What Canadian tech stocks are ready to take off with the rise of artificial intelligence (AI)? AI isn’t just a trend anymore. It’s quickly becoming a driving force across industries, changing how businesses operate. As AI grows, several companies are positioning themselves for a breakthrough in 2024.
In Canada, three tech companies stand out:
- Telus International (TSX),
- Coveo Solutions (TSX), and
- CGI Inc. (TSX: A).
These companies have been investing in AI for years, and now they’re set to benefit as AI becomes more important in everything from customer service to digital experiences. Let’s look at why these stocks could be worth watching in the year ahead.
Telus International: AI-Fueled Customer Experience
Telus International may sound familiar to you. This is a daughter company of Telus, one of the largest telecommunications in Canada. But Telus International is not just about doing telecom business; they are venturing into the AI world, particularly in customer service.
AI is at the center of Telus International’s strategy. It seeks to utilize and enhance the CEX through AI. They are also developing AI tools like chatbots and automated customer service systems that perform low-level tasks, allowing human agents to focus on higher-level tasks. As a result, the answer time and the pace of service processes are improved.
But that is not the end of it. Telus International is providing further assistance to businesses through generic AI solutions. They are also helping clients of other industries use AI to optimize their work processes, make sense of large amounts of data, and make better decisions. With many businesses looking for solutions to address health care services going in for AI, Telus International stands at an advantageous place to expand.
Telus International is likely to grow in 2024 as engagement with customers is paramount for businesses. Since its IPO in 2021, the company’s share price has experienced turbulence, but now, as the importance of artificial intelligence increases, there is a chance for Telus International to break through.
Coveo Solutions: AI-Powered Digital Experience
Next up is Coveo Solutions. Unlike Telus International, Coveo isn’t as widely known, but it’s a company deeply invested in AI. Coveo went public in 2021, but it’s been working with AI for over a decade. It’s focused on using AI to enhance digital experiences, and that’s something more and more businesses are looking for.
Coveo’s core product is its AI-driven search technology. It helps businesses offer smarter, more personalized search results on their websites. This is especially valuable for e-commerce companies, where delivering the right product recommendations can boost sales. The company’s AI can also predict customer behavior and adjust recommendations based on real-time data.
What’s exciting about Coveo is how it keeps pushing AI boundaries. They’ve integrated large language models (LLMs) and machine learning into their platform, making their technology brighter yearly. As AI technology improves, Coveo’s services become even more valuable.
In 2024, we expect more companies to turn to AI to improve their websites and online stores. Coveo is perfectly positioned to ride this wave, and its stock could reflect this growing demand.
CGI Inc.: The AI Transformation Partner
CGI Inc. is a veteran compared to the other two. The company has been around since the 1970s and is one of Canada’s largest IT consulting firms. But that doesn’t mean it’s old-fashioned. CGI is heavily involved in AI development and consulting. They help businesses integrate AI into their operations, making them a key player in the AI transformation.
What sets CGI apart is its wide range of services. It works with businesses in multiple industries—finance, healthcare, manufacturing, and more—offering AI solutions to improve efficiency, reduce costs, and drive growth. Whether automating repetitive tasks or analyzing large data sets, CGI is helping companies leverage AI to stay competitive.
CGI has also been developing its own AI tools. For example, it offers AI vision systems that can be used for quality control in manufacturing or even medical imaging. This gives CGI a strong foothold in sectors where AI adoption is growing fast.
Given CGI’s history of steady growth and its focus on cutting-edge AI technology, 2024 could be a year of even faster growth for the company. Canadian tech stocks have been reliable performers, and with AI becoming more mainstream, investors may start paying more attention to CGI.
Time to Watch These AI Stocks
If you’re interested in Canadian tech stocks ready for a major AI breakthrough, Telus International, Coveo Solutions, and CGI Inc. should be on your radar. These companies have been building their AI capabilities for years, and now they’re positioned to grow as demand for AI solutions increases.
As more industries adopt AI in 2024, the already-prepared companies could see their stocks rise. Whether improving customer service, enhancing digital experiences, or helping businesses integrate AI, these three companies are set to make a significant impact.
These stocks offer a solid opportunity for investors looking to get in early on the AI boom. Keep an eye on how they evolve over the next year—they might just be ready for a breakthrough.
FAQs
Why should I consider investing in Canadian tech stocks like Telus International, Coveo Solutions, and CGI Inc.?
Ans: These companies are heavily invested in AI, a rapidly transforming industry. As AI becomes essential for customer service, digital experiences, and business operations, companies like Telus International, Coveo, and CGI are positioned to capitalize on growing demand. Their AI solutions aim to improve efficiency, customer engagement, and overall business performance.
What makes Telus International stand out in the AI space?
Ans: Telus International focuses on AI-driven customer experience solutions, including chatbots and automated service systems. By helping businesses optimize operations and improve customer service through AI, it’s poised for growth as demand for AI-powered customer engagement solutions increases.
How does Coveo Solutions use AI?
Ans: Coveo specializes in AI-driven search technology to enhance digital experiences. Its AI helps businesses deliver personalized search results and product recommendations, making it a key player for e-commerce businesses looking to improve conversion rates and customer satisfaction.
What is CGI Inc.’s role in AI?
Ans: CGI offers AI consulting and solutions across multiple industries, helping businesses integrate AI for automation, data analysis, and efficiency improvements. Its long-standing presence and AI capabilities position it for continued growth as AI adoption spreads.
Are these stocks a good investment in 2024?
Ans: The early investments in AI and strong market positions state that these companies are well-placed to benefit from the growing AI trend. Investors looking for exposure to AI-driven growth in 2024 may find these stocks promising.
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