AI is a threat to some stocks – and an opportunity to others.
But for today’s daily stock pick – it’s both.
Some investors think AI is threatening this company’s business, while others think AI – which the company is wholeheartedly embracing – is a massive opportunity instead.
Where do I stand?
Well, I think it’s a stock worth watching.
The stock is down 80% from its all-time highs. And unlike other AI stocks, it has yet to take off this year.
But if the company can use AI to really grow its business, the upside potential could be huge.
And I think there’s a good chance that this company can pull it off.
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DocuSign, Inc. (DOCU)
If you’ve worked in the corporate world anytime in the past few years, chances are you’re familiar with DocuSign and have probably even used its esignature platform.
Its most recent quarterly performance surpassed analyst expectations – triggering a sharp jump in the stock. However, the stock has come down again on fears that AI will prove to be more threat than opportunity for the company.
So let’s look at how DocuSign is using AI to generate value in its business. In late April this year, it rolled out an AI-assisted identity verification service that meets both EU and UK regulatory requirements.
Second, the company has also been using AI for intelligently searching through contracts and comparing various terms.
And third, the company also plans to integrate ChatGPT with its platforms to generate contract summaries.
Will all these be enough to overcome investor skepticism? DocuSign’s CEO says that AI is a “huge opportunity” for the company – but that is to be expected.
For my money, in view of rapidly growing SaaS spending numbers (expected to rise from $197 billion this year to $232 billion next year), its solid financial figures, and new AI features – all combined with a beaten down stock price – and you have a stock to at least put on your watchlist.
To your wealth,
Felix @ Ace of Investing