SOUN - Four Stocks Set to Gain With The Rise of AI
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Artificialintelligence (AI) continues its dominance in the markets, propellingtech stocks to unprecedented heights and captivating the attention ofinvestors, media, and government alike. As we transition into 2024,the allure of AI remains unyielding, with companies steadfastlypositioning themselves to harness the immense growth potential of thisrevolutionary technology.
The surge of investments in generative AI and AI-relatedstartups, totaling close to $50 billion, underscores the growingenthusiasm for AI and its myriad applications in modern society. FromOpenAI's ChatGPT AI chatbot to GitHub's Copilot AI codegeneration software and Google's Gemini AI model, the world haswitnessed remarkable advances in AI technology, reshaping industriesand challenging traditional paradigms.
Indeed, artificial intelligence, automation,and robotics are disrupting virtually every sector, compellingcompanies to embrace AI-driven solutions or risk obsolescence. Machinelearning, large language models, smart applications, digitalassistants, synthetic media software, and autonomous vehiclesrepresent just a glimpse of the transformative power of AI.
As we navigate theevolving landscape of AI, it's clear that companies with AI andautomation at the core of their business strategies are poised tothrive in the age of digital disruption.
Let’s check out four stocks poised to gainfrom the rise of AI.
SKYX Platforms Corp. (NASDAQ: SKYX) is at the forefrontof integrating advanced technology into everyday living spaces, aimingto make homes and buildings safer, smarter, and more efficient. With arobust portfolio of 77 U.S. and global patents and patent-pendingapplications, SKYX boasts a comprehensive suite of platformtechnologies designed to revolutionize the way we interact with ourenvironments.
Thecornerstone of SKYX's innovation lies in its commitment tohigh-quality and user-friendly designs, spanning various domains fromlighting to home décor. In September 2023, SKYX achieved asignificant milestone with the issuance of five new utility patents inthe U.S. and international markets, solidifying its position as atrailblazer in advanced and smart technologies.
One of SKYX's mostnotable achievements is its initiative to standardize safety with theNational Electrical Code (NEC), revolutionizing electricalinstallations and enhancing overall safety standards. Spearheaded byindustry leaders Mark Earley and Eric Jacobson, SKYX's code teamis dedicated to mitigating hazards and ensuring unparalleled safetyacross residential and commercial environments.
Financially robust, SKYXboasts $23.7 million in cash, cash equivalents, restricted cash, andinvestments, providing a solid foundation for growth and innovation asof June 30, 2023. The renewal of a five-year global licensing masterservice agreement with GE Technology Development, Inc. furtheramplifies SKYX's reach and influence in the industry, enablingeffective monetization of its technologies while safeguardingintellectual property rights.
At CES 2024, SKYX unveiled its patented All-In-OneSmart Platform, a groundbreaking solution designed to transform homesinto smart living environments seamlessly. This comprehensive platformintegrates scheduling, energy-saving modes, and emergencyfunctionalities, offering unparalleled convenience andefficiency.
Inaddition to its technological advancements, SKYX's commitment tosafety and innovation extends to its proprietary patented platformtechnologies for smart home and electrical installations. Notably,SKYX’s Sky Plug-Smart technology revolutionizes electricalinstallations with its "plug and play" installation ofweight-bearing electronics, significantly simplifying and enhancingsafety standards.
The inclusion of the Sky Ceiling Receptacle in the NEC CodeBook marks a significant milestone, reinforcing SKYX's commitmentto safety and innovation. The receptacle's unique design reducespotential exposure to wires and streamlines installation processes,setting a new standard for electrical installations.
With endorsements fromprofessional bodies like ANSI/NEMA and the American Institute ofArchitects, SKYX's proprietary technology is poised to become thenew standard for home and building electrical installations.
For investors seekingopportunities in AI and smart home technology, SKYX presents acompelling investment opportunity. Its disruptive technologies,strategic partnerships, and relentless pursuit of innovation positionSKYX as a frontrunner in the smart living revolution, promisingunparalleled safety, convenience, and efficiency for generations tocome.
MobileyeGlobal Inc. (NASDAQ: MBLY) is at the forefront of advanced driverassistance systems (ADAS) and autonomous driving solutions,positioning itself as a leader in the rapidly evolving automotivetechnology landscape.
With its innovative Driver Assist and Cloud-Enhanced DriverAssist solutions, Mobileye sets the standard for safety and efficiencyon the road. The company's SuperVision technology represents thepinnacle of ADAS, offering hands-off capabilities for lane changes,acceleration, deceleration, and point-to-point navigation inautonomous vehicles.
