2 Artificial Intelligence (AI) Stocks to Buy Now That Could Make You a Millionaire

2 Artificial Intelligence (AI) Stocks to Buy Now That Could Make You a Millionaire

Fortunes will be made by investors who can identify tomorrow’s winners in the field of artificial intelligence (AI) today. The next two companies are well positioned to capture a larger share of a Generative AI industry that will generate more than $1.3 thousand billion of annual revenue by 2032, according to Bloomberg Intelligence.

Consider buying their shares today and you could profit alongside these rising AI stars as they realize their enormous growth potential.

No. 1: Palantir Technologies

The benefits of big data may seem minimal if you don’t have the tools to analyze key information quickly and efficiently. Palantir Technologies(NYSE:PLTR) Popular machine learning solutions help its customers derive valuable insights from their real-time data.

This analytics star is a valuable partner of the US military and its allies. Palantir is helping the U.S. Army build a data platform that will aggregate real-time operational information from across the Department of Defense.

Meanwhile, as Russia continues its attacks on Ukraine, Palantir is helping the Ukrainian government in its efforts to protect its schools.

Companies also turn to Palantir for their data science demands. Companies are flocking to Palantir’s hands-on “boot camps” to test its new artificial intelligence platform (AIP). These events give potential customers the opportunity to see how Palantir’s AI tool can meet their specific needs.

The 660 boot camps held in the first quarter contributed to a 42% year-over-year increase in commercial customers and a 27% increase in segment revenue to $299 million. dollars.

Furthermore, the company’s defense activities remain a cash cow. Public revenues increased by 16%, to $335 million.

In total, Palantir expects to generate nearly $2.7 billion in revenue and up to $1 billion in revenue. free movement of capital in 2024. This would represent robust growth of around 20% and 37%, respectively, from 2023.

Longer term, management sees a long-term market opportunity of approximately $120 billion. Suffice it to say, this AI leader still has many years of solid growth ahead of it.

No. 2: SoundHound AI

Conversational AI is a cutting-edge technology that allows machines to understand and respond when humans speak. AI SoundHound (NASDAQ:SON) offers some of the best voice AI available at a time when businesses are rushing to adopt this innovative technology.

The SoundHound platform offers dynamic, real-time interaction. Essentially, this means that its AI processes natural language as quickly as you speak.

Restaurant chains like White Castle use SoundHound’s voice AI technology in their automated drive-thru menu boards. Others, like Jersey Mike’s, have partnered with SoundHound to create cutting-edge AI voice ordering systems that can accurately take multiple phone orders at the same time.

The leader in conversational intelligence is also making inroads into the automotive industry. In March, the international automaker Stellar has made SoundHound’s voice assistant available in its vehicles in 13 languages ​​in 18 countries.

The technology integrates with OpenAI’s ChatGPT and other leading generative AI models. It allows hands-free access to vehicle controls, navigation services, text messages, weather updates and a wide variety of other real-time information sources. In total, more than 25 car brands, which collectively represent about a quarter of vehicles sold worldwide, use SoundHound’s voice AI.

These customer gains fuel SoundHound’s growth. The software developer’s revenue jumped 80% year over year to $11.6 million in the first quarter. The company is not yet profitable, but it is only scratching the surface of its enormous expansion potential. SoundHound estimates its total addressable market at $140 billion.

Should you invest $1,000 in SoundHound AI right now?

Before buying shares in SoundHound AI, consider this:

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Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool ranks and recommends Palantir Technologies. The Motley Fool recommends Stellantis. The Mad Motley has a disclosure policy.

2 Artificial Intelligence (AI) Stocks to Buy Now That Could Make You a Millionaire was originally published by The Motley Fool

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