Jun 12, 2023
15 Largest AI Companies in 2023
These days, it’s hard to go very long without hearing talk of the rapid evolution of AI technology. With the swift rise in popularity of generative AI chatbots and machine learning-driven services, artificial intelligence is becoming a daily part of ordinary people’s lives, as well as a driving force in the business world. OpenAI’s ChatGPT, for example, rapidly garnered widespread attention. Within months of its public release, the platform has become the fastest-growing consumer application in history, inspiring both awe and concern.
But AI technology is far from new, and chatbots are just one application of this advanced tech. Indeed, nearly every industry has been impacted by AI, from healthcare to freight, and this growth shows no signs of slowing down. Prominent tech industry experts like Bill Gates predict the growing influence of AI technology, and current projections estimate that the global AI market is on track to total half a trillion dollars by the end of the decade. Naturally, this growth is attracting attention from investors. If you’re interested in bringing AI companies into your portfolio, you may want to get to know the biggest players in the field.
In this article, we’ll cover:
Top AI companies
Since AI impacts so many industries, the missions of the top AI companies are incredibly diverse, as are the ways they apply this technology, running the gamut from autonomous driving to cybersecurity to application development and more. AI companies also range widely in terms of longevity, with the list of largest companies including long-term tech sector players and newer enterprises alike. These 15 companies represent the largest by market cap in the AI space as of summer 2023.
Largest AI companies by market cap as of June 2023:
- C3 AI
- Bayonet AI
- Aurora Innovation
1. Microsoft (MSFT)
Microsoft has remained a leader in end-user computer technology for nearly four decades and currently stands as the second largest company in the world. Its popular Windows desktop operating system claims approximately 74% of market share worldwide. With a $10 billion investment in OpenAi in January 2023 and subsequent integration of its ChatGPT generative AI chatbot and Dall-E image generation into the Bing search engine and Edge web browsing software, Microsoft has claimed its position as the world’s leading artificial intelligence company.
- Market cap: $2.46 trillion
- Headquarters: Redmond, WA, USA
- Founded: 1975
- AI focus: Web search, image generation
2. Alphabet (GOOG)
Google’s suite of products extends to a large number of categories in the tech industry, with products that touch on everything from education to advertising and fitness to streaming video. 25 years after the company’s founding, its flagship product remains its eponymous search engine, which reportedly accounts for more than 90% of worldwide searches. Google and its parent company Alphabet expanded into AI and deep learning with the formation of its Google AI division in 2017. In February 2023, the company announced Bard, an AI chatbot designed to compete with Microsoft’s integration of ChatGPT into its Bing search engine, though the release was slightly marred by reported internal disapproval of the product’s rollout. At Google I/O in May 2023, their annual developer conference, AI took center stage with the reveal of Search Generative Experience, AI editing via Google Photos, and more.
- Market cap: $1.57 trillion
- Headquarters: Mountain View, CA, USA
- Founded: 1998
- AI focus: Web search
3. NVIDIA (NVDA)
Rounding out the top three AI companies, NVIDIA manufactures graphics processing units (GPUs), whose computing power has been foundational for several generative AI technologies. The company commands 82% of the GPU market and has had a hand in major AI technology advancements, including ChatGPT, which was trained using 10,000 NVIDIA GPUs. The NVIDIA NeMO LLM’s status as one of the most advanced large language models, along with a new partnership with Microsoft, further cement its place among prominent AI companies.
- Market cap: $975.20 billion
- Headquarters: Santa Clara, CA, USA
- Founded: 1993
- AI focus: GPU manufacturing
4. Tesla (TSLA)
Twenty years after Tesla launched with a vision for reimagining the automotive industry through technology, the company’s Model 3 vehicle stands as the all-time bestselling plug-in electric car. Tesla has also expanded far beyond the automotive industry, becoming one of the largest global suppliers of battery energy storage systems and solar panels. Among its innovations are self-driving cars and bipedal robotic units, both of which utilize AI technology to sense conditions and events to pilot themselves with minimal human intervention.
