Companies have seen a great amount of success after implementing AI into their operations and service. AI can help make work easier for companies and simplify everyday life for consumers. As the tech field continues to grow, there are some great AI stocks to buy for October.
Many tech companies saw a significant reduction in stock prices for September. However, October and the next few months might be a promising buying opportunity to invest in AI stocks.
How AI is used currently
AI is used to simulate human intelligence with the power of machines. There are many software, tools, cloud services, and other technologies that use AI to make certain tasks easier, instead of humans having to do everything manually. Phones, computers, cars, and many more of our everyday electronics tend to use AI. Facebook, Google, Apple, and Tesla are some of the top companies that not only use AI in their products, but also in their manufacturing and development systems as well.
As technology continues to advance, Google and Apple are two companies that have been in constant competition when it comes to the mobile devices, software, and other technology they produce. With the fall season in full swing, tech companies are set to release their new device and software products.
Google, which is a subsidiary of Alphabet (GOOGL), revealed in late September that it will implement a new software update to its Google search engine. Using AI, the search engine will allow users to search an image and text combined together.
What are some good AI stocks to invest in?
Most global companies use AI in some capacity, whether it be for tracking shipments, human resources, marketing, and other sectors of business. There are tech companies that focus specifically on AI and rely on it for their daily operations.
Amazon is one company that's pushing the advancement of AI to new heights. It uses AI in shipping, customer service, vehicles, products, applications, mobile devices, and essentially every other operation it manages. Amazon's e-commerce platform was one of the first to implement AI.
Now, AI helps the company make ordering products easy for consumers, and allows small businesses to sell their products with little hassle. Its customer support team integrates AI heavily. Customers often feel as if they are talking to real humans, when a lot of times they aren’t.
Amazon's stock price is estimated to reach approximately $4,105 within a year, according to CNN. The price is currently sitting around a support area of $3,200 and experienced over a 5 percent slump for September. With the $3,200 price range serving as a strong support area, now might be a great buying opportunity for the dominant tech brand.
DocuSign has made an enormous impact on how people sign signatures on various paperwork. Using AI, the company allows users to complete and sign letters, contracts, invoices, and other legal documents digitally. It's perfect when you can’t sign something in person or you just want an easier method for completing and managing documents.
Similar to many other stocks, DocuSign experienced a slight decrease in price for September. The stock decreasing by over 13 percent. MarketBeat thinks that DocuSign is a strong buy long-term. DocuSign has promising growth including an increase in its recent earnings.
CrowdStrike is a company that utilizes AI to power its cybersecurity platform. It helps provide solutions for cyber threats, attacks, breaches, and many other malicious activities that happen on the internet. Yahoo Finance selected the cybersecurity company as a strong buy currently. Stock prices for CrowdStrike decreased by approximately 10 percent for September and it could see a strong rebound soon.