1. Appen Limited (APX)
As of 2024, Appen Limited continues to be a significant player in the Artificial Intelligence (AI) stocks in the Australian Securities Exchange (ASX). The company, primarily known for its dataset collection and annotation services, provides essential resources that enable the development, enhancement, and validation of AI and machine learning systems. Appen’s clients include global tech giants such as Google, Amazon, Microsoft, providing them with high-quality training data for their machine learning algorithms. Appen’s services are not limited to these tech giants as it covers industries like automotive, retail, healthcare, financial services, and government.
Appen has exhibited impressive financial performance over the years, with a notable rise in revenue and earnings, attributed to its ongoing product innovation and expanding its customer base. The company has also adopted an aggressive growth strategy, including acquisitions of similar businesses like Leapforce and Figure Eight, helping it further cement its footprint in the AI domain.
2. Brainchip Holdings Ltd (BRN)
Brainchip Holdings Ltd, a pioneering company in the field of neuromorphic computing, is another formidable entity in the realm of AI stocks in ASX. This technology is touted as the future of AI, closely mimicking the human brain’s function, enabling faster information processing and lower power consumption. BrainChip’s signature hardware, the Akida Neuromorphic System-on-Chip, is a revolutionary product that has set new industry standards.
BrainChip’s slow but steady growth is attributable to its visionary approach to AI technology. As of 2024, BrainChip continues to invest in research and development activities, strengthening its position in the AI market further.
3. Nearmap Ltd (NEA)
Nearmap Ltd is an Australian AI company that specializes in high-resolution aerial imaging services and provides unique geospatial map technology for businesses. This company employs a unique AI system to analyze and categorize features in its high-definition aerial imagery accurately. It caters to various sectors, including construction, government, telecom, it is particularly valuable in urban planning and assessment of environmental impacts.
As per the FY2024 report, Nearmap increased its annual contract value and expanded its portfolio with additional features, enhancing its AI capabilities, providing customers with clear and accurate insights into their areas of interest.
4. Livetiles Ltd (LVT)
Emerging as a promising ASX AI stock, Livetiles Ltd offers digital workplace software that uses AI to create adaptive workspaces. Livetile’s user-centric approach meets the growing demand for virtual and intelligent workplaces, enhancing productivity and collaboration. Its products include Livetiles Reach, Livetiles Intelligence, and Wizdom.
As of 2024, Livetiles Ltd has recorded a significant increase in its customer base, with more companies transitioning to digital working environments, strengthening Livetiles’ financial position. The company continues to innovate and maintain a competitive edge in the evolving AI market.
5. Catapult Group International Ltd (CAT)
Catapult Group International Ltd is a global leader in sports analytics, with its innovative application of AI. The company’s wearable technology collects and analyzes data from athletes, providing valuable insights into training and performance, bolstering injury prevention measures. Catapult’s client features top-tier sports teams and national teams around the globe.
In 2024, Catapult witnessed a record jump in its annual revenue, reflecting the robust adoption of its services across various sports sectors. The company’s contribution to sports analytics validates its ranking amongst the top ASX AI stocks.
These leading ASX AI stocks, with their innovative solutions and substantial contributions to AI technology’s development and advancement, prove that there’s considerable room for growth and investment in the sector. Investors should keep an eye on these companies and other emerging AI stocks that are set to shape the future of technology in Australia and globally.