Analyst Itay Michaeli of Citigroup projects a bullish outlookfor Mobileye Global stock, with a potential triple to $72 per share.The company's profitability during the fourth quarter underscoresits financial strength and ability to sustain growth amidst economicuncertainties.
Mobileye's dominance in the ADAS market, controlling nearly70% of global market share, makes it a compelling investmentopportunity for AI enthusiasts. Its cutting-edge systems leveragecameras, sensors, and proprietary EyeQ computer vision chips todeliver assisted parking, single-lane cruising, and othersemi-autonomous features to vehicles.
The latest SuperVision release boasts impressivefigures, with 4Q23 revenues reaching $637 million, representing a 13%year-over-year growth. Notably, Mobileye successfully diversified itsrevenue streams across a wide range of OEMs and geographic regions,signaling robust market penetration and demand for itstechnologies.
While Mobileye's innovative solutions and strong financialperformance position it for long-term success, potential economicheadwinds pose challenges to achieving the $72 price target in 2024.Nevertheless, with its track record of technological innovation andmarket leadership, Mobileye Global Inc. remains a formidable player inshaping the future of autonomous driving and smart mobility.
Investors keen ontapping into the burgeoning automotive technology sector may findMobileye Global Inc. to be a compelling investment opportunity,offering exposure to the transformative potential of ADAS andautonomous driving technologies in the years ahead.
SoundHound AI Inc(NASDAQ: SOUN) is a global leader in conversational intelligence,empowering businesses with innovative voice AI solutions thatrevolutionize customer interactions across various industries.
With its proprietarytechnology, SoundHound delivers unparalleled speed and accuracy inmultiple languages, catering to automotive, TV, IoT, and customerservice sectors. Groundbreaking AI-driven products like SmartAnswering, Smart Ordering, and Dynamic Interaction redefine customerservice standards, while SoundHound Chat AI integrates Generative AIto power millions of products and services worldwide.
In its recent 8-K filingon February 29, 2024, SoundHound announced record-breaking Q4 revenueof $17.1 million, marking an impressive 80% increase year-over-year.Moreover, the company demonstrated a remarkable 80% improvement inadjusted EBITDA, showcasing its financial strength and operationalprowess in the voice AI industry.
Despite facing challenges reflected in net lossfigures, SoundHound's strategic initiatives, including theintegration of new generative AI capabilities and the acquisition ofSYNQ3, position it as a dominant force in the market. Thecompany's relentless investments in research and development,alongside robust sales and marketing efforts, underscore itscommitment to innovation and market expansion.
Looking ahead,SoundHound anticipates continued growth, projecting full-year 2024revenue to range between $63 to $77 million, with a midpoint target of$70 million. With an ambitious 2025 outlook, SoundHound aims to exceed$100 million in revenue while achieving positive adjusted EBITDA,reflecting CEO Keyvan Mohajer's confidence in the company'strajectory.
CFONitesh Sharan emphasizes SoundHound's strong finish to the yearand readiness to meet surging customer demand for AI solutions.SoundHound AI Inc's commitment to innovation and delivering realcommercial value positions it as a frontrunner in shaping the futureof conversational intelligence.
NVIDIA (NASDAQ: NVDA) stands as atrailblazer in accelerated computing, reshaping industries since itsinception in 1993. The company's groundbreaking invention of theGPU in 1999 revolutionized PC gaming, redefined computer graphics, andushered in the era of modern AI, fueling industrial digitalizationacross markets.
Inrecent years, NVIDIA has emerged as the poster child for AI,experiencing a remarkable surge in its stock price, which has soaredby 260% since last March. With an estimated 90% market share in AIchips, NVIDIA has cemented its position as a leader in thefield.
Theincreased demand for AI services has propelled the sales ofNVIDIA's GPUs, essential for training AI models. As a result, thecompany has experienced substantial growth, with revenue soaring by265% year over year to $22 billion in the fourth quarter of 2024.Operating income witnessed a staggering 983% jump, reaching nearly $14billion, fueled by a remarkable 409% increase in data center revenue,reflecting a surge in AI GPU sales.
NVIDIA's impressive performance speaks volumes about itsdominance in the AI landscape and its ability to capitalize on thegrowing demand for GPU-accelerated computing. As the demand for AIservices continues to rise across various industries, NVIDIA remainswell-positioned to drive innovation and shape the future ofaccelerated computing.
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