Best Canadian AI Stocks

Artificial Intelligence, or AI for short, has a history that spans multiple decades. With varying abilities over the years, AI continues to evolve and its capabilities continue to grow. AI has developed into self-learning and producing systems. More than that, AI is available at the consumer’s fingertips. Machines can increasingly learn, adapt, and perform tasks once solely done by humans. With the release of ChatGPT by OpenAI in November 2022, the everyday consumer has quickly learned the power of AI. Technology develops and grows exponentially at a rapid pace and AI is no exception. The amount of recent growth has produced wide interest and investment. Canada is positioning itself as a leader in the advancement of AI. Multiple companies have research and development initiatives in the field. With such an innovative and promising development, there are Canadian AI stocks you should watch. Keep reading to learn more!

Canadian AI Stocks

What is an AI stock?

An AI stock is a publicly-traded company that does a large portion of its business with Artificial Intelligence. The business they do could be in the development, application, or utilization of AI. Additionally, if a company is optimizing any ongoing business operations with AI in a significant way, they are likely an AI company.

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Companies that embrace AI are likely visionaries and use their innovation to appeal to investors. These companies are leveraging AI in many ways. They are exploring machine learning, natural language processing, computer vision, robotics, and data analytics. In other words, they are expanding into an unknown field hoping to produce profits down the road.

AI is finding uses in many industries. What may have once been limited to the tech sector is now finding its way into other sectors. Technology is the driving force behind AI. The innovation is being adopted for many uses in healthcare, finance, automotive, manufacturing, and more. 

Investing in AI stocks can be appealing to the everyday investor. It is a booming industry with a lot of interest. Investors can gain exposure to innovative technologies and potential growth opportunities. While a new and promising industry gaining a lot of traction, it’s important to research potential investments. Research will help you understand a particular company. Pay attention to their AI initiatives, market potential, competitive landscape, and financial health. Once you get all this information you can make an investment decision for yourself. But like any stock, AI stock can be volatile. The best way to determine a company’s staying power is to understand its leadership team. They are the individuals who can ensure a company can effectively execute its AI strategies in the market.

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Is Canada leading in AI?

Canada is a leader in the AI field. Deloitte has released key findings that show Canada has the world’s highest AI talent concentration. Further, Deloitte explores other factors which position Canada as a leader in AI. These factors include the number of AI-related patents, amount of per capita investments, and amount of publications on AI. Another interesting fact about Canada’s leadership in AI is the narrowing gender disparity of women in AI roles. As a prominent player in the field of AI, Canada has made significant contributions to AI research, innovation, and commercial applications. 

There are several other reasons why Canada is considered a leader in AI. It has some of the world’s best research institutions, a large talent pool, lots of government support and funding, and an already strong startup and tech industry. All of these factors blend in the perfect environment for the AI industry to grow. Government, research institutions, and commerce are actively collaborating to ensure AI is developed well in the country. More on these factors below:

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Up to $6.95 per online stock or ETF trade. Plus, there’s no minimum account balance.

World Renowned Research Institutions

With research institutions like the University of Toronto, McGill University, and the University of British Columbia, Canada is always in a strong position for innovation. The fact that all these institutions have made substantial contributions to AI is good for the industry in the country. Additionally, there are AI-specific research hubs in the country: the Vector Institute in Toronto, the Montreal Institute for Learning Algorithms (MILA) in Montreal, and Amii in Edmonton.

Strong Talent Pool

The country has a large pool of AI talent. This includes researchers, engineers, and entrepreneurs. This talent pool is how Canada has established itself as an AI leader. Further, it continues with the growth of AI-related startups and technology companies.

Government Support

The Canadian government has shown a commitment to fostering AI innovation, including within their applications and uses. Initiatives like the Pan-Canadian Artificial Intelligence Strategy show their commitment to maximizing AI uses and applications. Government initiatives in Canada include funding for AI research.

Existing Startup and Tech Industry

Canada has a thriving AI startup industry, especially in Toronto, Montreal, and Vancouver. These startups focus on various applications of AI, ranging from healthcare and finance to robotics and natural language processing.

As a leader in AI Canada also partners with other countries. The Global Partnership on Artificial Intelligence (GPAI) is an international partnership on AI. Canada is a founding member of this partnership. Other countries like the United States, China, the United Kingdom, and Germany are also leaders in AI. Many countries are aiming to position themselves as leaders in AI and maximize its uses. As such, the landscape of which country will remain on top will shift dramatically in the coming years. 

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Are there any Canadian AI stocks?

