7 Pure Artificial Intelligence Stocks to Invest In 2024

What do you think is the next revolutionary technology that will greatly transform the world as we know it?

At the moment the answer is quite obvious; it’s ARTIFICIAL INTELLIGENCE.

But here is the thing, the fact that artificial intelligence is dubbed as the next big thing by experts in varying fields and governments of the top countries establishes that AI’s potential is no GUESS.

In 2020, Grand View Research projected that the AI market could reach $390.9 billion by 2025. A projection that is still achievable.

However, according to the latest 2021 report by Fortune Business Insights, “The global artificial intelligence market size is expected to reach $266.92 billion by 2027”.

Back in 2019, before the pandemic hit the world, the artificial intelligence market was valued at $27.23 billion and this points out, clearly, that in less than 10 years (2019 – 2027), the AI market is expected to grow 10X.

That’s promisingly HUGE.

Checkout: 5 Best Self-driving Vehicle Stocks for 2024

AI is as BIG as they say, and investing in it earlier is like investing in the internet years before its rise. And there are so many ways to go about investing in artificial intelligence.

I’ve previously written an article on the best ‘solid’ artificial intelligence stocks to buy and hold for the long term. However, the stocks listed there are of companies that use AI at the core of ‘some’ of their prominent products and services.

Basically, these companies have a great deal of exposure to the artificial intelligence market, however, they are not fundamentally AI companies at their core.

Take Facebook for instance, at its core it is a social media company, however, the company relies heavily on AI at the core of its products (Facebook and Instagram) and services (advertising). Nonetheless, at the end of the day, Facebook is a social media company.

Checkout: 10 Best Big Data Stocks for 2024 and Beyond

In this article, I want to take a different angle, acknowledging the fact that there are many ways to go about investing in artificial intelligence, one of which involves investing in PURE artificial intelligence stocks.

If you’re interested in investing in PURE artificial intelligence companies, here are seven (7) AI Stocks to consider:

1. Veritone (NASDAQ: VERI)

Veritone is an AI company that develops and provides operating systems for artificial intelligence (AI) solutions to over 1500 global customers. The company is the first to develop a functional and commercially available  AI operating system which is known as aiWARE.

aiWARE is an AI operating system that uses machine learning algorithms or AI models to reveal valuable insights from vast amounts of structured and unstructured data.

The AI operating system is available as a SaaS on AWS marketplace and on Microsoft Azure Government for government agencies, tapping into Microsoft’s rich list of government customers.

The company’s AI solutions are being used across varying fields and industries, from the Media space to law enforcement to energy, its AI solutions have numerous practical use cases.

Veritone Redact software, for instance, is being used by GovQA and at police departments across the US. The AI-powered software is used to automate the removal of sensitive information within videos,  audios, and images.

In May 2020, the Department of Justice awarded a $210,000 two-year contract to Veritone for the provision of audio and video transcription and translation services.

Veritone took their expertise in artificial intelligence development to another dimension with the recent introduction of Marvel.ai,  a hyper-realistic synthetic Voice as a Service (Vaas) solution that allows anyone to create, manage, share and monetize professional-quality synthetic voice that can be personalized into different genders, languages, and accents.

Marvel.ai, simply put, works as an audio deepfake generator. The platform was built on Veritone’s aiWARE operating system and is designed for content creators, celebrities, and media companies to create monetizable audio content without needing to go to the studio.

In January 2021, Veritone announced a strategic relationship with Alteryx, Inc. to power the Alteryx analytic process automation platform with advanced AI capabilities. aiWARE is expected to offer insights into unstructured data sources to Alteryx customers.

If I want to be extremely pessimistic on VERI, I’ll tell you that the company is fundamentally in a bad position because it’s losing too much money and not making enough.

However, Veritone’s AI products work, a feat it has proven over the years. The company’s customer profile is impressive and they have managed to grow revenue year-over-year since 2017 at impressive rates.

The company is taking the right steps; scaling up the business and introducing new promising products.

AI is a hyper-growth market and VERI is a hyper-growth stock.

2. C3.ai (NYSE: AI)

C3.ai, Inc. operates as an enterprise artificial intelligence (AI) software company.

The company provides software-as-a-service applications for enterprises.

Its software solutions include C3 AI Suite, a platform-as-a-service application development and runtime environment that enables customers to design, develop, and deploy enterprise AI applications; and C3 AI Applications, which include industry-specific and application-specific turnkey AI solutions.

