June 17, 2024

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3 Top Artificial Intelligence Stocks to Buy in March

3 min read
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There’s been so much discussion about artificial intelligence (AI) stocks in the last year. This is certainly going to be a growing area of the market over the next decade and beyond. In fact, it’s already achieved so much.

The AI market is now expected to hit US$1.6 trillion by 2030. This would represent a compound annual growth rate (CAGR) of 33.7% from 2023 levels. The focus will be on stronger AI, transparency, explanation, and of course ethical considerations.

But there are already companies using AI for their own benefit. Rather than trying to design systems we can use here at home, they’re designing systems to provide a better product. So today, we’re going to look at three Canadian AI stocks doing just that.

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Kinaxis (TSX:KXS) is a cloud-based supply-chain management company that’s been using AI for quite some time. The company’s RapidResponse uses it for tasks such as demand forecasting, inventory optimization, and transportation planning as well. Shares of Kinaxis stock surged in the last few years, but have come down significantly since all-time highs.

Which is why now might be a good time to consider the stock. Kinaxis stock may have a higher valuation right now, but long-term investors should get their money’s worth. The AI stock has seen a high percentage of subscription-based revenue, which provides strong recurring revenue to investors. It’s now a leader in supply-chain management, with its AI -powered software ahead of the market.

True, there are other companies providing competition. But here in Canada, Kinaxis stock looks like the best when it comes to supply-chain management. Shares are now up 75% in the last five years alone. So long-term investors certainly have reason to consider the stock while it’s down.


Another company that’s already been using AI in the last few years is OpenText (TSX:OTEX). However, OpenText stock upped its game in this category during its last OpenText World event. The company announced it would be expanding AI to several new sectors, ranging from engineering to chat spaces.

What’s more, the enterprise information management company has been using AI for years. This has included for content analytics, security, and customer experience. This has likely helped shares of the AI stock rise 82% in the last decade.

With more AI being integrated, including the engineering software already up and running, this should optimize the company’s performance even further. It now offers a diversified portfolio of clients, recurring revenue through subscriptions, and the benefit of being an established software company. So this is yet another AI stock to consider as well.


Finally, Descartes Systems Group (TSX:DSG) is the last of the AI stocks I would consider among Canadian companies these days. The logistics software company offers optimization for tasks such as route optimization, freight matching, and customs compliance. Basically, it simply makes your life easier as a company.

Shares of DSG stock have also grown substantially over the years, and you can’t help wondering how AI has helped optimize the company for growth. Shares have increased a whopping 159% in the past five years alone. Insanely high among the other AI stocks on this list.

Yet there is certainly more to come for this company. The stock continues to offer high profit margins among its peers, with recurring revenue from subscriptions. It also holds a strong track record of consistent revenue and earnings growth. All together, DSG stock has been a fan favourite among AI stocks. And that doesn’t look like it will change any time soon.


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