Artificial intelligence has quickly become a major spending priority. Worldwide AI spending is expected to reach $2.59 trillion in 2026, up 47% from the prior year. Much of that spending is coming from large cloud companies and technology vendors, but businesses across industries are also putting more money into the technology.
Retailers are part of that shift. In the past month, 42% of consumers used at least one AI tool while shopping. Another 17% used AI for product recommendations, and 10% interacted with AI shopping assistants.
Tired of missing midday reversals? The FREE Barchart Brief newsletter keeps you in the know. Target Corporation (TGT) is now making its own AI push more official.
The retailer said Tuesday that it has appointed Chandhu Nair as its first chief artificial intelligence officer and senior vice president, effective Aug. 24. Nair joins from Lowe's Companies (LOW), where he was senior vice president of data, AI, and innovation. He will report to incoming Target Corporation CEO Michael Fiddelke.
Target is already working through a turnaround. Does putting a dedicated executive in charge of AI help the retailer run better, serve shoppers more effectively, and support its recovery? Target Corporation is a major U.S. retailer that sells groceries, household basics, apparel, beauty products, and other discretionary items through its stores and website.
Its stores also handle a large share of online order fulfillment. TGT stock has risen 44% over the past 52 weeks and 57% so far this year. The stock trades at 18.27x forward earnings, above the consumer staples sector average of 15.36x, suggesting a premium.
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