The artificial intelligence space has attracted significant attention since the revolutionary chatbot ChatGPT from OpenAI was thrust into the mix. The breadth of knowledge and answers from the chatbot has astonished its users and allowed many to lean on the technology as a crunch in their day-to-day work week. Indeed, the success of ChatGPT lit a fire under other top technology companies to release their own version of the technology.
Fortune Business Insights recently valued the global artificial intelligence market at US$428 billion in 2022. That same report projected that the market would exhibit a compound annual growth rate (CAGR) of 21% from 2023 through to 2030. It expects this market to reach US$2.02 trillion at the end of the forecast period.
VIQ Solutions (TSX:VQS)(NASDAQ:VIQ) is a Mississauga-based company that operates as a technology and service platform provider for digital evidence capture, retrieval, and content management in Australia, North America, and around the world. Shares of this AI stock have plunged 75% year-over-year as of early afternoon trading on June 30.
This company released its first quarter fiscal 2023 earnings on May 10. Net new bookings surged 69% year-over-year to $2.8 million. However, revenue dropped 13% to $10.1 million. This company is on track for very solid revenue growth going forward. VIQ Solutions does present a significant risk with its concerning cash situation. I’m looking elsewhere for my AI stock fix on the TSX in the beginning of the summer season.
