Analysts Bullish on AI Stocks Beyond Nvidia: SoundHound AI, Baidu, and UiPath Offer Up to 60% Upside Potential

Many analysts are shifting their attention away from traditional AI stocks like Nvidia, opting instead to spotlight promising alternatives such as SoundHound AI, Baidu, and UiPath. They suggest these companies could see a substantial 60% growth potential.

Despite Nvidia’s historical dominance in the AI stock market, analysts doubt its ability to sustain its meteoric rise. Since 2023, Nvidia has experienced an unprecedented 500% surge in its shares, a feat typically requiring decades to achieve. However, achieving such rapid growth within just a year has led analysts to speculate that Nvidia may have reached its peak, with minimal further growth anticipated.

SoundHound AI: The Rising Star

SoundHound AI enables voice provision and conversation intelligence solutions. Analysts project a 50% growth potential for SoundHound stock over the next year. The growth will be accelerated by partnerships with automakers willing to infuse AI into vehicles. SoundHound AI chips are well-positioned to dominate the global AI market.

However, maintaining relevance requires outperforming competitors in the competitive AI chip sector. While the last quarter of 2023 showcased strong performance, with an impressive 80% revenue growth of $17.1 million, SoundHound also reported an annual net loss of $18 million, indicating mixed results.

Baidu: Leveraging AI for Growth

Baidu’s strong foothold in China has made it bullish in the market. The platform has ventured and invested in AI research and development, with its products already enjoying the market. So far, its AI-driven services, such as Apollo for healthcare solutions and autonomous driving, are recognized globally. Analysts believe Baidu stock can grow by 60% in the next 12 months due to its AI influence and marketing strategy.

UiPath: Leading the Automation Revolution

UiPath is known for its robotic process automation, which has positioned it strategically within the AI world. Its solution helps to enhance productivity, hence gaining traction and loyalty from its clientele.

UiPath recorded positive results in the quarter ending January 2024, with sales worth $405.3 million, indicating a 31% year-over-year growth. Besides, the firm realized a $33.9 million profit in the final quarter, compared to the $27.7 million net loss in the previous year. Analysts foresee continuing this positive trend, predicting a potential 40% increase in UiPath shares, reaching $27.