Canadian AI Stocks With Impressive Runs In 2020 Amid COVID-19: Kinaxis, Docebo, and BlackBerry

Canadian AI stocks have performed well amid COVID-19 induced market volatility which saw a massive selloff in equity markets. Some of these Canadian AI stocks hold huge potential going forward and will give investors significant returns.

Kinaxis among top-performing Canadian AI stocks

One stock that has performed exceptionally during the COVID-19 pandemic is Kinaxis Inc. (TSX:KXS). The stock is over 100% year to date and recently enhanced is AI capabilities through a $60 million acquisition of Toronto based startup Rubikloud Technologies Inc. The company offers supply chain management software that helps businesses in managing sales and supply chains.

The COVID-19 pandemic has been a blessing in disguise for the company. Following disruption of supply chains globally businesses turned to its solutions to manage supply chains. Kinaxishas witnessed a 20% growth in user activity since the beginning of this year.

Docebo soaring at the back of a successful IPO in 2019

Docebo Inc. (TSX:DCBO) is also another Canadian AI stock that is flying high at the back of a successful IPO last year. The company’s product strategy entails developing AI solutions for companies to help them in developing staff training modules. During the COVID-19 lockdowns and with people working remotely its offerings became vital to most companies.

The company has equally performed well financially and in the recent quarter, the company reported 57% growth in revenue with a net income of around $700,000. Although it is rare to find new tech stocks that are profitable, Docebo has defied odds and it is showing much promise.

BlackBerry shifted strategy to AI-cybersecurity

BlackBerry Ltd (NYSE:BB) which was once a giant in the smartphone industry is nowadays a software development company with AI capabilities. The change in strategy for BlackBerry seems to have turned things around and the company is making a name for itself in cybersecurity.

In 2019 the company acquired AI-focused cybersecurity firm Cylance which has helped it in accelerating the growth of its revenue. According to the company’s management, the acquisition of Cylance was aimed at enhancing BlackBerry’s AI-cybersecurity capabilities.

This article by Money News National is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Money News National has no position in the stocks mentioned. Thank you for reading.

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