July 18, 2024 (Investorideas.com Newswire) As artificial intelligence (AI) continues to make waves in nearly every industry worldwide, savvy investors are seeking opportunities to get in quick before this technology becomes too saturated. For investors eager to capitalize on the AI boom without needing a massive capital outlay, there are plenty of AI stocks under $10 but it's essential to know which are poised to perform best.
We've outlined the top 3 picks based on historical performance, analysts' insight into future performance, and overall business performance.
Top 3 Picks in AI Stocks Under $10:
FiscalNote Holdings, Inc. (NYSE: NOTE)
- Stock Price: $2.06
- Overview: FiscalNote Holdings leverages AI-driven enterprise SaaS technology to deliver global legislative, political, and market intelligence. In Q1 2024, the company reported an $8.2 million improvement in adjusted EBITDA, marking its third consecutive quarter of profitability.
BigBear.ai Holdings, Inc. (NYSE: BBAI)
- Stock Price: $1.56
- Overview: BigBear.ai specializes in decision intelligence solutions for national security, digital identity, supply chain management, and biometrics. The company reaffirmed its 2024 revenue guidance of $195 million to $215 million.
SoundHound AI, Inc. (NASDAQ: SOUN)
- Stock Price: $5.60
- Overview: SoundHound AI is a global leader in conversational intelligence solutions. The company reported a 73% year-over-year revenue increase in Q1 2024. Analysts are optimistic, with an average price target of $7.43, indicating a potential upside of over 90%.
Why AI Stocks?
Artificial Intelligence is predicted and is setting up to be a significant driver of economic transformation and competitive advantage in the coming years. The AI sector has seen substantial growth, with global funding doubling to $66.8 billion in 2021. In 2022, the global AI market reached $454.1 billion and is projected to significantly grow to approximately $2,575.2 billion by 2032, reflecting a compound annual growth rate (CAGR) of 19%.
According to a report, AI has the potential to add approximately $15.7 trillion to the global economy by 2030. This notable growth will be driven by enhanced productivity and increased consumption, underscoring the immense economic impact of AI technologies.
Businesses across the globe in nearly every sector have seen the potential AI technology holds, with many investing heavily in the technology after realizing its myriad benefits. Right now, it's still relatively affordable to have a stake in the AI game, with some of the leading stocks being sold for a relatively low price. However, these figures won't stay stagnant for long, and we're already seeing stock prices rise quarter-over-quarter this year alone.
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