The global artificial intelligence (AI) market is projected to reach $4.8 trillion by 2033, according to a UN Trade and Development report released earlier this year. That would be a 25-fold increase in just a decade, which is a good reason to have AI stocks in your portfolio.
Many of the most popular options are massive tech companies, including Nvidia and Microsoft. But not all AI stocks are worth trillions -- at least not yet. Here are two AI stocks that could be due for significant growth.
Image source: Getting Images.
1. SoundHound AI
SoundHound AI (SOUN -2.67%) creates voice AI products that companies can use to interact with customers. It offers products for a range of industries, including AI agents for hospitality companies, in-vehicle voice AI platforms for automakers, and healthcare AI agents that can take calls and handle administrative tasks. SoundHound has also made a push into restaurants, and about 13,000 locations use its voice AI ordering solutions.
Revenue was up by 151% year over year to $29 million in the first quarter of 2025, demonstrating the growing demand for its products. However, the company has been operating at a loss that widened from $89 million in 2023 to $351 million in 2024. That's not out of the ordinary for a young tech company, but it's one of the risks of investing. SoundHound stock is also on the expensive side, currently trading at a price-to-sales (P/S) ratio of 42.
But SoundHound has the potential to take a sizable share of the voice AI agents market, which is estimated to grow by nearly 35% per year to $47.5 billion by 2034. Since SoundHound has been focusing specifically on voice AI for decades, it has developed proprietary voice technology that excels in conversational ability and natural language understanding.
After a fantastic 2024 that saw its share price grow by 836%, SoundHound is down 40% on the year. But it could be poised for a rebound. At the end of last year, management mentioned that it had a backlog of $1.2 billion in cumulative subscriptions and bookings -- a substantial amount that looks even more impressive when you compare it to the company's revenue of $85 million last year. It's also partnered with quite a few big-name brands, including Nvidia and Qualcomm. SoundHound is risky, but if it keeps increasing its revenue and expanding its market share, the sky is the limit.
2. Applied Digital
With a market cap of $2.5 billion (as of July 25), Applied Digital (APLD -0.84%) is a smaller AI company, but it fulfills a crucial role. It designs, develops, and operates data centers, giving tech companies the facilities to deploy AI applications.
Revenue has been growing for Applied Digital. It made $52.9 million in its fiscal third quarter of 2025 (ending Feb. 28), up 22% year over year. Unfortunately, it has also consistently been losing money. Its net losses in that quarter were $35.6 million.
But Applied Digital is making some important changes to its operating structure. On April 10, the board approved a plan to sell its cloud services business, which turned in a loss of $10.3 million in Q3. Its aim is to transition to a data center real estate investment trust (REIT).
Applied Digital is building its network of data centers and plans to have a facility in Ellendale, North Dakota, open in Q4 2025. That facility will be able to scale up to a power capacity of 1 gigawatt over time. Last month, Applied Digital and CoreWeave agreed to two lease agreements of approximately 15 years at the Ellendale facility, deals that are expected to produce about $7 billion in revenue.
CEO Wes Cummins has also talked about plans to build additional data centers that can reach 1 gigawatt. Although Applied Digital needs to take on massive upfront costs for its data centers, it should be well positioned to meet the power and infrastructure demands of large clients.
