The Tech Sector Is Booming With These 2 AI Stocks at the Forefront

the tech sector may have fallen out of favor with investors amid rising inflation and interest rates last year. However, there is a resurgence in tech stocks powered by artificial intelligence (AI). Investors who missed out on the tech boom that occurred during the COVID-19 era may finally have a chance to get back on a high-growth bandwagon. This time, it’s powered by AI.

The latest technological revolution is not something you want to miss. Companies that adopt AI are more likely to achieve substantial growth in the coming decade and beyond. Those who fail to adopt new technology risk being left behind. It’s not just tech companies that are engaging in AI-related activities. The technology has applications in all sectors of the economy.

Today, I will discuss two stocks that will be part of the AI ​​revolution to grow and increase shareholder values.

Shopify

Shopify (TSX:SHOP) might not be your typical AI stock, but it’s a publicly traded company that’s set to be a winner due to the surge in AI adoption. The company’s entry into the space through AI-powered chatbots is just one of the spaces that can empower entrepreneurs using the platform.

In addition to this, Shopify also plans to use AI-based solutions for spatial computing, integrating augmented reality and other new technologies into its content. Because of its open-minded approach to adopting, testing, and patenting new technologies, Shopify can set itself up for rapid growth compared to companies in the space that don’t use AI. As of this writing, Shopify stock trades at $85.62 per share.

For the first quarter of fiscal 2023, Shopify delivered a 25% year-over-year revenue growth, and may continue to report a $31 million adjusted operating loss, from of $32 million last year. With its financial growth, this may be the right time to invest in its shares.

VIQ Solutions

VIQ Solutions (TSX:VQS) is not a well-known tech stock, but it is an AI stock that I would consider buying today. The $14.91 million market capitalization company headquartered in Mississauga is a technology and platform services provider to clients in Australia, the UK, Canada, and the United States. It serves companies looking for digital evidence capture, retrieval, and content management.

As of this writing, this young AI stock is trading at $0.44 per share, down 78.12% from its 52-week high. VIQ Solutions released its first quarter earnings for fiscal 2023 on May 10, reporting a 13% year-over-year decline in revenue.

While the stock should continue to experience short-term turbulence due to macroeconomic factors weighing on the financial position, it could be an excellent stock to own to take advantage of the growing AI trend.

Silly takeaway

While the business models of the two tech stocks differ, the common factor that will fuel their growth in the coming years is AI. True, Shopify stock and VIQ Solutions stock are not known as AI stocks. However, companies are integrating AI-powered features to improve operations and future-proof themselves for decades to come.

Of the two, I believe Shopify stock is going to be an excellent asset to own to get really outsized gains due to the emerging AI space.