- Market cap: $791.83 billion
- Headquarters: Austin, TX, USA
- Founded: 2003
- AI focus: Vehicular AI, robotics, clean energy
5. IBM (IBM)
While artificial intelligence may seem new to many people, one of the “big 5” AI companies has been innovating in this realm for decades. In the 110 years since its founding, IBM has consistently been a cornerstone of the tech industry, producing innovations that have become an ingrained part of everyday life, including the bar code, the hard disk drive, and the personal computer itself. Its Watson question-answering platform, initially developed from 2004-2011, could be seen as the first AI language model technology to attain global notoriety, as a result of its 2011 victory on the quiz show Jeopardy! Since then, its deep learning capabilities have been applied to a wide range of industries, including healthcare, cuisine, hospitality, water conservation, and more. In 2023, Watson earned IBM its second consecutive Gartner® Magic Quadrant™ for Enterprise Conversational AI Platforms.
- Market cap: $123.87 billion
- Headquarters: Armonk, NY, USA
- Founded: 1911
- AI focus: Conversational AI
6. Mobileye (MBLY)
Mobileye is another AI company focused on autonomous driving and advanced driver assistance systems. Through high-profile partnerships with Ford and Volkswagen, in addition to 25 other automobile manufacturers, the company’s technology is employed in vehicles across the world. Its products include lane assist, automatic emergency braking, and forward collision, all of which aim to increase the ease and safety of driving. Since its acquisition by Intel in 2017, the company has grown significantly and continued to expand its innovation in self-driving AI technology.
- Market cap: $32.50 billion
- Headquarters: Jerusalem, Israel
- Founded: 1999
- AI focus: Vehicular AI
7. Palantir (PLTR)
Palantir Technologies specializes in big data analytics through three major software platforms for the public and private sectors. Each of these uses artificial intelligence to access information and strengthen correlations between data points. Palantir Gotham is used by the United States Intelligence Community to aggregate data for national security purposes, including predictive policing systems. Palantir Metropolis learns and uncovers relationships between data points in private and public databases and is primarily used in the finance industry, perhaps most famously by JP Morgan Chase to monitor employees. Palantir Foundry is a flexible system that integrates data and can make decisions using generative processes. The company reported its first-ever profitable quarter in February 2023.
- Market cap: $32.41 billion
- Headquarters: Denver, CO, USA
- Founded: 2003
- AI focus: Data aggregation
8. Dynatrace (DT)
The Dynatrace Software Intelligence Platform, driven by the company’s proprietary AI technology, Davis, is used in products by large companies such as Amazon, Google and Microsoft. The platform monitors software and uses artificial intelligence to detect issues, discover anomalies, and monitor performance. When problems are detected, the software is capable of generating and implementing its own solutions without human intervention. Their February 2023 announcement of the platform’s new ability to predict software issues before they occur is seen as a competitive differentiator by some industry analysts.
- Market cap: $15.01 billion
- Headquarters: Waltham, MA, USA
- Founded: 2005
- AI focus: Observability, application security, cloud computing
9. UiPath (PATH)
The defining function of UiPath’s robotic process automation software offerings is the automation of routine business tasks through AI and machine learning. Over the 18 years since the company’s founding, however, its capabilities have expanded significantly, and the software is now capable of executing customer relationship management (CRM) functions and more on a massive scale. UiPath’s financial picture has followed suit, claiming one of the largest US software IPOs in history. With its July 2022 acquisition of Re:infer, the company has added natural language processing to its artificial intelligence arsenal.
- Market cap: $9.92 billion
- Headquarters: New York, NY, USA
- Founded: 2005
- AI focus: Process automation
10. C3 AI (AI)
The aptly named C3 AI’s software-as-a-service (SaaS) platform utilizes AI’s ability to interpret and translate ideas to provide innovative solutions for businesses. Its machine learning algorithm allows users to envision and create software applications even without expertise in data analytics. Its software has been utilized by major companies such as Shell and Koch in business applications in energy, chemicals, investments and more. The U.S. Air Force has also employed the platform to develop new technologies and improve upon existing ones.
