5 Best AI Penny Stocks to Buy Now

In this article, we will take a look at the 5 best AI penny stocks to buy now. To see more such companies, go directly to 10 Best AI Penny Stocks to Buy Now.

5. SoundHound AI, Inc. (NASDAQ:SOUN)

Number of Hedge Fund Holders: 13

AI-based speech recognition company SoundHound AI, Inc. (NASDAQ:SOUN) shares have gained about 50% year to date through August 7. SoundHound AI, Inc. (NASDAQ:SOUN) is one of the biggest gainers in 2023 thanks to the AI boom and continuous relevance of AI in the news cycle. In June SoundHound AI, Inc. (NASDAQ:SOUN) said it was selected to be included in the Russell 2000 and broad-market Russell 3000 Indexes effective June 23, 2023.

A total of 13 hedge funds in Insider Monkey’s database of 943 funds reported owning stakes in SoundHound AI, Inc. (NASDAQ:SOUN) as of the end of the first quarter.

SoundHound AI, Inc. (NASDAQ:SOUN)’s management talked about the AI opportunity in the company’s Q1 earnings call:

“We also stay focused on the business and the opportunity in front of us. Artificial intelligence is rightly getting a lot of attention these days and our opportunity has only expanded. At SoundHound, we make conversations with technology more natural and seamless, and the demand for that has only become stronger. Large language models, Generative AI and the pervasiveness of chatbots are unearthing entirely new use cases every day. The opportunity set and adoption curves will accelerate rapidly, and we are at the forefront of this next major inflection in technology. We continue to expand our voice-enabled ecosystem and had strong growth, even with Q1 typically our seasonally smallest quarter of the year from a revenue standpoint. This could have only been possible with our strong customer engagement and streamlined execution that we expect will only further improve from here.”