The Internet of ThingsIoT) refers to connected technology and devices that can communicate with each other via the cloud. An example is a smart home device that communicates with a home’s thermostat to adjust the temperature. Another example is a stove that preheats itself before someone gets home from work.

IoT is expected to help improve energy efficiency, optimize supply chains, and better manage inventory levels. The advent of artificial intelligence (KI) is expected to accelerate and promote the adoption of IoT. Could it eventually lead to machines and technology making decisions on their own, independent of human intervention? Only time will tell.

Let’s take a look at three IoT stocks that can grow your wealth.

Blackcurrant (BB)

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It is seen by many as a meme stock, but the stock is not without risk. However, Blackberry (NYSE:BB) is still a leading IoT company. BlackBerry was originally a smartphone maker, but over the past 15 years it has evolved into a cybersecurity and IoT company. Until recently, management planned to spin off its cybersecurity and IoT divisions into separate publicly traded companies.

That plan was shelved as the company continues to struggle financially. In late June, BlackBerry reported a quarterly loss that widened nearly 300% year over year (YEAR) as the company’s sales decline. The latest results came in at a loss of 7 cents per share, compared with a loss of 2 cents a year earlier. Revenue was $144 million in Q1, down 61% from $373 million a year earlier.

Despite the poor results, BlackBerry Chief Executive Officer (Director) John Giamatteo said during an earnings call with analysts and media that the company is on track to profitability. Earlier this year, the company cut 200 jobs and closed six of its 36 global offices. Giamatteo, who became BlackBerry CEO last December, said the cuts should yield a total of $125 million in cost savings. BB shares have fallen 50% in the past 12 months.

Oracle (ORCL)

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Technology giant Oracle (NYSE:ORCL) runs an “Internet of Things Cloud Service” that enables companies to correlate, aggregate, and filter incoming data and make sense of it. It’s one of many offerings from Oracle, a diversified tech giant focused primarily on software development. Currently, IoT is a small but growing part of Oracle’s business. Still, it’s helping the company’s bottom line and stock price.

So far this year, ORCL stock is up 33%. The company’s cloud business recently got a boost from deals struck with Google’s parent company Alphabet (NASDAQ:GOOGNASDAQ:GOOGL) and privately owned OpenAI. Oracle is specifically bringing its database to Google’s cloud platform. Organizations can now deploy workloads to Google and Oracle cloud data centers without paying data transfer fees. Oracle is also moving its headquarters to Nashville, Tennessee.

ORCL shares have risen 140% over the past five years.

Supermicrocomputer (SMCI)

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Supermicrocomputer (NASDAQ:SMCI) makes the servers that power IoT technology, and business is booming. Due to demand from both AI and IoT applications and models, SMCI stock has been on fire over the past year. Year-to-date (YTD), Super Micro Computer’s stock price has risen 180%, making it the best performing component of the benchmark S&P 500 Table of contents.

On July 22, Super Micro Computer shares will be added to the Nasdaq 100 index, marking a new milestone for the fast-growing technology company. The company’s market capitalization of nearly $50 billion was the catalyst for the achievement. Inclusion in the Nasdaq 100 should give SMCI shares a boost, as mutual funds and exchange-traded funds (ETFs) those who follow the index should buy their shares.

On the date of publication, Joel Baglole had a long position in GOOGL. The opinions expressed in this article are the views of the author, subject to InvestorPlace.com Publishing Guidelines.

The responsible issuer had no positions (either directly or indirectly) in the securities mentioned in this article on the date of publication.