At different times in recent years, the crypto market has been one of the most profitable and volatile places to invest. For instance, since 2018, the value of the best-known cryptocurrency, Bitcoin, has experienced highs of $64,000 and lows of $5,100 and currently sits at about $30,000.

And despite over 20,000 different cryptocurrencies on the market, none have delivered the long-term growth stability found in the tech industry.

Tech companies are in a near-constant state of innovation and development, which can almost guarantee consistent gains over many years. In 2023, all eyes have been on the booming artificial intelligence (AI) market, which is projected to expand at a compound annual rate of 37% through 2030. As a result, AI stocks are increasingly attractive investments this year and could offer more reliable gains than the crypto market.

Here are three AI stocks with more potential than any cryptocurrency.

Shares of Advanced Micro Devices (AMD -0.31%) have soared over 600% in the last five years, nearly double the growth of Bitcoin. The company has profited massively from technological advances that have increased demand for high-powered chips, granting it solid positions in multiple markets.

Wall Street has grown particularly bullish on AMD in 2023, boosting its stock by roughly 80% year to date, almost entirely based on its prospects in AI.

The semiconductor company isn't the first to get into AI, with fellow chipmaker Nvidia having a head start as the primary supplier of graphics processing units (GPUs) to OpenAI's ChatGPT. But AMD has massive support from many of Nvidia's clients and other tech companies that hope increased competition will bring down the cost of AI chips.

As a result, cloud giant Microsoft is bolstering AMD's AI chip expansion by supplying financial and engineering resources. The partnership is helping AMD bring the fight to Nvidia, with the company launching its most powerful GPU to date in mid-June.

It remains to be seen what companies the new chip will attract as clients. However, AMD's long history of success in the chip industry and solid leadership from CEO Lisa Su suggest it could soon match Nvidia's AI offerings and profit substantially from the growing sector.

Apple might not be the first name that comes to mind when considering AI companies, but its dominance in consumer tech puts it in the unique position as the one that will likely be the main driver of public adoption of the technology. Apple is using AI to power many of its software features across its product lineup.

Companies like Microsoft and Alphabet have frequently spoken about their AI endeavors, while Apple has taken a quieter approach and instead focused on impressing with AI-enabled software updates.

In June, it announced a revamp to the iPhone's autocorrect, which uses a language model similar to ChatGPT's to learn a user's texting style. Meanwhile, AirPod Pros will receive an AI upgrade that automatically turns off noise canceling when the wearer engages in a conversation.

Apple holds leading market shares across its product lineup, including smartphones, headphones, tablets, and smartwatches. As AI develops, it will likely continue adding new features to its devices, profiting from boosted sales as they attract shoppers.

Apple, which has risen roughly 300% since 2018, has more potential than any cryptocurrency and is far more reliable.

Amazon (AMZN -0.92%) seemingly fell behind its biggest competitor, Microsoft, in AI, but has made substantial strides in the industry this year. Meanwhile, its leading market share in cloud computing with Amazon Web Services (AWS) could be a significant advantage over the long term.

Rather than attempt to compete with ChatGPT and Alphabet's similar service, Bard, Amazon aims to fulfill other generative AI needs. At the start of July, the company unveiled two new AI tools for AWS users.

The first is called Bedrock, which uses language models to help clients create custom chatbots, image-generation services, and content like full ad campaigns. AWS also introduced CodeWhisperer, a tool that makes software development more efficient by producing code.

In addition, Amazon is one of the few cloud companies going into hardware development. It is producing AI chips that, according to CEO Andy Jassy, will have "much better price-performance than you'll find anywhere else." As the home of the world's biggest cloud platform, its brand recognition could eventually put it on equal footing with Nvidia and AMD.

Amazon has become a household name with the resources to expand and succeed in nearly any market. Its growing venture into AI and other businesses makes it a better investment than any cryptocurrency.

Suzanne Frey, an executive at Alphabet, is a member of The Motley Fools board of directors. John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fools board of directors. Dani Cook has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Advanced Micro Devices, Alphabet, Amazon.com, Apple, Bitcoin, Microsoft, and Nvidia. The Motley Fool has a disclosure policy.

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Roosevelt Room

1:18 P.M. EDT

THE PRESIDENT: Im the AI. (Laughter.) If any of you think Im Abe Lincoln, blame it on the AI.

