UiPath and SoundHound: Overlooked AI Stocks Primed for Breakout Years
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UiPath is an under-the-radar company specializing in robotic process automation (RPA) to help automate repetitive workplace tasks. It's one of Cathie Wood's top holdings.
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UiPath reported strong financial results last year, with 20% YoY revenue growth and 30%+ increase in million-dollar customers. The stock is up 95% in 2022.
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SoundHound AI provides voice recognition platforms used by restaurants, vehicles, smart devices. It went public via SPAC in 2022 and trades below $2 now, but could benefit from economic rebound.
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Big tech firms like Apple, Microsoft, and others have shown interest in acquiring voice recognition platforms recently, making SoundHound a potential target.
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While major tech stocks saw gains in 2022, the author believes more AI disruptors will emerge in 2024. Both UiPath and SoundHound could double this year.