Joe Austin, a veteran Wall Street analyst now with Chaikin Analytics, argues that the biggest investment opportunities in the AI boom could be in the infrastructure that supports it, specifically the convergence of AI and the Internet of Things (IoT). With an expected growth from 18.6 billion connected devices in 2024 to 55 billion by 2035, the IoT market generated nearly $550 billion in revenue in 2025 and is projected to exceed $865 billion by 2030. Industrial IoT is driving significant growth, anticipated to increase from $326 billion in 2025 to $945 billion by 2034.
A practical example showcases this potential: an Australian coal mine used AI-powered sensors to detect deteriorating equipment, preventing 10 hours of downtime, which would have resulted in a loss of approximately $191,000. Additionally, it is projected that by 2030, nearly half of all industrial IoT revenues will depend on AI technology, potentially unlocking $70 billion in new market value. Companies that invest in both AI and IoT could see productivity gains of up to 18.9%, nearly double the productivity increase seen from investing in AI alone.
On June 24, Austin and Marc Chaikin will unveil a new AI-powered research tool during a free event aimed at identifying stocks poised for growth in this emerging sector. The event signifies a pivotal opportunity for investors to explore the changing landscape of AI and IoT integration.
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