The ChatGPT frenzy made Open AI, the company behind the Generative Pre-trained Transformer technology, the most sought company among investors. If you are also looking to invest in OpenAI, the company is not open to public investments. Founded in 2015 as a non-profit company, Open AI used GPT tech to convert information available on open search engines like Google into human-like text.

Will Open AI stock be available to retail investors?

Open AI is still young and has the financial backing of Microsoft (NASDAQ:MSFT), which has invested in various rounds of funding, including the largest one being a US$10 billion funding, which could give it a 49% stake in Open AI after a certain point. As the equation goes, if you can't invest in OpenAI, invest in the company that has invested in OpenAI. And if you are worried about the non-profit portion, OpenAI also has a for-profit subsidiary.

The topic of OpenAI going public has been discussed several times. The company's founder, Sam Altman, had made it clear that it is not looking to go public as that would limit its efforts to develop artificial intelligence (AI) superintelligence, wherein AI is self-aware and possesses intelligence that exceeds that of the smartest human.

At present, there is not much hope for an OpenAI initial public offering (IPO) anytime soon. That shouldn't stop you from investing in the opportunities OpenAI has unleashed.

OpenAI stocks in Canada

Microsoft and Nvidia have directly invested in OpenAI and can be a good source to get exposure to AI developers. Instead of investing in OpenAI, you can consider investing in the generative AI landscape that is contributing to the economy.

Canada has been following up on the AI frenzy and has adopted the technology to stay relevant in the market. Here are some Canadian companies that are using generative AI and present a good investing opportunity.

Coveo Solutions

With a market cap of less than $650 million, Coveo Solutions (TSX:CVO) is offering the generative AI application Coveo Relevance Augmented Generative Answering (CRGA) platform. The platform helps companies offer AI-powered searches and recommendations to their customers. Even though generative AI has created noise, companies have not yet made profits using this tech.

Only the graphics processor suppliers who sold axes in the AI rush made windfall profits so far. The software applications will take time to deliver outcomes as the AI ecosystem develops. As an early adopter of generative AI, Coveo has the advantage of growing with the ecosystem. If you are considering investing in AI stocks, consider staying invested for the long term and keep an eye on revenue growth.

Even Shopify stock supported its first five to seven-year rally on the back of strong revenue growth and not profits. Investors should consider giving an eight-year horizon for such stocks to turn profitable.

Docebo

With a market cap of $1.74 billion, Docebo (TSX:DCBO) is a learning management software that has adopted AI technology to create customized training modules to help companies train employees, partners and customers. Its customer base comprises big names like Netflix and Coca-Cola.

Docebo has been growing its subscription revenue at a compounded annual growth rate of 42% between 2020 and 2023 and has a net dollar retention rate of 104% in the first quarter of 2024. Moreover, its average contract value has grown by 13% since 2023. These figures hint that Docebo's offerings are sticky, and customers are taking more services.

Docebo enhanced its efficiency with AI. It turned free cash flow positive in 2023. While Docebo is unlikely to provide windfall gains, it has the fundamentals moving in the right direction, and AI is improving them further.