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2 Artificial Intelligence-Powered Growth Stocks to Buy Right Now

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Image source: Getty Images

Written by Amy Legate-Wolfe at The Motley Fool Canada

Artificial intelligence (AI) isn’t the future, it’s happening right now. Yet many Canadians have brought up the fear that this intelligence is going to take over jobs. However, it’s not fear that should fuel interest in AI — it’s excitement!

Companies are using AI across the country to help make their offerings better. They are not replacing jobs to do so but collecting data and finding issues to improve products again and again.

Today, I’m going to look at two AI-powered growth stocks that continue to do just that and determine why these are strong investments to consider right now.

Kinaxis

First up is Kinaxis (TSX:KXS), a supply-chain management company that uses AI to power its Software-as-a-Service (SaaS) platform. It helps enterprise-level companies not just in Canada but around the world. Kinaxis stock helps these enterprise companies by providing high-speed analytics and responses through its RapidResponse product.

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While other tech stocks have dropped, Kinaxis stock has climbed 37% in the last year alone. In 2023, it’s already up 27% as well. And it looks like it’s one of the growth stocks that has even more ahead of it.

During its most recent earnings report, Kinaxis stock reported earnings that were in line with total revenue estimates, according to analysts. However, its SaaS revenue beat guidance, and management managed to raise its full-year 2023 revenue guidance by 1% as well. Furthermore, it raised its earnings before interest, taxes, depreciation, and amortization (EBITDA) guidance by a whole 8%!

Its growth remains competitive, with the company continuing to maintain a top spot in the industry. It should continue to be one of the top growth stocks investors should consider on the TSX today — especially for its handling of A.I.

WELL Health

Another of the top growth stocks investors may want to consider for AI growth is WELL Health Technologies (TSX:WELL). WELL stock is a solid choice already, with a stable income source from its secure connection to the healthcare sector.

It’s one of the growth stocks that really took off during the pandemic. Telehealth use skyrocketed, and WELL stock quickly became the largest outpatient clinic in the country. It’s now dominating the United States as well, both organically and through acquisitions.

However, the company announced recently its use of AI to help medical care workers. Its AI Voice product is aimed at “dramatically reducing” the “administrative burden” of patient encounters. After doctor feedback, it was found to reduce chart note taking by up to 30%.

But it’s not just using it to enter chart information, it also has to keep that information safe. WELL stock uses AI to then store information privately and securely — something it’s done for years both through telehealth but also through its digital filing systems across North America.

Shares of WELL stock are now up 43% in the last year and a crazy 91% year to date. However, shares have come down recently, providing a good time to jump in, as they start to climb back once more.

Whichever of these growth stocks you choose, know that AI is helping to power that growth. And that growth should go straight to your pockets.

The post 2 Artificial Intelligence-Powered Growth Stocks to Buy Right Now appeared first on The Motley Fool Canada.

Should You Invest $1,000 In Kinaxis?

Before you consider Kinaxis, you'll want to hear this.

Our market-beating analyst team just revealed what they believe are the 5 best stocks for investors to buy in May 2023... and Kinaxis wasn't on the list.

The online investing service they've run for nearly a decade, Motley Fool Stock Advisor Canada, is beating the TSX by 23 percentage points. And right now, they think there are 5 stocks that are better buys.

See the 5 Stocks * Returns as of 5/24/23

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Fool contributor Amy Legate-Wolfe has positions in Kinaxis and Well Health Technologies. The Motley Fool recommends Kinaxis. The Motley Fool has a disclosure policy.

2023