7 Artificial Intelligence Stocks Under $10 for Your 2023 Watch List
There is no denying that Artificial Intelligence (AI) will have a monumental impact on our lives in the upcoming decades. AI has the potential to completely revolutionize how we live and work, allowing us to make life easier and more rewarding for people all over the world. From automation to personalization, AI technology holds unprecedented powers, including accurately predicting outcomes and enabling better decision-making capabilities.
The emergence of AI, and its potential to revolutionize how we interact with technology, is prompting massive investments from global players. This can be seen as reported by Grand View Research – the global AI market size was valued at $39.9 billion in 2019 and is projected to grow at a compound annual growth rate of 42.2% by 2027. This rising demand for intelligent solutions creates opportunities for entrepreneurs to identify valuable AI applications within various industries, further driving this exponential growth trend.
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Artificial Intelligence Stocks Under $10: Duos Technologies Group (DUOT)
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Duos Technologies Group (NASDAQ:DUOT) develops automated inspection solutions for rail cars across various industries. Through its proprietary technology, it can efficiently automate the inspection process and reduce costs significantly. To expand into more verticals and areas, Duos Technologies is set to move towards a recurring revenue model while also planning international expansion. With this focus on innovation, improvement, and growth, the company strives to become even greater by providing customers with cost-effective solutions.
Duos recently hired a new CEO in order to improve the organization, capabilities, and talent, as the company has demonstrated noteworthy success in recent quarters. Duo’s strong profile indicates its commitment to providing the cutting-edge solutions its clients need to navigate ever-evolving digital challenges. The firm has grown its sales by triple-digit margins in the past few quarters.
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Ideanomics (NASDAQ:IDEX) stands out as one of the most innovative EV companies on the market and has certainly captured attention – including becoming a meme stock last year. However, despite having difficulty shedding its past and returning to value, Ideanomics is an appealing penny stock with tremendous potential. The company operates as a Mobile Electric Vehicle Mobility and Fintech Enterprise focusing on commercial truck and bus fleet electrification services, from planning and building infrastructure to providing operational assistance.
Furthermore, Ideanomics additionally provides investment in several futuristic fields, such as real estate and commodities, to help companies stay ahead of the innovation curve. Its stock trades for a few pennies and remains an excellent long-term EV play. Forward revenue estimates represent a massive step up from its current revenue base.
Artificial Intelligence Stocks Under $10: Lantronix (LTRX)
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Lantronix (NASDAQ:LTRX) is an established leader in solutions that allow for intelligent and secure data transfer across many industries. The firm is essential to the way countless companies operate in the AI space. Despite the competitive nature of the industry that drives down profits, Lantronix has had a remarkable trajectory and is seeing unprecedented growth in the Internet of Things (IoT) space. With the trend continuing in this direction and profitability on the horizon soon, Lantronix looks ready to soar to greater heights. Reports suggest the industry could grow at a 30% average growth until 2025. As we dive deeper into its growth specifics, the management has massive hopes for the future growth of its Software-as-a-Service (SaaS) platform as we advance.
Rekor Systems (REKR)
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Rekor Systems (NASDAQ:REKR) is an innovative company pushing the envelope of vehicle recognition technology with its advanced AI and machine learning capabilities. The results of its efforts have been fantastic, offering clients a range of robust automated services that can identify vehicle and license plates — all for much lower costs. This shift in approach shows how dedicated they are to providing quality products while staying ahead of its competition. With the transition to a subscription model, Rekor Systems is likely to enjoy increased margins and recurring revenues, bringing even more impressive returns from its cutting-edge technologies.
REKR is leading the way in transforming transportation system management software and data across the United States. By acquiring several firms, REKR has expanded its presence even further. Grand View Research predicts that the global market for transportation management systems could reach $31.2 billion by 2030, representing a tremendous 14.6% growth from 2022 to 2030. REKR is well-positioned to take advantage of these opportunities and help shape the industry’s future. The firm is making remarkable strides to improve efficiencies for businesses and create a smoother experience for those who use its services.
Artificial Intelligence Stocks Under $10: AudioEye (AEYE)
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AudioEye (NASDAQ:AEYE) is an Arizona-based digital accessibility platform that aims to make content available to everyone. Through its holistic solution setup, legal compliance features, and unique attributes, it is leading the way in assisting the estimated 67 million people in the U.S. with disabilities and a total of 1 billion worldwide. It has an impressive base of over 80,000 customers and continues to secure more each quarter. This presents a huge opportunity for potential earnings, not to mention exponential growth potential for the company’s stock.
The firm continues adding more customers and revenue that contribute to the overall growth trajectory with promising results. This remarkable customer engagement marks an amazing milestone for the company as it eyes this vast and untapped opportunity in the market.
New Jersey-based Innodata (NASDAQ:INOD), was founded in 1988 at the cusp of this hugely important industry shift in data engineering, making it a leader and innovator for almost 30 years. What started as a small business providing outsourced data engineering services and software to smaller companies has grown into an international powerhouse delivering tailored insights to organizations worldwide. Moreover, it boasts an excellent track record of growing its revenues over the past five years, generating healthy single-digit growth. Also, year-over-year growth in sales is at over 20%.
The data engineering industry is experiencing explosive growth thanks to our thirst for data-driven insights fueling increased demand. Propelled by technological advancements, this field offers countless ways to analyze and understand the world’s data. Of course, the potential for economic growth fostered by data engineering isn’t solely for businesses; government agencies, educational institutions, and non-profits worldwide can also benefit. Therefore its stock is an excellent speculative play in the space.
Artificial Intelligence Stocks Under $10: Predictive Oncology (POAI)
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Predictive Oncology (NASDAQ:POAI) is utilizing its vast repository of over 150,000 tumors by cancer type and the emerging AI technology to develop therapeutics with greater precision and efficiency. They recently revealed that they would be launching an in-house drug repurposing platform specifically targeted at improving outcomes for ovarian cancers. This platform seeks to provide more accurate, personalized treatments that can help improve patient prognoses.
By harnessing this technology, Predictive Oncology is pushing the boundaries of oncology treatments and paving the way for a brighter future for cancer patients everywhere. Moreover, the firm has done amazingly in growing its cash balance and shrinking its debt load by a considerable margin. It’s generating growing sales numbers, with revenue of over 27% in the past five years.
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On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Muslim Farooque is a keen investor and an optimist at heart. A life-long gamer and tech enthusiast, he has a particular affinity for analyzing technology stocks. Muslim holds a bachelor’s of science degree in applied accounting from Oxford Brookes University.
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