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NEW YORK (TheStreet) --IBM (IBM) - Get International Business Machines Corporation Report is holding its World of Watson 2016 event this week in Las Vegas, where the tech giant hopes to unveil and unleash the power of artificial intelligence.

"IBM is going all in on Watson; 16,000 people are here at this event, and they're all interested in artificial intelligence in some way. AI has been called the future battleground in computing," CNBC's Deirdre Bosa reported from the event during Wednesday morning's "Squawk Box."

There are thousands of businesses at the event that will be displaying what they currently use Watson for, or how they plan to implement the technology in the future.

"Australian oil and gas company Woodside is using Watson's learning abilities to digest huge amounts of information to make decisions more efficiently. American Airlines (AAL) is also using cognitive technology to better predict weather patterns," Bosa noted.

Additionally, IBM has announced various partnerships with companies looking to incorporate the Watson technology.

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General Motors (GM) will be bringing the technology into its vehicles and Slack, the business messaging app, hopes to use Watson to power its next version of its virtual assistant.

"The biggest leaps in AI over the past few years have largely been in medicine, education, and military technology. Experts say AI is on the verge of changing everything and Watson is well-positioned to be a domain player," Bosa said.

Shares of IBM were higher in early morning trading on Wednesday. 

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

The team rates IBM as a Buy with a ratings score of B. The company's strengths can be seen in multiple areas, such as its solid stock price performance and notable return on equity. The team feels its strengths outweigh the fact that the company has had somewhat weak growth in earnings per share.

You can view the full analysis from the report here: IBM

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