The world of AI is booming, with companies across America investing millions in generative AI applications. According to a recent survey by Bain & Company, ~90% of companies are either developing, piloting, or have already deployed AI in some capacity.
Smaller firms are investing around $5 million annually in AI, while larger firms are spending up to $50 million per year. With 60% of companies prioritizing generative AI over the next two years, the AI software boom is set to continue.
The top use cases for generative AI are in sales, software development, marketing, and customer service, where AI is adding immediate value. More than 80% of companies surveyed by Bain reported that AI’s utility is meeting or exceeding expectations in these areas.
AI-related stocks have been on fire, with companies like GitLab (GTLB) in code development software, Wix.com (WIX) and GoDaddy (GDDY) in website creation, and AppLovin (APP) and Zenvia (ZENV) in marketing and customer service software seeing significant gains.
While it may be too late to buy some of these stocks, there are still opportunities to invest in AI sales, marketing, coding, and customer service software. The AI software boom is here to stay, and it’s time to consider adding AI stocks to your portfolio.
Overall, the trend towards AI adoption by companies is clear, and investing in AI stocks could prove to be a lucrative opportunity for investors looking to capitalize on the growing AI market.