I've been following artificial intelligence (AI) for over a decade, and I wrote about "the singularity" back in 2012 when Google hired Ray Kurzweil.
Ray Kurzweil is best-known for his 2005 book, The Singularity Is Near: When Humans Transcend Biology.
The singularity is the point at which artificial intelligence becomes better than human intelligence. This will create a knowledge boom at an exponential pace and change the world in ways we can't imagine.
Kurzweil says he’ll be working for Google on “new projects involving machine learning and language processing."
Steve Wozniak, co-founder of Apple, is on record as saying AI is the next step: “We're still not at the stage where we can sit down with computers and say, 'Here's a problem. Now go and solve it.' But that day isn't too far off… In 40 years, we will have computers that are conscious, that have feelings, that have a personality.”
I’m sure by now you’ve heard of AI systems for writing, like ChatGPT, or the many AI art generators. Google has one for music now. This technology is amazing. ChatGPT has passed all sorts of credentialed tests, including medical, bar, and CPA exams.
At this point, AI will continue to grow exponentially. We are talking about an explosion of computer knowledge and intelligence similar to the Cambrian explosion in terms of animals on Earth.
The pace of change is quickening — and as it speeds up, money will be made.
Select AI stocks will skyrocket, much like early internet and PC stocks. Those of us who are old enough remember when those tech stocks went up tens of thousands of times.
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You may have heard that Microsoft (NASDAQ: MSFT) made a $10 billion deal with OpenAI, the maker of ChatGPT. Microsoft CEO Satya Nadella said the company's private deal with OpenAI will pervade Microsoft's cloud computing operations. It's so big, he said, it's going to "transform" the company's Azure business.
Almost 30% of the nearly 4,500 professionals surveyed in January by Fishbowl said that they’ve already used OpenAI’s ChatGPT or another artificial intelligence program in their work.
It doesn't get any bigger than that for a tech company. The problem is that OpenAI is a private company, so you can’t buy it.
There is, however, a smaller company in the same sector. According to Yahoo Finance:
It offers integrated turnkey enterprise AI applications for oil and gas, chemicals, utilities, manufacturing, financial services, defense, intelligence, aerospace, healthcare, and telecommunications market segments. It has strategic partnerships with Baker Hughes in the areas of oil and gas market; FIS in the areas of financial services market; Raytheon; and AWS, Intel, Google, and Microsoft.
The company doesn't have any earnings and trades at 5.13 times sales and 1.57 times book. Revenue grew 7% last quarter year over year to $269 million.
On the plus side, it has a massive amount of cash after going public two years ago. The company has over $800 million in cash and a market cap of just $1.49 billion. Debt is low at $31 million.
It is a cheap stock after the tech washout. This stock traded above $160 in 2021 and is now below $20.
But now we've found a bottom, and the chart is trending higher. I recommended it to my Launchpad Trader readers just last week, and they are already up 17%.
All the best,