Today, the application of AI to business innovation is growing in popularity. This year alone, hundreds of AI businesses will list on stock exchanges. Zion Market Research projects that by 2028, the worldwide artificial intelligence market would have grown from $59.7 billion to $422.4 billion. Almost all industries are being disrupted by robotics, automation, and AI.
The top firms’ initial public offerings (IPOs) for 2022 are included in this article.
Palantir Technologies Inc. (PLTR)
Palantir Technologies is a software company that specialises in data analytics and uses AI. In September 2022, IDC reported that Palantir has emerged as the most successful and popular AI software platform globally. A sizable chunk of Palantir’s revenue comes from the American intelligence and defence sectors. The company just received a new $85.1 million contract from the U.S. Army Materiel Command to assist in the implementation of artificial intelligence and machine learning technologies to improve equipment reliability, conduct predictive maintenance, and increase supply chain efficiency. The stock of PLTR, which closed trading on November 10 at $7.64, has a “buy” rating and a $13 price target from Bank of America.
Microsoft Corp
Around 2020, Microsoft intends to construct a new supercomputer on its Azure cloud platform. The OpenAI initiative worked with the supercomputer’s creators to use it to train AI models, leading to the development of enormous AI models and supporting infrastructure that can be used by other businesses and programmers. In October, Microsoft unveiled Designer, an AI-powered graphic design tool that can create unique social media posts, invitations, and other pictures. Bank of America has assigned MSFT shares a “buy” rating and a $300 price target. MSFT stock last traded on November 10 at $242.98.
Workday Inc. (WDAY)
Workday is a cloud-based application provider with a focus on human resource management. Workday’s innovative AI-based optimization engine can aid with shift scheduling and prioritising, staffing issues, and shifting labour needs. Additionally, Workday added Expressive’s Barista, a virtual assistant driven by artificial intelligence (AI), in April 2022. WDAY stock, which closed on November 10 at $153.13, has a “buy” rating and a $220 price target from Bank of America.
Alphabet Inc. (GOOG, GOOGL)
The company that owns Google and YouTube, Alphabet, uses AI and automation in almost every aspect of its business, from determining ad rates and pushing content to guarding against spam in Gmail. Additionally, it owns DeepMind, a subsidiary of artificial intelligence software, and autonomous vehicle company Waymo, which in 2020 will launch the first fully driverless commercial taxi service. Bank of America, which has given GOOGL shares a “buy” recommendation, has updated its valuation of the stock, which last closed at $93.94 on November 10th, to $114.
International Business Machines Corp. (IBM)
The best ways to apply IBM’s Watson artificial intelligence supercomputer in the areas of finance, law, education, and medical have been studied for years. Early in 2022, IBM sold off its healthcare data and analytics assets after Watson-powered initiatives in genomics and oncology fell short of expectations. The AutoML and AutoAI products from IBM, a leader in other AI technologies, can help data scientists build and train AI and machine learning models. Bank of America has assigned IBM shares a “buy” rating and a $145 price target. IBM stock last traded on November 10 at $141.23.
Amazon.com Inc. (AMZN)
Every aspect of Amazon’s business, including product suggestions, ad targeting, and its cloud computing offering, Amazon Web Services, now uses artificial intelligence (AI). As a result, Amazon’s virtual assistant Alexa has already been installed in many American homes. Along with its AWS cloud products, Amazon also offers a number of AI-powered tools and services, including sophisticated text analytics, automatic code reviews, and chatbots. Additionally, in August, Amazon paid $1.7 billion to purchase iRobot Corp. (IRBT), a move that would boost the company’s position in the artificial intelligence (AI) sector and give it a stronger foothold in the home automation market. Bank of America has assigned the shares of Amazon, which closed trading on November 10 at $96.63, a “buy” rating and a $137 price target.
