Why 90% of companies invest millions in this

Editor’s note: This article was previously published under the title “New survey shows companies are ‘all in’ on AI”. It has since been updated with new information.

Artificial intelligence has taken the world by storm, becoming the hottest sector on Wall Street, dominating media headlines and driving conversations.

Bain & Companyone of the world’s largest consulting firms, recently confirmed that firms are all-in on AI with its quarterly AI survey.

We recommend going all-in with AI actions as well.

If most major global companies are spending millions to implement new AI applications, AI developers should see their revenues and profits increase. Accordingly, their stocks should rise as well.

This is exactly what is happening now.

Survey results point to sustainable take-up of AI

Bain & Co. found that in America, ~90% of companies surveyed are developing, piloting, or have already implemented generative AI in some capacity. And they spend millions to do it.

Smaller firms spend about $5 million annually on generative AI. Larger firms invest up to $50 million per year.

Those are some big numbers. And with 60% of companies surveyed seeing generative AI as a top priority over the next two years, they’re likely to stay big or continue to grow.

Currently, the most important use cases for generative AI are in areas such as sales, software development, marketing, and customer service. This is where artificial intelligence adds immediate value.

In fact, more than 80 percent of companies surveyed by Bain said the utility of generative AI meets or exceeds expectations in each of those categories.

In other words, the AI ​​software boom is here. It will only increase in the coming years. And AI-related sales, marketing, code development, and customer service software is proving most valuable.

That means it’s time to buy those AI software stocks.

The Final Word

These are, after all, some of the best stocks on the market right now.

Just look at the world of AI code development software. GitLab (GTLB) provides tools to help computer scientists write and edit their code. Traditional website builders love it Wix.com(WIX) and GoDaddy (GDDY) creates new AI software to help people create websites.

And these stocks caught fire. Shares of WIX, GDDY and GTLB are up around 100% since the start of May 2023.

The same goes for AI and customer service marketing stocks.

AppLovin (app) is a mobile app advertising firm that has created new AI tools to help app developers monetize their apps. And Zenvia (ZENV) is the pioneer of artificial intelligence in the world of customer service.

Both stocks are up about 220% over the past year.

The AI ​​software boom is here. With 60% of companies prioritizing generative AI in the next two years, you can still join the trend.

While it may be too late to buy ZENV or GDDY stock, many other sales, marketing, coding, and customer service software stocks deserve your attention now.

Find out about our recommended games for this software boom.

As of the date of publication, Luke Lango did not hold (either directly or indirectly) any position in the securities mentioned in this article.

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