10 Best Artificial Intelligence Stocks Under $50 According to Hedge Funds

5. SoundHound AI (NASDAQ:SOUN)

Number of Hedge Fund Holders: 15

SoundHound AI (NASDAQ:SOUN) is a voice AI and speech recognition company that is used by many companies in many different products like phones and cars, such as LG Electronics, Lenovo, Ford Motor Company, and Toyota Motor Corporation. It has cars in production in over 20 markets, with a new deal signed with a US-based EV maker, and an expansion of an existing EV manufacturer in Europe just recently.

In Q2 2024, the company recorded a revenue of $13.46 million, beating analyst expectations, with a 53.83% year-over-year growth. The loss per share was $0.11. The subscriptions/bookings backlog doubled year-over-year, and the annual run rate of queries is now over 5 billion, according to management.

SoundHound AI (NASDAQ:SOUN) just announced the acquisition of Amelia, a conversational AI leader, in Q2. This is a strategic extension to create a platform that exceeds human capabilities. With combined experience of decades, these companies can provide best-in-class customer service support to many businesses.

SoundHound AI (NASDAQ:SOUN) is the first company to roll out ChatGPT-style capabilities to in-vehicle voice assistants in Japan and Latin America. It partnered with Perplexity to bring cutting-edge online LLMs to SoundHound Chat AI, making it the most advanced voice assistant available on the market today. This advancement is expected to go live soon.

SoundHound AI (NASDAQ:SOUN) also acquired Allset to build a voice commerce ecosystem, expanding product offerings and its customer base. This rapid pace at which the company is growing through innovative voice AI technology strengthens its position in the market. Moreover, its winning market share and signing deal, after deal, after deal. All these factors combined make SOUN one of the best AI stocks to buy under $50.