Two Currently Promising Artificial Intelligence (AI) Shares to Invest in Right Away, Potentially Leading to Millionaire Status

Two Currently Promising Artificial Intelligence (AI) Shares to Invest in Right Away, Potentially Leading to Millionaire Status

Futures are bright for investors capable of picking out today's AI superstars before the rest of the crowd. According to Bloomberg Intelligence, two companies are primed to dominate the lucrative generative AI sector, projected to rake in over $1.3 trillion yearly by 2032. In consideration, consider purchasing their shares now and join these AI trailblazers as they unlock their impending growth potential.

Slot 1: Palantir Technologies

Unlocking the full potential of big data can feel elusive, but Palantir Technologies (PLTR, 8.54%) makes it a piece of cake with its cutting-edge machine-learning solutions. These algorithms allow clients to refine insights from their data in real-time.

Palantir has built a loyal following with the US military and its allies. Currently, they are collaborating with the US Army to build a data platform that aggregates real-time operational information from across the Defense Department. In the face of Russia's ongoing attacks on Ukraine, Palantir is on board to aid the Ukrainian government in securing its schools.

Businesses are also discovering the power of Palantir's data-science capabilities. Companies flock to Palantir's boot camps, where they experience firsthand how their industry could benefit from the company's new Artificial Intelligence Platform (AIP). This led to a 42% year-over-year climb in commercial clients and a 27% surge in revenue for the segment to over $299 million during Q1.

Palantir's defense sector has also proven to be a veritable cash cow with a 16% leap in revenue to $335 million during this period. Looking forward, Palantir anticipates $2.7 billion in revenue and up to $1 billion in free cash flow by 2024. That amounts to an impressive 20% and 37% growth rate, respectively, starting from 2023.

The long-term potential is even more promising, with management estimating a market opportunity of around $120 billion. Suffice to say, this AI visionary has many prosperous years in store.

Slot 2: SoundHound AI

SoundHound AI (SOUN, 15.38%) is a frontrunner in the field of conversational AI, a technology that lets machines decipher and respond to human speech in real-time. This innovation is driving businesses to integrate conversational AI into their services, and SoundHound is at the forefront of the movement.

SoundHound's platform excels in real-time dynamic interaction, enabling AI to process natural language as swiftly as human speech. Fast-food giants like White Castle have adopted SoundHound's advanced voice AI at their drive-thrus, while chains like Jersey Mike's are now employing SoundHound's AI to handle multiple phone orders with unerring accuracy.

SoundHound is also making inroads into the automotive industry. In March 2023, Stellantis integrated SoundHound's voice assistant into their vehicle systems, enabling voice control of numerous in-vehicle systems in 13 languages across 18 countries.

The platform also integrates with generative AI models like ChatGPT, allowing users hands-free access to entertainment, navigation, communication, and real-time information sources. Major car brands, accounting for nearly a quarter of worldwide vehicle sales, now utilize SoundHound's voice AI.

These successes have sparked SoundHound's growth. The company reported a 80% surge in revenue during Q1, but remains in the red. However, SoundHound's market potential is enormous, with an estimated total addressable market of a staggering $140 billion.

1. With the potential of AI in the finance sector, investors might consider investing in Palantir Technologies, as its cutting-edge machine-learning solutions in big data analysis could lead to substantial profits, with the company aiming for $1 billion in free cash flow by 2024.
2. In the conversational AI sector, SoundHound AI is a promising investment opportunity, given its real-time dynamic interaction capabilities and partnerships with major car brands. Its large total addressable market of $140 billion underscores the company's significant growth potential.

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