Let's face it, everyone's been talking about Nvidia (NVDA). Ever since this chipmaking titan emerged as the “Godfather of AI,” its stock price has skyrocketed over 200% in just 12 months. But while NVDA has been hogging the spotlight, a whole new batch of AI companies have been quietly building momentum – and they're ready to deliver even bigger returns.
As the AI revolution expands beyond the so-called Magnificent Seven (AAPL, NVDA, MSFT, GOOGL, AMZN, META, TSLA), the market is broadening, creating a once-in-a-decade opportunity for savvy investors to strike it rich.
My colleague Luke Lango, the brilliant mind behind InvestorPlace's Hypergrowth Investing newsletter, has been tracking this shift. And he's identified a handful of under-the-radar AI stocks that are poised for explosive growth in the months ahead.
Here's a closer look at these “Other” AI stocks set to soar:
1. Axon (AXON): AI for Law Enforcement
Axon (AXON), the company behind the iconic Taser, is quickly transforming itself into an AI powerhouse. Long known for its non-lethal weapons and body cameras, Axon is now leveraging those technologies to help law enforcement agencies do their jobs more efficiently and effectively. And investors are taking notice.
The company's stock price has surged over 60% in the past year, thanks to the successful rollout of its AI-powered products and services. Axon's latest innovation, Draft One, is an AI system that can automatically write the first drafts of police reports using body camera footage. The product generated $100 million in bookings in just three months since its launch – a testament to its incredible potential.
Lango is hugely bullish on AXON. As he explains in a recent issue of Hypergrowth Investing:
“For example, law enforcement technology solutions provider Axon (AXON) just launched a new AI product called Draft One that uses AI to automatically write first draft of police reports using footage data from body cameras. The product is generating enormous early interest, surging to over $100 million in bookings in just three months.” (Read Luke's full article here.)
2. GitLab (GTLB): AI for Developers
GitLab (GTLB), an open-source code repository and software development platform, is another overlooked AI powerhouse. The company's new AI coding assistant, GitLab Duo, is seeing massive demand as developers seek to increase their productivity through the magic of artificial intelligence. Just last week, GitLab announced that revenues rose over 30% year-over-year, fueled by the soaring popularity of this new AI tool.
As Lango notes:
“Coding solutions provider GitLab (GTLB), meanwhile, just reported stunning quarterly results in which revenues rose more than 30% year-over-year thanks to surging demand for its new AI coding assistant tool, GitLab Duo.” (Source)
3. Samsara (IOT): AI for the Internet of Things
Samsara (IOT), a company focused on bringing digitization to physical industries, is already seeing a huge impact from its AI initiatives. Their technology connects physical operations data to the cloud, allowing companies to monitor their assets, optimize workflows, and improve safety. The company's AI solutions are in high demand across various sectors, including construction, manufacturing, energy, government, and transportation, and this demand is driving impressive revenue growth.
As Lango points out:
“Samsara (IOT) – a company focused on driving digitization throughout physical industries like construction and manufacturing – also just reported stunning quarterly numbers, paced by healthy demand for its AI solutions. Revenues rose nearly 40%.” (Source)
4. Smartsheet (SMAR): AI for Workflows
Smartsheet (SMAR), a cloud-based work management platform, is quietly embedding AI into its ecosystem, resulting in huge efficiency gains for its customers and rapid revenue growth.
Here's Luke's take:
“Organizational software provider Smartsheet (SMAR) just reported 50% sequential growth in the number of its users that are utilizing its AI tools. Those 47,000 users utilizing AI have collectively saved about a million hours from AI automations. As a result, revenues are surging higher.” (Source)
It's Time to Buy the “Other” AI Stocks
Nvidia may have been the first mover in the AI boom, but don't let that fool you. The AI revolution is just getting started, and the real profits will likely be made by the “other” companies that are applying AI in creative and innovative ways. Axon, GitLab, Samsara, and Smartsheet are just four examples of these under-the-radar AI powerhouses that are poised for explosive growth.
Don't wait for these stocks to double (or even triple) before you buy. Get ahead of the curve and sign up for our free webinar, where we'll reveal the full list of “Other” AI stocks we believe will make you a fortune in the months ahead.
And be sure to check back tomorrow. I'll be revealing another stock watchlist focused on the potentially devastating energy shortage caused by the AI revolution itself! It's going to get interesting.
