Technology

3 Canadian Tech Stocks Leading the AI Revolution

Spencer Duke

August 25, 2023

min read

Article Highlights

Canadian tech stocks have experienced a rollercoaster ride in recent times, particularly due to the tech sector meltdown. However, the landscape is changing with the emergence of artificial intelligence (AI) and its integration into various industries. In this article, we will explore three Canadian tech stocks that are capitalizing on AI to enhance their operations and deliver value to their shareholders. These stocks are Ceridian HCM Holdings, TELUS International, and Nuvei.

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Ceridian HCM Holdings: Harnessing AI for Human Capital Management

Ceridian HCM Holdings (TSX:CDAY) is a Minneapolis-based company specializing in human capital and payroll management solutions. With a market capitalization of $13.92 billion, Ceridian has made significant strides in the industry by transitioning from legacy systems to a cloud-based HCM provider. The company's flagship platform, Dayforce, generates 80% of its revenue.

In a bid to enhance retention and engagement, Ceridian recently launched the Dayforce Career Explorer. This AI-powered solution empowers employees to manage their careers using a data-driven approach. By leveraging AI, employees can outline their career paths and make informed decisions. This not only benefits the employees but also drives growth for Ceridian, ultimately creating value for shareholders.

TELUS International: Revolutionizing Customer Experience with AI

TELUS International (TSX:TIXT) is a Vancouver-based digital customer experience innovator, with a market capitalization of $5.60 billion. The company designs and delivers next-generation solutions across various industry verticals, including Communications and Media, Tech and Games, Healthcare, Travel and Hospitality, E-Commerce, and FinTech. TELUS International has recognized the potential of AI and has been actively integrating it into its operations.

One notable offering from TELUS International is its AI Data Solutions product. This solution enables companies to test and improve their machine learning models, leading to better search results, speech recognition, and overall smarter products. With a global community of AI experts, TELUS International is well-positioned to be a game changer in the AI space, driving growth and delivering value to its clients and shareholders.

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Nuvei: Pioneering AI-driven Alternative Payment Solutions

Nuvei (TSX:NVEI) is a Montreal-based alternative payment processing company, with a market capitalization of $2.51 billion. The company has been at the forefront of embracing the AI revolution and leveraging it to enhance risk management. Nuvei's machine-learning solution significantly reduces risks associated with fraudulent transactions, offering enhanced protection to merchants worldwide.

The demand for alternative payment solutions has surged as global economies become increasingly digital. By integrating AI-powered solutions, Nuvei is well-positioned to capitalize on this growing demand. The company's recent partnership with Radisson Hotel Group as the payment services provider further solidifies its position as an AI stock with the potential for significant growth in the coming years.

Investing in AI: A Wise Move for Growth-Seeking Investors

The AI revolution is well underway, and while some may have concerns about job displacement, the benefits of AI far outweigh the negatives. Investing in AI stocks can be a smart move for growth-seeking investors looking to capitalize on the technological advancements shaping various industries. Ceridian HCM Holdings, TELUS International, and Nuvei are three Canadian tech stocks that are leveraging AI to enhance their operations and drive growth.

Investors should keep these stocks on their radar as they continue to innovate and deliver value in the AI space. With their respective strengths and focus on AI integration, Ceridian HCM Holdings, TELUS International, and Nuvei have the potential to generate substantial returns for investors in the coming years.

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Additional Information‍

Ceridian HCM Holdings has a market capitalization of $13.92 billion and offers human capital and payroll management solutions. Its Dayforce platform, powered by AI, helps employees manage their careers using a data-driven approach.
TELUS International has a market capitalization of $5.60 billion and specializes in digital customer experience solutions. Its AI Data Solutions product assists companies in improving their machine learning models for better search results and speech recognition.
Nuvei is a payment processing company with a market capitalization of $2.51 billion. It has embraced AI to enhance risk management and provide alternative payment solutions to merchants worldwide.
Investing in AI stocks can be a lucrative opportunity for growth-seeking investors, as AI continues to revolutionize various industries. Ceridian HCM Holdings, TELUS International, and Nuvei are three Canadian tech stocks leading the AI revolution.

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