Every day, more and more technology companies are starting to dive into the world of artificial intelligence. Most people may indeed know and summarize artificial intelligence as something like ChatGPT, but it goes much deeper than that. This is just one example of the technologies these generative AI stocks are developing.
Companies can participate in this booming sector in different ways; what cannot be denied is that these companies are looking to get their work done more efficiently, effectively, and in a much faster way.
If you want to invest in this sector, here are three generative AI stocks doing amazing work.
Oracle Corporation (NYSE:ORCL), a technology powerhouse, is making waves in the tech world. Its specialty is offering a wide range of software and cloud services tailored to the needs of businesses. Its niche? Data and database management. They are not just a player in this field; they are a prominent figure in the enterprise technology arena. What sets them apart is their seamless integration of artificial intelligence into their cloud services, making them an attractive prospect for savvy investors in the burgeoning AI market.
In recent headlines, Oracle released its financial results for the first quarter of fiscal 2024, showing a remarkable 9% increase in total revenue compared to the previous year. But it’s the Cloud Services division, which encompasses Infrastructure as a Service (IaaS) and Software as a Service (SaaS), that takes the cake with an impressive 30% growth.
Adding more excitement to the mix is the innovative partnership between two technology giants, Microsoft (NASDAQ:MSFT) and Oracle. With this partnership, Microsoft joins the exclusive cloud providers offering Oracle’s database services. But best of all, it all happens within Oracle’s infrastructure, comfortably ensconced in Microsoft Azure data centers.
This remarkable venture, aptly named Oracle Database@Azure, opens up a world of possibilities for customers. It grants them direct access to Oracle’s robust database services while enjoying the performance and features of Oracle’s world-class infrastructure. In addition, they get the flexibility and rich set of AI services of Microsoft Azure.
It’s a win-win situation for enterprises looking to transition to the cloud smoothly and efficiently, creating a unified environment for managing workloads across Oracle databases and Azure services. Oracle’s innovation and strategic alliances make it one of the leading competitors in the ever-evolving technology landscape.
Palantir Technologies (NYSE:PLTR) is a company that excels in the world of artificial intelligence, helping other organizations make better decisions through data analytics. They have achieved an impressive financial performance with a net profit of $28 million in Q2 2023, marking their third consecutive quarter of profitability.
In addition, they experienced 13% revenue growth, reaching $533 million. This shows that their focus on artificial intelligence is paying off.
In a market study conducted by Dresner Advisory Services, Palantir was recognized as a leading provider in analytics features and model operations, demonstrating its importance in artificial intelligence.
The report notes the growing interest in artificial intelligence, data science, and machine learning, highlighting the need for solutions such as those offered by Palantir. Despite this interest, only 29% of organizations have implemented generative artificial intelligence, showing the growth potential for the enterprise.
They also secured a new contract with the Army for up to $250 million over three years to support developing and scaling artificial intelligence and machine learning capabilities. This underscores the importance of this company in implementing artificial intelligence solutions in critical defense and security applications.
Arista Networks (NYSE:ANET) is a company that has demonstrated strong financial performance in the third quarter of this year. They are in the business of providing high-performance networking technology, which means they are experts in connecting devices and systems efficiently and speedily.
In this quarter, they achieved a 3.5% increase in revenue, reaching an impressive $1.509 billion. This steady growth indicates that they are a company on the right track and have a solid position in the market.
What makes them even more relevant is their focus on technological innovation. They have announced a new product series, the 7130 Series, focusing on low latency switching at 25G. This is especially important for high-speed trading and market data distribution environments, as 10G infrastructure is no longer sufficient to handle the exponential growth of market data. With these solutions, they are prepared to address the changing and ever-growing demands of enterprise networks.
But that’s not all. They are also entering the world of artificial intelligence with their Arista Guardian for Network Identity (CV AGNI) product. This solution is based on its CloudVision platform and focuses on security and IT operations in enterprise environments. This is especially relevant at a time when the proliferation of IoT devices presents significant management and security challenges for enterprise networks.
As of this writing, Gabriel Osorio-Mazzilli did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.