Artificial intelligence (AI) is shifting from headlines to hard dollars. Enterprises that once ran small pilot projects are now rolling out real deployments, and the capital flowing into related infrastructure, security, and applications is expanding quickly. The focus is moving beyond a handful of chip leaders toward the companies building specialized capacity and real use cases.
October is a key month, with Q3 earnings reports starting and IT budgets locking in for 2026. Three AI stocks stand out: CoreWeave (CRWV 1.33%), a GPU cloud provider emerging as a credible alternative to the hyperscalers; Nebius (NBIS 2.35%), an infrastructure dark horse that just secured Microsoft as an anchor client; and SoundHound AI (SOUN 0.73%), a conversational AI platform starting to scale commercial adoption.
Here is a brief overview of these three top AI stocks.
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1. The hyperscaler alternative
CoreWeave has become one of the most significant independent providers of GPU cloud power. In September, the company expanded its OpenAI contract by $6.5 billion, which brought total 2025 commitments to about $22.4 billion, and it also signed a $14.2 billion compute deal with Meta Platforms that extends through 2031.
Taken together, the agreements add up to nearly $37 billion in bookings, a remarkable achievement for a company competing directly against Amazon, Microsoft, and Alphabet. Unlike those larger cloud providers that package GPUs as just one of many offerings, CoreWeave is dedicated solely to high-performance AI infrastructure.
The decision by OpenAI and Meta to rely on the same independent supplier underscores how limited GPU availability has become. Multiyear contracts of this size give the company unusual visibility into future revenue streams and suggest strong confidence in its ability to deliver.
The obstacles are substantial, including heavy capital demands, the need for rapid expansion, and dependence on a few massive customers. Even so, demand for alternatives to the big three cloud players has already lifted CoreWeave into the center of the AI infrastructure market.
2. From zero to Microsoft partner
Nebius stunned the AI infrastructure world with a multibillion-dollar deal when it secured a $17.4 billion agreement with Microsoft to supply GPU capacity over five years, with the option to expand the total to $19.4 billion. This move transformed Nebius from a little-known player into a direct competitor for large cloud contracts.
Nebius claims it can deliver GPU compute more efficiently, with pricing 20% to 25% below traditional providers, leveraging optimized data center design and power efficiency. If Nebius demonstrates it can scale with Microsoft's specs or secures another large client, Wall Street could rerate its valuation quickly. The terms of the Microsoft deal alone give Nebius a rare valuation bridge to growth peers -- though execution risk looms large in this capital-intensive business.
3. Voice AI hits its moment
SoundHound AI is bringing conversational interfaces into the mainstream. The company reported $42.7 million in revenue for Q2 2025, a 217% increase from the prior year. Non-GAAP gross margin reached 58.4%, while automotive partners such as Hyundai, Mercedes-Benz, and Stellantis continue to embed its technology across millions of vehicles. In restaurants, brands like Chipotle and White Castle are already using SoundHound's platform to automate drive-through ordering.
Recurring usage fees and subscriptions provide visibility once deployments are in place, though profitability remains out of reach. SoundHound posted a GAAP net loss of $74.7 million in Q2 and a non-GAAP (adjusted) net loss of $11.9 million.
Still, with a market capitalization of more than $6 billion, investors are valuing the company as a serious mid-cap contender in the AI space. At current growth rates, analysts expect operating leverage to improve and a potential path to breakeven within two years, making SoundHound a leading independent player in conversational AI.
