Are you thinking about investing in AI? Find out what technologies the largest pure-play ASX AI stocks are working on and their market capitalization.
Artificial Intelligence (AI) is still developing and progressing quickly; it’s becoming a major driver of growth in the technology industry and is being incorporated into everyday automation.
The Australian government is likewise making artificial intelligence (AI) a top priority. In fact, the budget for the fiscal year 2023–2024 includes a commitment to invest AU$101.2 million in AI adoption and research over the next several years. This includes the AU$17 million in funding for up to five AI Adopt Centers for small and medium-sized enterprises that were announced in December 2023.
Australia, Korea, and India dominate the Asia-Pacific region in spending on AI solutions, and they are also at the forefront of AI adoption in the region, according to a September 2023 IDC research on global AI investment. By 2027, spending in the region—aside from China and Japan—is projected to total US$28.2 billion.
Despite being relatively tiny, Australia’s AI market is expanding. The Investing News Network found the top AI stocks on ASX by market cap using TradingView’s stock screener to assist investors understand their alternatives. The data for all ASX AI equities was up to date as of August 17, 2024; businesses with a primary focus on AI were taken into account.
Market cap: AU$10.28 billion; current share price: AU$17.11
NEXTDC Limited (ASX: NXT) is an Australian company specializing in data center services. They operate a network of state-of-the-art data centers across major Australian cities, providing secure and reliable infrastructure for businesses to host their IT systems and data. NEXTDC’s facilities are known for their high levels of security, energy efficiency, and scalability, catering to the growing demand for cloud computing and data management solutions. The company is a key player in Australia’s data center sector and is listed on the Australian Securities Exchange (ASX) under the ticker symbol NXT.
NEXTDC was certified by NVIDIA (NASDAQ: NVDA) on August 6, allowing them to power sophisticated AI data centers in Australia and improve NVIDIA’s AI platforms. With this certification, NEXTDC can help Australian businesses navigate a variety of digital infrastructure designs that are suited for NVIDIA’s AI technology and can take advantage of NVIDIA’s infrastructure choices to handle the obstacles associated with AI infrastructure.
Market cap: AU$368.12 million; current share price: AU$0.19
BrainChip Holdings Ltd (ASX: BRN) is an Australian technology company focused on developing advanced artificial intelligence (AI) solutions. Their flagship product is the Akida Neuromorphic System-on-Chip, which mimics the human brain’s neural networks to process data more efficiently. This technology is designed to enhance edge computing applications, making it suitable for use in areas like autonomous vehicles, robotics, and IoT devices. BrainChip aims to lead in AI innovation with its unique approach to neuromorphic computing, offering solutions that can improve performance and reduce power consumption in AI-driven systems.
The company unveiled a white paper on June 5th, introducing TENNs-PLEIADES, an effective artificial intelligence processor that can handle intricate tasks including data processing, object recognition, and decision-making. This chip is especially well-suited for low-latency applications like self-driving cars because, unlike akida, it is made for spatiotemporal classification and detection utilizing event-based data.
Market cap: AU$244.19 million; current share price: AU$1.10
Appen Limited (ASX: APX) is an Australian company specializing in providing data annotation and AI training services. They help businesses develop and refine their artificial intelligence and machine learning models by supplying high-quality, human-annotated data. Appen’s services include data collection, annotation, and validation across various types of content, such as text, images, and audio. With a global crowd of contributors, Appen supports a wide range of industries in enhancing their AI capabilities and improving model accuracy. The company is listed on the Australian Securities Exchange (ASX) under the ticker symbol APX.
Market cap: AU$94.49 million; current share price: AU$0.12
Bigtincan Holdings Ltd (ASX: BTH) is an Australian technology company that provides a leading sales enablement platform. Their flagship product, Bigtincan Hub, is designed to enhance sales performance by offering tools for content management, training, and communication. It integrates AI and automation to support sales teams with personalized insights and streamline their workflows. Bigtincan’s solutions aim to boost productivity and effectiveness in sales processes for businesses across various industries. The company is listed on the Australian Securities Exchange (ASX) under the ticker symbol BTH.
Bigtincan Holdings is a sales platform that leverages AI to assist businesses enhance the purchasing experience for their customers by streamlining and personalizing the transaction. Apple (NASDAQ: AAPL), Adobe (NASDAQ: ADBE), SalesForce (NYSE:CRM), and Microsoft (NASDAQ: MSFT) are among the partners of Bigtincan.
GenieAI, a sizable language model, was introduced in March 2023.GenieAI began to generate revenue during the quarter, according to Bigtincan’s H1 fiscal year 2024 report. The firm also reported positive earnings before interest, taxes, depreciation, and amortization (EBITDA), which increased by 136% over the previous reporting period. It will make available its fiscal year results briefing for 2024 on August 27.
Market cap: AU$87.7 million; current share price: AU$0.42
AI-Media Technologies Ltd (ASX: AIM) is an Australian company specializing in real-time captioning and transcription services using advanced AI technology. Their solutions provide accurate and accessible live captions for broadcast media, online events, and educational content, enhancing accessibility for individuals with hearing impairments and improving overall content engagement. AI-Media’s technology is also utilized for post-production services, ensuring that content is accessible and searchable. The company is listed on the Australian Securities Exchange (ASX) under the ticker symbol AIM.
Across four major regions—North America, Australia and New Zealand, EMEA (Europe, Middle East, and Africa), and Asia—AI-Media Technologies operates as a global provider of media access. Alex Jones, who was born deaf, and Tony Abrahams launched it in 2003.
As one of the top caption and transcribe speech in the world, the company uses artificial intelligence (AI) to transcribe speech, making media accessible to everyone. On September 15, 2020, AI-Media Technologies started trading on the ASX.