Its C3 AI applications include:

  • C3 AI Inventory Optimization: a solution to optimize raw material, in-process, and finished goods inventory levels;
  • C3 AI Supply Network Risk: which provides visibility into risks of disruption throughout the supply chain operations for enterprise supply chain managers;
  • C3 AI Customer Churn Management: which enables account executives and relationship managers to monitor customer satisfaction using transactional, behavioral, and contextual information, as well as to take action to prevent customer churn with AI-based and human-interpretable predictions and warning;
  • C3 AI Production Schedule Optimization: a solution for scheduling production;
  • C3 AI Predictive Maintenance: which provides insight into asset risk to maintenance planners and equipment operators;
  • C3 AI Fraud Detection solution;
  • and C3 AI Energy Management solution.

The company also offers integrated turnkey enterprise AI applications for various market segments, including oil and gas, chemicals, utilities, manufacturing, retail, banking, financial services, intelligence, aerospace and defense, healthcare, telecommunications, pharmaceuticals, smart cities, transportation, and others.

C3.ai, Inc. serves customers primarily in Europe, Asia, and the United States.

It has strategic partnerships with Baker Hughes in the areas of oil and gas market; FIS in the areas of financial services market; Raytheon in the areas of the U.S. defense and intelligence communities; and Microsoft and Adobe in the areas of customer relationship management.

C3.ai, Inc. was founded in 2009 and is headquartered in Redwood City, California.

3. TuSimple (NASDAQ: TSP)

TuSimple Holdings Inc., an autonomous technology company, develops autonomous technology specifically designed for semi-trucks in the United States and internationally.

It intends to produce a line of purpose-built (Level 4) L4 autonomous semi-trucks for the North American market.

The company operates its Autonomous Freight Network (AFN) L4 autonomous semi-trucks equipped with its autonomous driving technology.

Its AFN is an ecosystem that consists of L4 autonomous semi-trucks, high definition digital mapped routes, terminals, and TuSimple Connect, a cloud-based autonomous operations oversight system.

The company was founded in 2015 and is based in San Diego, California.

4. Cerence (NASDAQ: CRNC)

Cerence Inc. provides AI-powered assistants and innovations for connected and autonomous vehicles It offers edge software components; cloud-connected components; toolkits; applications; and virtual assistant coexistence and professional services.

The company also provides conversational artificial intelligence, including voice recognition, natural language understanding, and artificial intelligence services.

Cerence Inc. is headquartered in Burlington, Massachusetts.

5. Ontrak (NASDAQ: OTRK)

Ontrak, Inc. operates as an artificial intelligence powered, virtualized outpatient healthcare treatment company that provides in-person or telehealth intervention services to health plans and other third-party payors.

Its Ontrak PRE (Predict-Recommend-Engage) platform predicts people whose chronic disease will improve with behavior change, recommends care pathways that people are willing to follow, and engages people who aren’t getting the care they need.

The company’s technology-enabled, OnTrak, program is designed to treat health plan members with unaddressed behavioral health conditions that cause or exacerbate chronic medical diseases, such as diabetes, hypertension, coronary artery disease, COPD, and congestive heart failure.

The OnTrak integrates evidence-based psychosocial and medical interventions delivered in-person or via telehealth along with care coaching and in-market community care coordinators who address the social and environmental determinants of health.

Ontrak, Inc. was founded in 2003 and is headquartered in Santa Monica, California.

6. Renalytix AI (NASDAQ: RNLX)

Renalytix AI plc develops artificial intelligence-enabled in vitro diagnostic solutions for kidney diseases.

The company offers KidneyIntelX, a diagnostic platform that employs an artificial intelligence-enabled algorithm that combines various data inputs, including validated blood-based biomarkers, inherited genetics and personalized patient data from electronic health record, and systems to generate a unique patient risk score.

Renalytix AI plc has a license agreement with Mount Sinai Health System to develop and commercialize licensed products in connection with the application of artificial intelligence for the diagnosis of kidney disease

It also has a license agreement with Joslin Diabetes Center, Inc. for developing and commercializing products for diagnosing and predicting kidney disease using biomarkers; and Kantaro Biosciences LLC for developing and commercializing laboratory tests for the detection of antibodies against SARS-CoV-2.

Its products are used in kidney disease diagnosis and prognosis, clinical care, patient stratification for drug clinical trials, and drug target discovery.

The company has a partnership agreement with Atrium Health, Wake Forest Baptist Health, and Wake Forest School of Medicine to implement an advanced clinical care model designed to improve kidney health and reduce kidney disease progression and kidney failure in high-risk populations.

Renalytix AI plc was founded in 2018 and is based in Cardiff, the United Kingdom.

7. Upstart Holdings (NASDAQ: UPST)

Upstart Holdings, Inc. operates a cloud- based artificial intelligence (AI) lending platform.

The company’s platform aggregates consumer demand for loans and connects it to its network of the company’s AI- enabled bank partners.

Its platform connects consumers, banks, and institutional investors through a shared AI lending platform.

Upstart Holdings, Inc. was incorporated in 2012 and is headquartered in San Mateo, California.

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