Since ChatGPT burst onto the scene in late 2022, the artificial intelligence (AI) revolution has been nothing short of extraordinary. Early movers like Nvidia, Microsoft, and Broadcom have already delivered staggering returns for investors who recognized the potential of AI infrastructure.
But here's the thing: According to McKinsey & Co., it's just getting started. The company's latest research suggests that generative AI could add up to $4.4 trillion in annual value across just 63 use cases -- and that figure could double when considering AI's broader software integration potential.
While the first wave of AI stocks soared on data center construction, savvy investors are now focusing on the next frontier. A new generation of AI innovators is emerging from software developers to robotics companies.
Image source: Getty Images.
These companies are pioneering everything from next-generation audiovisual interfaces to humanoid robotics and self-driving vehicles. With massive research and development (R&D) investments flowing into the sector, some stocks are particularly well-positioned to capitalize on this technological revolution.
Let's dive into three companies that could become the next AI giants.
Voice AI: The sound of money
SoundHound AI (SOUN +2.97%) has established itself as a formidable player in the expansive voice AI market. The company's technology powers voice experiences across 25 languages for major brands, and it has a growing presence in the automotive industry. With over 270 patents (155+ granted, 115+ pending) and a cumulative subscriptions and bookings backlog exceeding $1 billion, SoundHound is the largest independent voice AI platform.
NASDAQ: SOUN
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The growth trajectory is compelling. SoundHound doubled its year-over-year revenue to $25.1 million in Q3 2024, and management projects revenue growth exceeding 90% at the midpoint of guidance this year. Operating in a $140+ billion total addressable market, SoundHound's position as the leading independent provider of voice AI should provide a surfeit of catalysts for its shares in the years ahead.
Autonomous delivery: A robot revolution
Serve Robotics (SERV +4.54%) aims to solve the profitability crisis in food delivery. While DoorDash has seen revenue surge 200% since 2020, its costs have ballooned even faster, at 235%. Serve Robotics, which was spun off from Uber in 2021, has completed tens of thousands of deliveries in Los Angeles. The company reports a 99.94% reliability rate for these deliveries, which they claim is 10x better than human drivers.
NASDAQ: SOUN
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Furthermore, the company just supercharged its growth plans with $86 million in new financing, bringing the total capital raised in 2024 to $167 million. The company appears ready to scale, with manufacturing partner Magna International producing Serve's third-generation robots and a 2,000-robot contract with Uber Eats, set for deployment by the end of 2025.
Now funded through 2026 and targeting delivery costs of $1 per trip, Serve looks positioned to capture a significant share in the autonomous delivery market -- projected to reach $450 billion by 2030.
A high-performance computing power play
Applied Digital (APLD +2.09%) is capitalizing on the surging power demands of AI. While traditional data centers consumed 20 to 100 megawatts in 2020, today's AI workloads require 200+ megawatts -- with a single Nvidia B200 chip now consuming as much electricity per day as an average American household.
NASDAQ: APLD
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The company's strategic pivot is well timed. After securing up to 600 megawatts of power capacity in North Dakota -- where electricity costs run 24% below the national average -- Applied Digital raised $450 million through convertible notes and $160 million from investors including Nvidia and Related Companies. With data center power consumption projected to surge 125% by 2030, Applied Digital's first-mover advantage in securing abundant, low-cost energy positions it to capitalize on the AI computing boom.
AI's next wave
While tech giants like Nvidia and Microsoft have dominated the AI narrative so far, the next chapter will likely be written by specialized players solving specific, high-value problems. SoundHound, Serve Robotics, and Applied Digital represent three distinct approaches to monetizing AI -- through voice interfaces, autonomous delivery, and computing infrastructure. With proven technology, strong partnerships, and massive addressable markets, these emerging leaders present compelling opportunities for investors looking beyond the established AI giants.
