFF) AI was initially intended for carbon offsetting through forestry management, it became clear that it could also be used in a number of other industries including wildfire prevention, mining industry where it can be used for subsurface digital twinning in addition to urban planning and the interface between urban areas and natural environments.

The company has also been developing tools to help predict forest fire behavior, speed up response times when it most counts, and build more resilient forests through effective management further illustrating the AI’s scope growth potential. Undeniably, data and AI are game-changing tools when supporting and counteracting the degradation of our world’s forests. That’s why on November 18, Genesis Ai Corp. (CSE:AIG) (OTCQB:AIGFF) revealed that it had entered into a definitive agreement to acquire 100% of AI GeoIntelligence which specializes in the use of artificial intelligence to extract actionable insights from forest data obtained by remote sensing technologies. 

This acquisition ties in well with the fact that Data Bridge Market Research projects that the forestry software market was set to grow from around $1.25 billion in 2021 to at least $6.30 billion by 2029, representing a CAGR of 22.4% which bodes well for Genesis Ai Corp. (CSE:AIG) (OTCQB:AIGFF). 

AI GeoIntelligence was founded by a team of experts with deep experience in remote sensing,  and is at the forefront of utilizing artificial intelligence to extract actionable insights from data gathered by state-of-the-art remote sensing tools such as airborne LIDAR which obtains three-dimensional geospatial information and Hyperspectral Imagery. The company uses spectral signatures to classify tree species and other vegetation types with unprecedented accuracy. Its AI-based analytic models can reliably and cost-effectively provide critical forest information at different scales-from the individual tree to the overall landscape. 

The deal will allow AI GeoIntelligence to provide Genesis Ai Corp. (CSE:AIG) (OTCQB:AIGFF) with access to its operations and significant pipeline of opportunities in the mining, carbon and geospatial analysis projects in Australia. “We are pleased to announce the signing of an option to acquire AI GeoIntelligence,” said Devinder Randhawa, CEO of Genesis Ai, “as it will allow us to harness the best in the power of AI with the most advanced remote sensing technologies and techniques, providing Genesis Ai with an unparalleled capability. This represents executing on one of our strategic initiatives to expand beyond North America and into other high value markets that can benefit from our services.”

C3.ai (NYSE:AI) recently released a new version of its C3 Generative AI platform, which is available through the AWS Marketplace. The platform, which was released in May of this year, allows knowledge workers to search their organizations’ internal data for specific objects using natural language prompts, as well as execute analysis to uncover relevant trends in that data.

Though the platform is designed to process both structured and unstructured data, the new version released on the AWS Marketplace has a narrower focus, as it is intended to help users more easily analyze text stored in files such as Word documents, PowerPoint presentations, and webpages.

“Search is bigger than simply finding a piece of information within a mountain of documents,” said C3 Chief Executive Officer Thomas Siebel. “It’s about finding insights within that data quickly and being able to act on them immediately and securely, changing the possibilities of what enterprises can accomplish.”

Shares of C3 AI have gained nearly 170% this year, boosted by booming demand for AI products and it appears shares could have more room to run. According to Oppenheimer analyst Tim Horan, “the ‘AI’ theme is real and durable, with C3.ai well positioned as one of the few pure plays helping customers drive new revenue sources/major productivity improvements; should accelerate growth into ‘25E.” These comments back up the new  Outperform rating, and Horan’s price target of $40 implies the shares will gain ~39% on the one-year time horizon.

Amidst all of the hype surrounding AI, Nvidia (NASDAQ:NVDA) has emerged as one of the greatest winners. Due to its years of dominance in graphics processing units (GPUs), which are essential to the development of AI models, the company was well-positioned to benefit greatly from the market’s expansion. Consequently, Nvidia’s stock has surged 237% so far this year due to outstanding financial performance.

With revenues more than doubling year over year to $18.1 billion and up 34% sequentially, the business posted a better-than-expected Q3 2024, surpassing both guidance and analysts’ projections of $16 billion. With the segment’s revenue coming in at $14.5 billion, up 41% sequentially and 279% year over year, investors will probably be keeping a close eye on data center revenue, which is driven by the rising demand for AI GPUs. 

According to Nvidia CEO Jensen Huang, “Generative AI is the largest TAM expansion of software and hardware that we’ve seen in several decades. At the core of it, what’s really exciting is that, what was largely a retrieval based computing approach, almost everything that you do is retrieved off of storage somewhere, has been augmented now, added with a generative method. And it’s changed almost everything. You could see that text-to-text, text-to-image, text-to-video, text-to-3D, text-to-protein, text-to-chemicals, these were things that were processed and typed in by humans in the past. And these are now generative approaches.”

In an effort to reduce the expensive cost of providing artificial intelligence services, Microsoft (NYSE:MSFT) also recently introduced two specially built processing chips at its Ignite conference. These companies are following other large tech companies in bringing critical technology in-house. 

First, its artificial intelligence chip, the Maia 100, may take on Nvidia’s AI graphics processing units, while the Cobalt 100 Arm-based chip, intended for general computing duties, may take on Intel CPUs. According to Microsoft, the chips will not be sold; instead, they will be used to power the company’s subscription software products and the Azure cloud computing service.

In addition, the company’s $13 billion investment in OpenAI was the driving force behind an intriguing development. The unexpected termination of Microsoft CEO Sam Altman last week raised concerns about the company’s fundamental AI strategy, even if he was rehired five days later. 

But when Microsoft CEO Satya Nadella announced that the business will recruit Altman and Greg Brockman, the former chair of OpenAI who quit last week, things seemed to be going in the company’s favor. The decision seemed to put Microsoft in a position to hire a large portion of OpenAI’s staff without having to pay a premium for the firm or its technology, especially in light of the fact that the majority of employees threatened to quit if Altman wasn’t restored.

In his first interview since the crisis broke, Nadella told CNBC’s Jon Fortt that Microsoft respects OpenAI’s nonprofit roots and shares its belief that AI needs to be developed and rolled out in a safe manner. “We want to make sure that we’re dealing with not only the benefits of technology, but the unintended consequences of the technology from day one, as opposed to waiting for things to happen,” Nadella said.