Artificial intelligence is reshaping the job market in ways not seen or heard before. Right from creating new roles in AI development, data analysis, and related fields, it’s also accelerating the automation of routine tasks and leading to job displacement in certain sectors, necessitating workforce adaptation and reskilling.
According to McKinsey Research, corporate use cases of AI could result in an additional $4.4 trillion in productivity gains over the long run. While AI has enormous long-term potential, its immediate benefits are uncertain. Nevertheless, 92% of businesses intend to boost their investments in AI over the next three years.
A good chunk of the investment is going towards recruiting and poaching talent with advanced AI skills that could be of great benefit to the business. As businesses in almost every sector adapt their hiring processes to adopt the technology, data from job ads indicates that roughly one in four U.S. IT jobs listed are for workers with artificial intelligence expertise.
Similarly, AI accounted for 36% of IT positions listed in January in the information sector, including many tech companies making significant investments in AI development and deployment. Businesses in the professional services and financial sectors, including banks and consulting firms, seek IT personnel with experience developing or utilizing AI models and algorithms.
Open IT positions are becoming more and more AI-focused in sectors that comprise a smaller portion of the tech-hiring landscape. For instance, just a small percentage of healthcare job posts are tech-related, but the proportion of new tech positions in January that dealt with AI was almost double that of a few years prior.
According to Thomas Vick, senior regional director at recruiting company Robert Half, employers are mostly seeking someone with expertise or experience integrating AI into existing positions. Between the end of last year and the release of ChatGPT in the fourth quarter of 2022, new AI-related jobs increased by 68%, while tech postings decreased by 27%, affirming how advanced technology is changing the employment landscape.
Our Methodology
For this article, we selected AI stocks by going through news articles, stock analysis, and press releases. These stocks are also popular among hedge funds in Q4 2024.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
- National Grid plc (NYSE:NGG)
Number of Hedge Fund Holders: 17
National Grid plc (NYSE:NGG) transmits and distributes electricity and gas. The company’s corporate venture capital and innovation arm, National Grid Partners, announced on March 12 a commitment to invest $100 million in artificial intelligence startups. The investments will mostly focus on startups advancing the future of energy.
Additionally, the $100 million investment fund seeks to accelerate the development of an efficient, resilient, and dynamic grid that supports economic growth and helps ensure energy security. Amperon, a leading provider of AI-powered energy forecasting and analytics solutions, is one of the companies that has secured financing. The investment should accelerate Amperon’s plans to provide best-in-class AI-powered energy forecasting and market analytics to utilities, independent power producers, and energy market participants.
“Amperon’s AI-driven approach to forecasting is a perfect fit with our vision for a smarter, more resilient grid – and this marks the inaugural investment from our new, $100 million commitment to AI solutions advancing our energy system. We believe Amperon will play a vital role in scaling innovation across utilities, and we see significant potential for their AI-powered solutions to enhance grid operations in both the US and UK,” said Raghuram Madabushi, Investment Director at National Grid Partners.
10. Tempus AI, Inc. (NASDAQ:TEM)
Number of Hedge Fund Holders: 17
Tempus AI, Inc. (NASDAQ:TEM) is a technology company that leverages artificial intelligence (AI) and data to advance precision medicine. It offers AI-powered solutions that enable physicians to make real-time, data-driven decisions, deliver personalized patient care, and facilitate drug discovery and development. The company confirmed the acquisition of Deep 6 AI on March 11.
Acquiring a leading AI-powered precision research platform for healthcare organizations and life sciences companies should broaden Tempus AI, Inc.’s (NASDAQ:TEM) reach and enhance its ability to deploy critical healthcare applications. Deep 6 AI joins Tempus with AI-powered software that matches patients to clinical trials by mining real-time structured and unstructured electronic medical record (EMR) data across a broad ecosystem.
“Deep 6’s impressive integration infrastructure is well-suited to complement our connectivity efforts, which are central to our ability to support physicians in delivering optimized care for their patients,” said Eric Lefkofsky, Founder and CEO of Tempus. “This acquisition broadens our reach, adding even more providers to our platform, and enhances our ability to deploy critical applications like Next, which helps physicians close care gaps, and TIME, which helps patients find potentially lifesaving clinical trials.”
9. Ranpak Holdings Corp. (NYSE:PACK)
Number of Hedge Fund Holders: 22
Ranpak Holdings Corp. (NYSE:PACK) provides product protection solutions and end-of-line automation solutions for e-commerce and industrial supply chains. It offers protective packaging solutions, such as void-fill protective systems that convert paper to fill empty spaces in secondary packages. On March 12, the company unveiled three new innovative products for sustainable packaging.
Rabot is one product that features an advanced vision AI camera system with easy-to-use software. The product is designed to enhance pack station efficiency while also reducing waste and improving quality assurance. RanPack Holding has also unveiled PaperWrap, a sustainable wrapping solution that offers eco-friendly paper protection. Print is the company’s new on-demand printing solution for customizing parcels with branding.
8. BlackBerry Limited (NYSE:BB)
Number of Hedge Fund Holders: 23
BlackBerry Limited (NYSE:BB) is a software and security company that provides security solutions, secure communications, and software for embedded systems. Its QNX division specializes in operating systems for automotive and other embedded systems. On March 12, QNX unveiled a cutting-edge Functional Safety platform for advanced robotic systems.
The new platform’s built-in Intel Core i7 processors seek to meet the growing demand for integrated and safety solutions in AI-powered environments. It does so by enhancing computing power and virtualization for AI-driven vision systems and other essential robotic applications. It also combines robotic and safety controls onto single NexCOBOT boards to provide a way for manufacturers to achieve cost synergies and lower power consumption.
“Alongside QNX and NexCOBOT, we are focused on advancing this collaboration to deliver a solution designed to reduce development time, ease certification, and lower costs for manufacturers, making this an ideal choice for developing AI-driven robotic systems, including humanoids and autonomous mobile robots (AMRs) operating in unstructured environments,” said Ricky Watts, Senior Director of Federal and Industrial Solutions at Intel.
Read more here: https://www.insidermonkey.com/blog/11-ai-news-updates-investors-should-not-miss-1480967/
