From an investor’s view point, these technologies will create overflowing wealth. In fact, data from Ark Invest shows that AI will add $30 trillion to equity pools by 2037. If you are looking to get your share of this money, consider buying Axon Enterprise (NASDAQ:AXON) and Pinterest (NYSE:PINS). Here’s why.
Axon Enterprise
Axon is the top global supplier of conducted energy devices (Tasers). But the company also ventured into sensors like body cameras and they are creating AI tools to beef up their product offerings.
For example, Axon Records was created to simplify police reporting. This AI-founded platform uses video and audio (captured by Axo’s cameras) to accelerate and automate the creation of incident reports. This increases productivity for law enforcement, while giving much needed transparency for citizens.
Likewise, coming up this year, the company will launch Fleet 3, an AI-fueled car camera. Fleet 3 goes beyond traditional dash camera tech, allowing police to scan eight times as many plates (across three lanes of traffic) at the same price as previous systems.
Yasser Ibrahi, the Axon executive behind these efforts, has previously worked on machine learning projects at Microsoft and Amazon, and his experience should be an asset to the company.
Axon is already a leader in body cameras, and police software — last year, their revenue increased 28% to $681 million. But management puts the market at $27 billion, and Axon’s AI-founded growth should help it increase its momentum even more in the years to come.
Pinterest is a popular social platform. It has a unique blend of visual content and search, using AI to customize the user experience and give predictive content.
For example, when someone clicks on an image, the software also gives visually similar results. And if the user zooms to that image, the software will discover those sunglasses on online stores and give buy links to the product.
This produces an AI-infused network effect: The more a person visits the Pinterest platform, the more personalized their visits become; and the more people use Pinterest, the more patterns the software can understand, which improves its capabilities.
Pinterest recently had strong Q1 results. Monthly users went to 478 million, up 30% compared to the previous year. And revenue increased 78% to $485 million. Driving this was strong usage by marketers. People coming to Pinterest want inspiration, which makes it the perfect place for companies to reach potential customers.
With Pinterest stock lower by 25% from its 52-week high, and with this long-term AI potential, now seems like the perfect time to pick up some shares.
Author: Scott Dowdy
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