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Artificial intelligence is not just a casual interest of the tech industry. It’s a universal imperative.
“In ten years, every company will have to be an artificial intelligence company or they won’t be competitive,” Loup Ventures Managing Partner Doug Clinton wrote in a Thursday note.
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"Every company," he emphasized, noting disruptions span energy and transportation, food and finance, retail and health. Some firms are already anticipating AI standards of their industries and investing in relevant technologies and strategies. Their efforts, Clinton said, position them to profit.
Among the many corporations with critical foresight, here are some of the notable:
Food
Domino’s Pizza, Inc. (NYSE:DPZ), which has so heavily invested in innovation many consider it a tech company that sells pizza rather than a pizza company with technology, currently uses AI in its mobile ordering platform and is testing delivery robots.
Meanwhile, further up the food chain, agricultural firm Monsanto Company (NYSE:MON) is experimenting with AI to develop crop protection techniques.
Retail
Amid threats from Amazon.com, Inc. (NASDAQ:AMZN) and the greater e-commerce space, Macy’s Inc (NYSE:M) and Under Armour Inc (NYSE:UAA) are leveraging the expertise of International Business Machines Corp. (NYSE:IBM).
The former is testing an AI shopping assistant as the latter designs shoes through AI and lets machine learning guide personalized fitness apps and targeted marketing strategies.
Health
Pharmaceutical GlaxoSmithKline plc (ADR) (NYSE:GSK) is testing technology for automated drug design to hasten research, while IDEXX Laboratories, Inc. (NASDAQ:IDXX) produces animal health diagnostic tools using machine learning.
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Energy
Halliburton Company (NYSE:HAL) and Pioneer Natural Resources (NYSE:PXD) are informing their practices with data analytics, which could eventually guide AI for device assessment and autonomous drilling.
Construction
Caterpillar Inc. (NYSE:CAT) uses AI for preventative equipment maintenance, while Deere & Company (NYSE:DE) is partnered with a drone-tech startup to provide clients aerial images and site insights.
Financial & Professional Services
Technology has become so disruptive in the financial space that it birthed a new breed: the fintech industry. Many traditional financial firms are embracing innovations to compete.
AI guides the stock picks of BlackRock, Inc. (NYSE:BLK) and decreases asset management costs for Northern Trust Corporation (NASDAQ:NTRS), and Nasdaq Inc (NASDAQ:NDAQ) uses machine learning for its data analytics and market surveillance products.
Similarly, Accenture plc (NYSE:ACN) informs its consulting practice with AI research, and Interpublic Group of Companies Inc (NYSE:IPG) uses machine learning to guide emotionally influential advertising.
Transportation & Logistics
As the autonomous vehicle theme continues to play out, car manufacturers and anyone with exposure to the auto industry ━ from delivery services to ride hailers ━ are racing to adapt.
Avis Budget Group Inc. (NASDAQ:CAR) is partnering with Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL)’s Waymo to pilot an autonomous rental fleet as Boeing Co (NYSE:BA) plans tests for autonomous commercial jets.
FedEx Corporation (NYSE:FDX) is also collaborating with automakers to automate driving, and it already uses AI to voice-activate orders through Alexa.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.