Lowe's (LOW) Launches Mylow: AI-Powered Virtual Advisor in Home Improvement
Once a niche concept, generative artificial intelligence has become an essential tool in various industries. The revolutionary technology is transforming healthcare, agriculture and the auto industry while also giving rise to game-changing innovation in the tech industry. Likewise, a study by Grand View Research indicates the global artificial intelligence market is poised to grow at a compound annual growth rate of 36.6% to $1.81 trillion between 2024 and 2030.
Breakthrough innovations, bullish investments, and increasing adoption across industries are catalysts fueling robust growth. Furthermore, the progress made in artificial neural networks (ANN) has dramatically enhanced the integration and utilization of artificial intelligence across various industries.
The diverse applications of ANNs, such as image recognition, natural language processing, predictive modeling, autonomous driving, and healthcare diagnostics, have been driving market expansion. For example, auto companies are employing ANN to refine autonomous driving functionalities, focusing on object detection, path planning, and decision-making processes.
The growing accessibility and availability of historical datasets have also accelerated the pace of advancements in artificial intelligence. Now, more unstructured datasets are available to researchers thanks to the development of cloud computing. Furthermore, as AI advances with each iteration, innovation has been spurred by the potential of next-generation computing power.
Amid the robust growth and game-changing innovations, artificial intelligence has become a key technology battleground between the US and China. The emergence of breathtaking AI models from China, such as DeepSeek, has once again underscored how nations are racing to challenge the US regarding AI dominance.
The enduring geopolitical rivalry and economic competition between China and the United States began to extend into artificial intelligence approximately ten years ago. However, this competition has significantly escalated with the swift rise of DeepSeek and other Chinese generative AI companies. The recent achievements of these Chinese firms have also prompted inquiries regarding the efficacy of strategies like export controls in curbing the technological advancements of foreign adversaries.
'China's been doing AI for a very long time … and is probably just as good as the US or anybody else. It's as simple as that,' said Alan Pelz-Sharpe, founder of AI analyst firm Deep Analysis.
China's leading entrepreneurs and company executives, including the founders of DeepSeek and a robotics startup, have already held discussions with Chinese leader Xi Jinping. The discussions concerned maintaining a sense of national duty as they advance their technological initiatives. This gathering highlights China's strategic preparations to compete with the United States in a technology sector expected to drive the next industrial revolution.
Furthermore, China has announced its commitment to nurturing emerging technologies, particularly open-source architectures for chip design. For years, China has sought to establish a semiconductor ecosystem centered around RISC-V, a significant open-source architecture, in an effort to diminish its dependence on technologies dominated by the United States.
On the other hand, the United States is shifting from close research collaboration with China towards a military competition likely to diminish or terminate cooperation, according to Jennifer Lind, an associate professor of government at Dartmouth College. While tensions with China began to escalate during former President Barack Obama's tenure due to the increasing assertiveness of the Chinese government, Lind anticipates that the relationship will deteriorate further under President Trump as both nations compete in technological advancements.
For this article, we selected AI stocks by going through news articles, stock analysis, and press releases. These stocks are also popular among hedge funds in Q4 2024.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points ().
A family excitedly browsing through the aisles of a home improvement retail store.Lowe's Companies, Inc. (NYSE:LOW) is a home improvement retailer that offers a line of products for construction, maintenance, repair, remodeling, and decorating. It also provides home improvement products, such as appliances for seasonal and outdoor living. On March 5, the company affirmed its push into conversational AI with the launch of Mylow, its first AI-powered home improvement virtual advisor.
Developed in partnership with OpenAI, Mylow is designed to provide real-time answers to home improvement questions. It will also provide project guidance, complementing more than 300,000 associates. With the ability to customize suggestions according to location and budget, the AI assistant can assist clients in locating and acquiring the right equipment and supplies.
'The development and introduction of Mylow exemplifies the tech-forward vision of the Lowe's brand,' said Lowe's Senior Vice President of Technology, Chandhu Nair. 'We're doubling down with emerging technology collaborators like OpenAI to solve problems for our customers and because we want the home improvement experience at Lowe's to be a cut above.'
Overall, LOW ranks 1st on our list of AI news updates investors should not miss. While we acknowledge the potential of LOW as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than LOW but that trades at less than 5 times its earnings, check out our report about the .
READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap
Disclosure: None. This article is originally published at Insider Monkey.
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