3 Ways to Invest in AI & Machine Learning
June 16th, 2021
Psychedelics, Top Story
Artificial intelligence has revolutionized computer science over the past decade. In fact, in a new paper submitted to the peer-reviewed Artificial Intelligence journal, scientists at the UK-based AI lab DeepMind argue that generalized intelligence will emerge from the reinforcement learning and reward maximization techniques already in use today.
While generalized intelligence remains elusive, the same algorithms that could eventually power it are already used in autonomous driving, chat bots, medical diagnostics, investing, price-setting and countless other applications. Grand View Research expects the global AI market to grow at a blistering 40.2% compound annual growth rate between 2021 and 2028.
Investors interested in the space may want to consider a number of different companies delivering hardware, software, or services.
#1. Cutting-edge Mental Health Applications
MedXtractor Corp. (CSE: MXT) aims to harness the power of artificial intelligence to identify mental health conditions via its SHAMAN program. Given the high rate of misdiagnosis in mental health, there’s a significant opportunity to improve patient outcomes in billion-dollar markets ranging from anxiety to depression to post-traumatic stress disorder.
Johns Hopkins found that 60% of people in a non-hospital setting were misdiagnosed with major depression while other studies have shown that bipolar disorder is similarly incorrectly diagnosed in many cases. In addition to unnecessary healthcare costs, many of these treatments lead to distraught patients and harmful side effects.
SHAMAN aims to provide practitioners, researchers and application developers with a fast and deep diagnostic tool. After collecting reference records consisting of extensive biometric data including EEG brain scans, machine-learning algorithms analyze and score records to create a Reference Database that forms the “memory” of the system.
AI algorithms learn from the core database—similar to the way that Tesla’s algorithms learn from real-time driving feedback— to make probabilistic predictions and form opinions. While humans may not see connections in these data clouds, these kinds of algorithms are built to make non-obvious connections that can improve diagnostic accuracy.
The company believes that its technology could work hand-in-hand with the nascent psychedelics market to not only predict probable mental illnesses and the potential effects of various drugs but incorporate psychedelics into the equation to deliver real results. The company also recently announced the development of a consumer mHealth application called YMI (why-am-I?”) that uses the same Reference Database as SHAMAN and that could drive significant growth ahead (the mHealth sector is growing rapidly and is expected to reach $160 billion over the next 6-7 years).
#2. Critical Hardware Components
NVIDIA Corp. (NASDAQ: NVDA) may have begun its life as a chipmaker for video gamers, but GPUs have proven far more effective than CPUs at deep learning computation. While CPUs have a higher clock speed, GPUs have more processing cores for parallel computations, which are the cornerstone of both smooth graphics and artificial intelligence.
The company’s chips are used in both training and inference. For instance, the chips are used in cloud-based data centers where models are trained, as well as in self-driving cars where decisions are made on the spot. The company has also developed the world’s first portfolio of purpose-built AI supercomputers, the NVIDIA DGX, providing unparalleled performance.
#3. Diversified Exposure with an AI-Focused ETF
The Global X Robotics & Artificial Intelligence ETF (NASDAQ: BOTZ) invests in companies that stand to benefit from increased adoption and utilization of robotics and artificial intelligence. With nearly $2.6 billion in net assets and 32 different holdings, the exchange-traded fund provides both liquidity and diversified exposure to the space.
While the ETF may not have the upside potential of individual stocks, long-term investors can gain exposure to the market with a relatively low 0.68% expense ratio, although it’s significantly more volatile than the S&P 500 index and the MSCI EAFE. The ETF is up about 20% since its inception but has soared more than 80% over the past 52 weeks.
Artificial intelligence and machine learning have revolutionized a growing number of industries. With greater processing power and availability of cloud services, companies will increasingly adopt these technologies to improve their products and services. Investors can participate via high-growth opportunities, like MedXtractor, or larger companies.
For more information about MedXtractor, download the investor presentation and receive updates.
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