First of all, thanks. Thanks for coming. And I want to thank my colleagues here for taking the time to come back again and again as we try to deal with the were joined by leaders of seven American companies who are driving innovation in artificial intelligence. And it is astounding.

Artificial intelligence or it promises an enormous an enormous promise of both risk to our society and our economy and our national security, but also incredible opportunities incredible opportunities.

Just two months ago, Kamala and I met with these leaders most of them are here again to underscore the responsibility of making sure that products that they are producing are safe and and making them public what they are and what they arent.

Since then, Ive met with some of Americas top minds in technology to hear the range of perspectives and possibilities and risk of AI.

Kamala cant be here because shes traveling to Florida, but shes met with civil society leaders to hear their concerns about the impacts on society and ways to protect the rights of Americans.

Over the past year, my administration has taken action to guide responsible innovation.

Last October, we introduced a first-of-its-kind AI Bill of Rights.

In February, I signed an executive order to direct agencies to protect the public from algorithms that discriminate.

In May, we unveiled a new strategy to establish seven new AI research institutes to help drive breakthroughs in responsible AI innovention [innovation].

And today, Im pleased to announce that these seven companies have agreed volun- to voluntary commitments for responsible innovation. These commitments, which the companies will implement immediately, underscore three fundamental principles: safety, security, and trust.

First, the companies have an obligation to make sure their technology is safe before releasing it to the public. That means testing the capabilities of their systems, assessing their potential risk, and making the results of these assessments public.

Second, companies must prioritize the security of their systems by safeguarding their models against cyber threats and managing the risks to our national security and sharing the best practices and industry standards that are that are necessary.

Third, the companies have a duty to earn the peoples trust and empower users to make informed decisions labeling content that has been altered or AI-generated, rooting out bias and discrimination, strengthening privacy protections, and shielding children from harm.

And finally, companies have agreed to find ways for AI to help meet societys greatest challenges from cancer to climate change and invest in education and new jobs to help students and workers prosper from the opportunities, and there are enormous opportunities of AI.

These commitments are real, and theyre concrete. Theyre going to help fulfill the industry fulfill its fundamental obligation to Americans to develop safe, secure, and trustworthy technologies that benefit society and uphold our values and our shared values.

Let me close with this. Well see more technology change in the next 10 years, or even in the next few years, than weve seen in the last 50 years. That has been an astounding revelation to me, quite frankly. Artificial intelligence is going to transform the lives of people around the world.

The group here will be critical in shepherding that innovation with responsibility and safety by design to earn the trust of Americans. And, quite frankly, as I met with world leaders, all all all our Eur- all the G7 is focusing on the same thing.

Social media has shown us the harm that powerful technology can do without the right safeguards in place.

And Ive said at the State of the Union that Congress needs to pass bipartisan legislation to impose strict limits on personal data collection, ban targeted advertisements to kids, require companies to put health and safety first.

But we must be clear-eyed and vigilant about the threats emerging of emerging technologies that can pose dont have to, but can pose to our democracy and our values.

Americans are seeing how advanced artificial intelligence and the pace of innovation have the power to disrupt jobs and industries.

These commitments these commitments are a promising step, but the we have a lot more work to do together.

Realizing the promise of AI by managing the risk is going to require some new laws, regulations, and oversight.

In the weeks ahead, Im going to continue to take executive action to help America lead the way toward responsible innovation. And were going to work with both parties to develop appropriate legislation and regulation. Im pleased that Leader Schumer and Leader Jeffries and others in the Congress are making this a top bipartisan priority.

As we advance the agenda here at home, well lead the work with well lead work with our allies and partners on a common international framework to govern the development of AI.

I think these leaders and I thank these leaders that are in the room with me today (clears throat) and their partnership excuse me and their commitments that theyre making. This is a serious responsibility, and we have to get it right. And theres enormous, enormous potential upside as well.

So I want to thank you all. And theyre about to go down to a meeting, which Ill catch up with them later.

So thank you, thank you, thank you.

1:24 P.M. EDT

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Remarks by President Biden on Artificial Intelligence - The White House

Photo by Joe Raedle/Getty Images.