- Market cap: $4.28 billion
- Headquarters: Redwood City, CA, USA
- Founded: 2009
- AI focus: Application development
11. SentinelOne (S)
SentinelOne became an industry leader by leveraging the power of AI for its next-gen cybersecurity software. The company’s AI technology detects abnormal use in endpoint devices and shuts down processes before viruses or bad actors can spread across networks. Its roster of clients includes high-profile brands such as Samsung, Aston Martin, Politico, EA, and Sysco, embedding its products in a number of industries and sectors. The ten year-old company continues to grow its market cap, recently reporting a 92% increase in revenue in the first quarter of 2023.
- Market cap: $4.24 billion
- Headquarters: Mountain View, CA, USA
- Founded: 2013
- AI focus: Cybersecurity
12. Upstart (UPST)
Founded by another ex-Googler, Upstart is a company that leverages artificial intelligence (AI) and machine learning to provide lending and credit services. Using advanced algorithms and data analytics to assess creditworthiness, their AI lending firm enables faster and more accurate loan approvals for individuals and small businesses.
- Market cap: $2.78 billion
- Headquarters: San Mateo, CA, USA
- Founded: 2012
- AI focus: Dynamic pricing, revenue optimization
13. Bayanat AI (BAYANAT.AI)
Born out of the commercialization of the United Arab Emirates’ military survey department, Bayanat AI’s technology now serves enterprises around the world with informed solutions for geospatial business needs. The company’s core offerings include AI-powered data analytics, computer vision, natural language processing, and predictive modeling. Now under the umbrella of the G42 investment group, Bayanat’s products are used widely in the automotive, academic, and tech industries.
- Market cap: $2.82 billion
- Headquarters: Abu Dhabi, UAE
- Founded: 2008
- AI focus: Geospatial processing
14. Darktrace (DARK.L)
The Darktrace AI platform learns to detect normal behavior across a network and its users, forming a profile of typical use. When it detects behavior that diverges from this profile, the software intelligently determines whether a threat is present and calculates the most efficient way to attack and dismantle it. The company recently launched its product as a viable solution to new email security threats posed by generative AI technologies like ChatGPT, arguing that existing tools are not strong enough to address the concerns raised by such advanced chatbots.
- Market cap: $2.75 billion
- Headquarters: Cambridge, UK; London, UK; San Francisco, CA, USA; Singapore
- Founded: 2013
- AI focus: Cybersecurity
15. Aurora Innovation (AUR)
Founded by executives from Google, Tesla, and Uber, Aurora Innovation is another of the top AI companies developing self-driving vehicle solutions, envisioning a fleet of autonomous vehicles to be used in applications including freight and ridesharing. Fiat Chrysler, Toyota, and Volvo, are just a few of the manufacturers using their Aurora Driver technology. In 2022, the company announced its new Aurora Beacon platform, which will assist users with maximizing uptime and other optimization concerns for these fleets, as well as an expanded pilot with FedEx to bring self-driving technology to the shipping industry. In April 2023, the company revealed that it plans to begin a driverless truck route connecting Dallas and Houston by 2024.
- Market cap: $2.64 billion
- Headquarters: Pittsburgh, PA, USA
- Founded: 2017
- AI focus: Autonomous driving
What to consider when researching AI stocks
If you’re enticed by this quick-moving aspect of the tech industry, you may be wondering if investing in the top AI companies is the right move for your portfolio. Before you make the leap, make sure to do your research. Like any competitive market, there are a number of factors you might consider before investing.
The company’s financial statements should give you a window into its revenue, profits, debt, and cash flow for a better understanding of its finances. Another factor you may consider is the company’s management: what previous organizations have company leaders worked for? What goals have they set? Have they shown success in achieving them? Investors often also investigate the potential risks associated with a stock, such as the company’s regulatory risks, legal risks, and macroeconomic risks, as well as the volatility of its share prices over time.
Additionally, since AI technology is rapidly evolving, it may be helpful to follow the news on a company in which you’re planning to invest, as well as the performance of stocks in the tech industry overall.
Ready to invest in the top AI companies?
There are many options for investing in the technology sector, and Stash can help you get started with shares in top AI companies, as well as an ETF focused on robotics. And with fractional shares, you can begin investing with any amount.
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Nothing in this material should be considered an offer, recommendation, or solicitation to buy or sell any security. All investments are subject to risk and may lose value.
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