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Artificial intelligence (AI) is poised to add $13 trillion to the world's GDP by 2030. And we're bracing for impact. AI stocks like Intel Corp. (NASDAQ: INTC) are going to explode.
But you don't have to spend $60 on Intel - or $100s on some other tech stock - if you want to take advantage of this industry. In fact, we're going to show you a few artificial intelligence stocks under $10 today.
These could gain as much as 79% within the next 12 months. And that's just this year... What could happen within the next decade could be life-changing.
Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk is on record saying AI could eliminate human language within 10 years. His company Neuralink is developing an implantable brain technology that could allow two people to communicate using only their minds.
That's just one of the frightening things that could come from AI. Other changes brought on by AI are less "sci-fi," but equally momentous in how they change the tech landscape.
These are companies involved in business analytics. They use AI to power better-informed workforces, better cloud security and storage, and better user experiences.
These are all systems that feed into each other. They're growing in a cloud-centric environment, meaning more and more solutions will be accessible through a web of servers rather than a physical hard drive. Gartner has said that IT spending on cloud solutions could reach $216 billion this year, up 95% from $111 in 2016.
That number will go even higher over the next few years as more businesses adopt the cloud.
But AI is an even wider umbrella that's going to be sweeping entire industries. Any business looking to compete in the future will want to have AI solutions behind their data.
Now, here are some cheap AI stocks that show promise in this burgeoning industry...
AI Stocks Under $10, No. 3: Veritone
Veritone Inc. (NASDAQ: VERI) is special for its product, aiWARE. It was the world's first AI operating system. But success in an accelerating tech industry is also about who you know...
Veritone has a valuable friendship with Microsoft Corp. (NASDAQ: MSFT). As of September 2019, Microsoft Azure is using aiWARE to power its government cloud services. That means state and federal agencies will be on the OS.
AiWARE adds a lot of capability to Microsoft Azure. The operating system uses AI to aggregate data from different places, like law enforcement video and audio. It pieces the data together to help law enforcement make decisions. Facial recognition of suspects is one example.
Veritone also has big reach through Bell Media. Bell is Canada's largest media company. Veritone's services will help Bell determine what ads and content are best to run.
Do you see how AI enables this company to perform two completely different functions for two different organizations? This sort of diversification will be key for AI stocks to thrive.
Veritone raised revenue by 81% last year from the year before. It clocked in $49 million from $27 million in 2018. And it's just getting started.
While this company is not yet profitable, it's in perfect position to earn as businesses start to demand more AI solutions.
The stock has already jumped 440% since March. But it's not too late to get in.
You can grab it for just $8 right now.
This next stock, however, is poised for even more gain this year. Here's an AI stock with 57% profit potential...
AI Stocks Under $10, No. 2: AudioEye
AudioEye Inc. (NASDAQ: AEYE) specializes in accessibility solutions. And speaking of "who you know," AudioEye is partnered with Hyundai Motor Co. (OTCMKTS: HYMTF), Subaru of America, and Fiat Chrysler Automobiles NV (NYSE: FCAU) to provide digital accessibility solutions to their vehicles.
AudioEye uses AI to find and fix errors in digital content that would make it hard for people with disabilities to access. There will be an increasing need for AudioEye's services as more cars tack on digital interfaces. And all cars eventually will.
Self-driving vehicles are an AI movement on their own. They're poised to be a $556 billion industry. And there will have to be some accessibility compliance standards in those cars. While the car's machine learning capability memorizes routes, AudioEye will use machine learning to adapt to the needs of users to make the controls more accessible.
This stock is just beginning to see growth this year. And we're excited to see what happens in the long run.
AudioEye nearly doubled its revenue in 2019 from the year prior, 90% growth from $5.6 million to $10.8 million. Its trailing 12-month revenue at the moment is 20% higher than that at $13 million.
Analysts give it a price target of $11 from today's $7.29. That's 57% potential. But with this company's foothold in automotive accessibility, it could rocket much higher in the years to come.
This next stock is our biggest grower today. Here's a 79% profit opportunity from one of the best AI stocks under $10 this year...
AI Stocks Under $10, No. 1
About the Author
Mike Stenger, Associate Editor for Money Morning at Money Map Press, graduated from the Perdue School of Business at Salisbury University. He has combined his degree in Economics with an interest in emerging technologies by finding where tech and finance overlap. Today, he studies the cybersecurity sector, AI, streaming, and the Cloud.