Emerging AI Companies to Add To Your Watchlist as NVIDIA Reports Earnings Tomorrow

After the market closes tomorrow, NVIDIA Corporation (NVDA) will be announcing its Q1 financials, as investors look to laser their focus, on AI themes and insights from the Magnificent Seven, tech giant. Chip demand and the company’s investments into other emerging AI companies will be critical factors to be considered, upon the release.

In February, the AI chipmaker disclosed investments into smaller AI companies that sent shares of those mentioned, soaring. The PRISM NextGen Tech and AI Index features some of the companies included in the NVIDIA disclosure such as, (SOUN) and (RXRX). The index is also comprised of other AI and tech focused names that may be worth watching as earning announcements from large industry leaders can typically be impactful to participants, across all market caps.

SoundHound AI

SoundHound AI, Inc. (SOUN) is a technology company that specializes in voice-enabled AI and conversational intelligence. Its core product is the Houndify voice AI platform, which provides businesses with advanced voice recognition and natural language understanding capabilities. In its recent earnings release two weeks ago, the company saw shares surge as it reported a 73% increase in revenues and raised its 2024 revenue outlook. The company is up 148% YTD.

Recursion Pharmaceuticals

Recursion Pharmaceuticals, Inc. (RXRX) is a biotechnology company that leverages AI and machine learning to discover and develop new drugs. The company integrates advanced technologies with automated, high-throughput biology to accelerate the drug discovery process. Last week, the company announced the completion of NVIDIA-Powered Bio-Hive-2, the largest supercomputer in the pharmaceutical industry. Although YTD returns are slightly down ~4%, shares are up 45% over the last six months.

C3.ai

C3.ai, Inc. (AI) is an enterprise AI software company that provides a comprehensive platform for developing, deploying, and operating large-scale AI, predictive analytics, and IoT applications. The company’s flagship product, the C3 AI Suite, enables organizations to harness the power of AI to optimize operations, enhance customer engagement, and drive innovation. Last week, the company announced it was teaming up with Bloom Energy (BE) to revolutionize fuel cell performance, service and engineering analytics. The company is down 10% YTD but has risen 20% over the past month.

SMART Global Holdings

SMART Global Holdings, Inc. (SGH) is a diversified technology company that specializes in designing and manufacturing specialty memory solutions, storage, and high-performance computing products. Serving a wide range of industries, including computing, networking, communications, aerospace, defense, and industrial markets. Last week, the company announced the departure of its CFO, Ken Rizvi. Chief Operations Officer Jack Pacheco will step in as interim CFO, while the company searches for its next successor. The company’s financial guidance that was provided on April 9th was reiterated. SGH shares are up 12% YTD.

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Emerging AI Companies to Add To Your Watchlist as NVIDIA Reports Earnings Tomorrow

Ashlee Vogenthaler

Markets Editor