Two Strong AI Opportunities to Buy on the Cheap

With the AI boom, don’t just focus on the heavyweights, like Nvidia.

Keep an eye on the smaller, under the radar AI stocks, too.

Many could even be takeover targets on the cheap.

For one, according to Goldman Sachs, big tech companies – like Microsoft, Alphabet, Meta and Amazon – could spend about $1 trillion on AI over the next four years.

Plus, according to JPMorgan, of the 166 Chief Investment Officers surveyed, 75% are set to allocate more than 5% of their IT budgets to AI computer hardware. Cloud spending could rise to about 35% of IT budgets from 20%. All of which will benefit semiconductor firms. And according to a recent CNBC survey, 60% of respondents said AI investments are “accelerating.”

That being said, we’d still buy the heavyweights like Nvidia, but we’d also look into smaller cap stocks that hold substantial potential, including:

SoundHound AI (SYM: SOUN)

The company – which provides voice control and audio analytics software to automakers, drive-through restaurants, and other businesses with phone-based menu systems – counts Nvidia as one of its biggest shareholders.

Two, the company’s in-vehicle voice assistant with integrated ChatGPT is now live and in production across all Stellantis vehicles in 11 European markets. By the end of July, the launch will be extended to 17 markets and in 12 different languages.

Rekor Systems (SYM: REKR)

The company, which uses artificial intelligence to transform roadways into intelligent systems, just saw recent insider buying and a reiterated buy rating from analysts at William Blair – with a $4.15 target. As for the insider buying, Founder and Executive Chairman Robert Berman recently bought $980,000 worth of the stock at the end of June.

Two, earnings haven’t been too shabby. In its first quarter, the company said gross revenue jumped 58% to $9.8 million year over year. Recurring revenue jumped 18% to $5 million.

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