As artificial intelligence finds its way into aspects of everyday life and becomes increasingly advanced, some state legislators feel a new urgency to create regulations for its use in the hiring process.

Artificial intelligence, commonly known as AI, has been adopted by a quarter of businesses in the United States, according to the 2022IBMGlobal AI Adoption Index, a jump of more than 13% over the previous year. Many are beginning touse itin the hiring process.

State laws havent kept up. Only Illinois, Maryland and New York City require employers to ask for consent first if using AI during certain parts of the hiring process. A handful of states are considering similar legislation.

Legislators are critical, and as always, legislators are always late to the party, said Maryland state Del. Mark Fisher, a Calvert County Republican. Fisher sponsored Marylands law, enacted in 2020, regulating the use of facial recognition programs in hiring. It prohibits an employer from using certain facial recognition services such as those that might cross-check applicants faces against outside databases during an applicants interview process unless the applicant consents.

Technology innovates first, and then it always seems like a good idea, until it isnt, Fisher said. Thats when legislators step up and try to regulate things as best as they can.

Where AI developers are interested in innovating as fast as possible with or without legislation, both developers and policymakers must think about the implications of their decisions, said Hayley Tsukayama, senior legislative activist at the Electronic Frontier Foundation, which advocates for civil liberties on the internet.

For policymakers to write effective legislation, developers must be transparent about what systems are being used and open to considering what the potential problems could be, Tsukayama said.

Its probably not exciting to people who want to move faster or people who want to put these systems in their workplace right now or already have them in the workplace right now, she said. But I do think for policymakers, its really important to talk to a lot of different people, particularly people who are going to be affected by this.

AI can help with the hiring process by performing resume evaluations, scheduling candidate interviews and sourcing data, according to ananalysisby Skillroads, which provides professional resume-writing services that incorporate AI.

Some members of Congress are trying to act too. TheproposedAmerican Data Privacy and Protection Act aims to set rules for artificial intelligence, including AI risk assessments and its overall use, and would cover data collected during the hiring process. Introduced last year by U.S. Rep. Frank Pallone Jr., a New Jersey Democrat, it currently sits in the U.S. House Energy and Commerce Committee.

The Biden administration last year issued the Blueprint for an AI Bill of Rights, a set of principles to guide organizations and individuals on the design, use and deployment of automated systems, according to thedocument.

In the meantime, lawmakers in some states and localities have worked to create policies.

Maryland, Illinois and New York City are the only places with laws explicitly for job seekers dealing with artificial intelligence during the hiring process by requiring companies to inform them when its being used at certain points and ask for consent before moving forward, according todatafrom Bryan Cave Leighton Paisner, a global law firm providing legal advice to clients regarding business litigation, finance, real estate and more.

California, New Jersey, New York and Vermont also have considered bills that would regulate AI in hiring systems, according to The New York Times.

Face recognition technologyis used by many federal agencies, including for cybersecurity and policing, according to the U.S. Government Accountability Office. Some industries are using it as well.

Artificial intelligence can link face recognition programs with applicant databases in seconds, Fisher said, which he cited as the concern that motivated his bill.

His goal, he said, was to craft a narrow measure that could open the door for potential future AI-related legislation. The bill, which took effect in 2020 without being signed into law by then-Gov. Larry Hogan, a Republican, only includes the private sector, but Fisher said hed like for it to be expanded to include public employers.

Policymakers understanding of artificial intelligence, particularly when it comes to its civil rights implications, is almost nonexistent, said Clarence Okoh, the senior policy counsel at the Washington, D.C.-based nonprofit Center for Law and Social Policy (CLASP) and a Social Science Research Council Just Tech Fellow.

As a result, he said, companies that use AI often are regulating themselves.

Unfortunately, I think whats happened is a lot of AI developers and sales have been very effective at crowding out the conversation with policymakers around how to govern AI and to mitigate social consequences, Okoh said. And so unfortunately, theres a lot of interest in developing self-regulatory schemes.

Some self-regulatory practices include audits or compliance that use general guidance such as the Blueprint for an AI Bill of Rights, Okoh said.

The results have sometimes raised concerns. Some organizations operating under their own guidelines have used AI recruiting tools that showed bias.

