While artificial intelligence may be all the rage, the usual suspects in the space have largely flourished handsomely, which then incentivizes the case for underappreciated AI stocks to buy. <\/p>\n
Rather than simply focusing on technology firms that have a direct link to digital intelligence, its useful to consider companies whether theyre tech enterprises or not that are using AI in their businesses. Yes, the semiconductor space is exciting but AI is so much more than that. <\/p>\n
These less-appreciated ideas just might surprise Wall Street. With that, below are intriguing AI stocks to buy that dont always get the spotlight. <\/p>\n
Source: Jim Lambert \/ Shutterstock.com <\/p>\n
At first glance, agricultural equipment specialist Deere (NYSE:DE) doesnt seem a particularly relevant idea for AI stocks to buy. Technically, youd be right. After all, this is an enterprise that as roots going back to 1837. That said, an old dog can still learn new tricks. <\/p>\n
With so much talk about autonomous mobility, Deere took a page out of the playbook and has invested in an automated tractor. Featuring 360-degree cameras, a high-speed processor and a neural network that sorts through images and determines which objects are safe to drive over or not, Deeres invention is the perfect marriage between a traditional industry and innovative methodologies. <\/p>\n
Perhaps most importantly, Deere is meeting a critical need. Unsurprisingly, fewer young people are interested in an agriculture-oriented career. Therefore, these automated tractors are entering the market at the right time. <\/p>\n
Lastly, DE trades at a modest price\/earnings-to-growth (PEG) ratio of 0.54X. Thats lower than the sector median 0.82X. Its a little bit out there but Deere is one of the underappreciated AI stocks to buy. <\/p>\n
Source: Eric Glenn \/ Shutterstock.com <\/p>\n
While its just my opinion, grocery store giant Kroger (NYSE:KR) sells itself. No, the grocery industry is hardly the most exciting arena available. At the same time, people have to eat. Further, the company benefits from the trade-down effect. If economic conditions become even more challenging, people will eschew eating out for cooking in. Overall, that would be a huge plus for KR stock. <\/p>\n
With that baseline bullish thesis out of the way, Kroger is also an enticing idea for hidden-gem AI stocks to buy. Earlier this year, the company announced that it will use AI technology for content management and product descriptions for marketplace sellers. Last year, Krogers head executive mentioned AI eight times during an earnings call. <\/p>\n
Fundamentally, Kroger should benefit from revenue predictability. While the consensus sales target calls for a 1% decline in the current fiscal year, the high-side estimate is aiming for $152.74 billion. Last year, the print came out to just over $150 billion. With shares trading at only 0.27X trailing-year sales, KR could be a steal. <\/p>\n
Source: Travelerpix \/ Shutterstock.com <\/p>\n
Billed as a platform for live online learning, Nerdy (NYSE:NRDY) represents a legitimate tech play for AI stocks to buy. Indeed, its corporate profile states that its purpose-built proprietary platform leverages myriad innovations including AI to connect students, users and parents\/guardians to tutors, instructors and subject matter experts. <\/p>\n
Fundamentally, Nerdy should benefit from two key factors. Number one, the Covid-19 crisis disrupted education, particularly for young students. That could have a cascading effect down the line, making it all the more vital to play catchup. Nerdy can help in that department. <\/p>\n
Number two, U.S. students have continued to fall behind in international tests. Its imperative for social growth and stability for students to get caught up, especially in the digital age. Therefore, NRDY is especially attractive. <\/p>\n
Finally, analysts anticipate fiscal 2024 revenue to hit $237.81 million, up 23% from last years tally of $193.4 million. And in fiscal 2025, experts are projecting sales to rise to $293.17 million. Thats up more than 23% from forecasted 2024 sales. Therefore, its one of the top underappreciated AI stocks to buy. <\/p>\n
On the date of publication, Josh Enomoto did not have (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.comPublishing Guidelines. <\/p>\n
A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. Over the past several years, he has delivered unique, critical insights for the investment markets, as well as various other industries including legal, construction management, and healthcare. Tweet him at @EnomotoMedia. <\/p>\n
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3 Stocks Poised to Profit from the Rise of Artificial Intelligence - InvestorPlace<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" While artificial intelligence may be all the rage, the usual suspects in the space have largely flourished handsomely, which then incentivizes the case for underappreciated AI stocks to buy. Rather than simply focusing on technology firms that have a direct link to digital intelligence, its useful to consider companies whether theyre tech enterprises or not that are using AI in their businesses. Yes, the semiconductor space is exciting but AI is so much more than that Continue reading