AI is here, whether we’re ready or not. The headlines and buzz around the recent launch of ChatGPT is only the tip of a much larger iceberg. The chatbot uses ‘generative AI’ tech, a machine learning system with the ability to create text, images, videos – and even computer code – that successfully mimics human communications, and it promises to stir up far more than just the tech industry.
At it base, AI technology involves a computer system that has been fed a huge amount of data, enough that it can be ‘trained’ to recognize patterns and even to make inferences when it encounters novel information – by referring back to what it was originally trained on. It’s data processing – but based on the model of human thought. While new, generative AI is already finding uses in marketing and advertising, digital art and video gaming, even in the writing of legal contracts.
Will it replace the human touch? In the short term, probably not, but farther on – we just don’t know yet. What we do know is that AI systems are turning into an economic engine. By the end of this year, it’s forecast that the total spend on AI systems will hit $97.9 billion, a 161% increase from the $37.5 billion collectively spent in 2019. That’s an impressive spend, and it’s sure to open up opportunities for investors willing to take a closer look.
Using the TipRanks database, we’ve pulled up the latest information on two stocks that are deeply involved in the AI boom. Both have made good use of AI tech in the past, and both are looking for further applications of AI in the future. According to the data, both hold ‘Buy’ ratings from the analyst consensus. Let’s take a closer look.
Shutterstock (SSTK)
We’ll start with Shutterstock, the popular online image library subscription service. The Shutterstock site and platform is particularly well-known – and well-used – by online digital creators, marketers, and graphic designers. The company boasts some 400 million royalty-free images in its library, available to subscribers.
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