Canada has many companies involved in AI-related technologies, as we saw above. Many are publicly traded on various stock exchanges. All these companies vary in their AI involvement and investment. Often, the primary focus of AI companies is “how do we use AI to maximize our primary business”. While some of the listed Canadian AI stock companies may not be 100% AI-focused, AI is the driving force in the continued operations of these companies. Some of these Canadian AI stocks include:

TickerExchangeMarket CapEarnings per Share (EPS)
All values correct as of December 2023.

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Kinaxis (KXS.TO)

Kinaxis (KXS.TO) is a supply chain management software company. It integrates AI and machine learning into its solutions to optimize supply chain operations.

BlackBerry (BB)

BlackBerry (BB) was known for its smartphones in the late 2000s. Although, BlackBerry has transitioned into a cybersecurity and software company, recently focusing on AI-driven security solutions and connected vehicles. While not in the same position as it was in the late 2000, the company is making strides with AI. 

OpenText (OTEX)

OpenText (OTEX) specializes in Enterprise Information Management. Moreover, OpenText has been incorporating AI into its solutions to enhance data analytics and business processes.

Constellation Software (CSU.TO)

Constellation Software (CSU.TO) has been a software company acquisition leader in Canada. While the company tends to acquire vertical market software companies, its portfolio is massive. Some of its subsidiaries use AI in their products. As a software company, which aims at specific industry solutions, AI is increasingly on their radar. 

Magna International (MG.TO)

Magna International (MG.TO) is primarily an automotive supplier and manufacturer of parts. However, Magna Explores has put substantial investment into AI since 2017. They explore AI applications in vehicle technology. Including advanced driver-assistance systems (ADAS) and autonomous vehicles.

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What is the best AI stock to buy?

Some of the best AI companies to buy stock in include Alphabet (Google), MicrosoftAmazonApple, and Tesla. The primary focus of these companies has not been AI-exclusive. However, all these companies have paved the way for AI solutions in their businesses. They have placed significant investments in AI development to optimize and advance their respective business sectors. The commonality of these companies is that they are tech-intensive at their core. All these companies have always placed a significant amount of weight on AI development. Most have consumer AI assistant technologies like SiriGoogleAlexa, and Cortana. These are the historically big players in the tech and AI sectors. Today they remain some of the best stocks to invest in, but here is a list of more AI-focused (not exclusive) companies which are good investments:

TickerExchangeMarket CapEarnings per Share (EPS)
All values correct as of December 2023. is an AI software company. They provide solutions for industries like energy, manufacturing, healthcare, and more, using AI technologies.

Palantir Technologies

Palantir Technologies provides data analytics and AI-driven solutions for government and commercial clients. This company has The Motley Fool speculating on its growth and staying power, even comparing it to Microsoft.  


UiPath specializes in robotic process automation, UiPath offers AI-powered software for automating repetitive tasks.

AImotive (owned by Stellantis)

AImotive is a Hungarian company specializing in AI-powered self-driving car technology. In December 2022, the company was acquired by Stellantis. If you are interested in the intersection of vehicles and AI but do not want to invest in Tesla, Stellantis may be an alternative to consider.

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Datadog is involved in AI-driven monitoring and analytics for cloud-scale applications.


Twilio integrates AI into its cloud communications platform. They offer AI-powered tools for customer engagement.


Nice provides AI-powered analytics and workforce optimization solutions for various industries. While their focus is on customer service solutions in contact centers, they work in financial services as well.


Yext offers AI-based search solutions and knowledge management tools for businesses.

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What is the best AI company in Canada?

It is impossible to name the absolute best AI company in Canada or the world. Key players like Alphabet (Google), MicrosoftAmazonApple, and Tesla remain on top of their game. They stay up to date in AI research and development. These are international American corporations. In terms of strong Canadian AI companies, Kinaxis and OpenText are the leaders. Before you invest in any stock ensure you do your research. There are no guarantees to the trajectory of a company. Also, ensure you feel strongly about the companies you invest in. 

Should you invest in AI stocks?

Canadian AI stocks offer a unique chance to find strong companies and invest in the early stages. The turn of the decade saw major changes in AI capabilities. The application and development of these abilities are reaching the point of exponential growth. Canada has unique support from research institutions, the government, and the private sector — we are an AI leader. If you do your research and invest in the right companies, you can experience high growth with the company. 

Stocks are always volatile, and there is risk associated with them. The newer a company or an industry, the higher the risk. Where there is a risk, there is a potential high reward, but also great loss. Make sure you do your research on AI companies before buying stock. AI will grow over the next decades, so ensuring you invest your money in the right AI companies is important. Good luck!

Read More: 5 Best AI ETFs in Canada

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