In 2014, a group of developers at Amazon began creating an experimental, automated program to review job applicants resumes for top talent, according to aReutersinvestigation, but by 2015, the company found that its system effectively had taught itself that male candidates were preferable.

Those close to the project told Reuters theexperimentalsystem was trained to filter applicants by observing patterns in resumes submitted to the company over a 10-year period most of which came from men.Amazon told Reutersthe tool was never used by Amazon recruiters to evaluate candidates.

But some companies say AI is helpful and that strong ethics rules are in place.

Helena Almeida, vice president-managing counsel at ADP, a human resources management software company, says its approach to using artificial intelligence in its products follows the same ethical guidelines as before the technology emerged. Regardless of the legal requirements, Almeida said, ADP considers it an obligation to go above and beyond the basic framework to ensure its products dont discriminate.

Artificial intelligence and machine learning is used in several of ADPs hiring support services. And many current laws apply to the artificial intelligence world, she said. ADP also offers its clientscertain servicesthat use face recognition technology, according to its website. As the technology evolves, ADP hasadopted a set of principlesto govern its use of AI, machine learning and more.

You cant discriminate against a particular demographic group without AI, and you also cant do it with AI, Almeida said. So, thats an essential part of our framework and how we look at bias in these tools.

One way to avoid issues with AI in the hiring process is to maintain human involvement, from product design to regular monitoring of automated decisions.

SamanthaGordon, the chief programs officer at TechEquity Collaborative, an organization advocating for tech workers in the industry, said in situations where machine learning or data collection is used with no human input, the machine is at risk of being biased toward certain groups.

In one example, HireVue, a platform helping employers collect video interviews and assessments from job seekers, announced in 2021 the removal of its facial analysis component after finding during an internal review that the system had less correlation to job performance than other elements of the algorithmic assessment, according to a release from the organization.

I think thats the thing that you dont have to be a computer scientist to understand, Gordon said. Speeding up the hiring process, she said, leaves room for error. Thats where Gordon said legislators are going to have to intervene.

And on both sides of the aisle, Fisher said, legislators think companies ought to show their work.

I would like to think that, generally speaking, people would like to see there be a lot more transparency and disclosure in the use of this technology, Fisher said. Whos using this technology? And why?

Editors note: This article has been corrected to reflect that an internal Amazon artificial intelligence hiring program was experimental, and, the company says, never used by recruiters to evaluate job candidates.

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As employers expand artificial intelligence in hiring, Maryland is one ... - Maryland Matters

HILLSBOROUGH COUNTY, Fla. USF assistant professor John Licato says humans have never seen an advance like artificial intelligence.

He and others in the Advancing Machine and Human Reasoning Lab are working on how to get AI to understand language better.

He says sees two very different reactions from the public regarding the power of AI systems like Chat GPT.

Unwarranted paranoia on one side. But also the exact extreme opposite, where some people think the technology is not going to affect my job at all. I dont have to pay attention. I think both of those reactions are probably incorrect in some way, said Licato.

Tech giants like Amazon, Meta, Google, and Microsoft are working with the White House to develop artificial intelligence regulations.

That includes security and transparency with the public. And testing of their products before they are released.

Something is necessary, but its very easy to see how they could overdo it and completely stifle innovation, said Licato.

Larry Hall is a professor at USFs Institute for Artificial Intelligence.

Related Story: Big Tech agrees to voluntary testing, safety commitments on AI

He says some sort of regulation is important.

One example would be detectors or watermarks to let people know when AI creates something.

There probably hasnt been enough focus on that piece of making sure that what you see is real. Enough research on that. I think thats probably something we really need to do. It doesnt seem so exciting. But for society, its really important, said Hall.

Weve reported extensively on AI research, including the massive computer system at the University of Florida.

Other departments are working with AI to improve everything from farming to brain health.

At USF, they say they are ramping up their AI department with the hope of helping businesses, the government, and the military in our area.

Weve also got an increasing number of new hires on the faculty side that are bringing in some really innovative research that the community is just now starting to realize the benefit. Chat GPT really helped with that, said Licato.

Some critics say that big tech companies still need to do more to show what data they use to train AI models.

President Biden is expected to sign an executive order for AI regulation eventually, but officials say final details are still being worked out.

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USF's artificial intelligence researchers say regulation is needed - ABC Action News Tampa Bay