RY 174.39 2.4016% SHOP 149.115 2.5974% TD-PFM 24.63 -0.0811% TD-PFL 24.7 0.2028% TD 78.325 0.1214% ENB 60.6 1.3039% BN 80.4 1.9787% TRI 226.27 0.7525% CNQ 48.285 2.2771% CP 104.53 1.6038% CNR 151.74 1.5459% BMO 132.69 0.9203% BNS 78.845 0.1715% CSU 4600.2002 2.157% CM 91.15 0.474% MFC 45.79 1.6878% ATD 78.38 1.5285% NGT 60.14 0.0499% TRP 70.15 1.977% SU 57.44 0.5954%
Technology Stocks
AI Stock Warning: One I Wouldn't Touch
In 2024, market analysts anticipate a revolutionary transformation in various industries driven by artificial intelligence (AI). Canadian tech stocks, particularly those supporting analytics and generative AI with robust data platforms, are expected to benefit from this trend. While the Canadian government's commitment to fostering AI innovation positions companies like Constellation Software, Open Text, and Kinaxis for potential growth, the outlook for BlackBerry (TSX:BB) appears less favorable.
Despite BlackBerry's (TSX:BB) early advantage in acquiring AI-based cybersecurity firm Cylance in 2019, the stock has faced challenges. With a current share price of $4.35 and a five-year overall return of -55.02%, BlackBerry has struggled to capitalize on AI-related tailwinds.
BlackBerry's history reflects its rise as a pioneer in smartphones, reaching a peak share price of $149.90 in 2008. However, the advent of Androids and iPhones led to a significant market decline, prompting BlackBerry to exit the smartphone business and refocus on cybersecurity software and services under CEO John Chen.
While Chen aimed to restore the company's financial health, BlackBerry reported losses in two of the last three fiscal years, with declining revenue from 2021 to 2023. In the first three quarters of fiscal 2024, BlackBerry saw a 34.7% YoY increase in revenue to US$680 million, with a net loss of US$79 million.
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