What if your assistant had the world of information at his or her fingertips? What if we add critical reasoning, learning, and decision-making skills to this wealth of information? This is what is possible with artificial intelligence (AI). In fact, advances in artificial intelligence technology are taking us to places that we could only once dream of. This is unlocking value and opportunity in various industries and applications.  

Read on as I discuss three of the best Canadian AI stocks to buy now.

Celestica

The booming artificial intelligence wave has fueled the demand for high-density, high-performance data centre switches. These network switches need to be able to handle unprecedented bandwidth and port density, which is what large, scalable data centres require.

According to McKinsey and Company, AI-ready data centre capacity will rise at an average 33% per year between 2023 and 2030. If this is true, Celestica Inc.'s (TSX:CLS) network switches will be in high demand for years to come.

Right now, Celestica's "Connectivity and Cloud Solutions" (CCS) segment is benefitting enormously from this AI boom. Revenues in this segment have grown 39% in 2024 and at a 25% compound annual growth rate (CAGR) in the last three years. This, as hyper-scale demand continues to soar and AI infrastructure investment looks forward to a multi-year growth profile ahead of it.

Celestica's stock price has soared in response to this soaring demand. As you can see from the graph below, Celestica stock has made its shareholders quite happy.

Looking ahead, the company is expected to post a 59% earnings per share (EPS) growth rate this year and a 15% growth rate in 2025. Also, estimates are on the rise, and Celestica stock's valuation remains reasonable given the strong growth rates the company is achieving.

CGI

As a tech stock that's been around since 1976 and has the breadth and expertise of a seasoned player, CGI Inc. (TSX:GIB.A) has been involved in artificial intelligence for years. The rapid growth of AI and generative AI is set to bring even more opportunities for CGI.

In short, it is CGI's goal to help corporations realize the benefits of AI while mitigating the risks of it. This is facilitated by the company's data science and machine learning capabilities, in conjunction with its industry knowledge and technology engineering skills. Together, they enable CGI to generate new insights, experiences, and business models, all powered by AI.

CGI is a $36 billion global leader, with consistently growing revenue, margins, and profitability. After years of strong cash flows, CGI is finally ready to initiate a dividend. It's small, but it's a welcomed move and a clear indication of CGI's strength. It's important to note that this dividend does not compromise CGI's growth strategy, which will continue.

Well Health Technologies

Another stock that is set to benefit immensely from the artificial intelligence revolution is Well Health Technologies Ltd. (TSX:WELL). This company is not what many of us think about when we think of the best Canadian AI stocks. However, it's actually gearing up to transform the healthcare industry through the use of AI in the coming years, so maybe we should.

Well Health.ai represents the company's commitment to integrate AI into its products and services. They will do this by funding the best early-stage AI businesses. This will ensure that healthcare providers have access to the most valuable AI features in their practices.

Well Health's AI products and services include Well AI Decision Support, which helps doctors detect, discover, and diagnose diseases. This technology screens patient data using AI technology to identify risk and support the diagnosis of over 100 diseases, including diabetes and hypertension.

In its latest quarter (Q3 2024), Well Health reported its 23rd consecutive quarter of record-breaking results. Revenue increased 27% to $251.7 million, as the momentum is strong for this AI stock. Finally, the company hit its goal of an annual revenue run-rate of $1 billion sooner than expected and increased its guidance once again.