3 Artificial Intelligence Stocks No One Is Talking About but They Should Be

Artificial intelligence (AI) is transforming industries and creating massive economic opportunities. According to IDC research, AI spending will have a $19.9 trillion global economic impact by 2030. As the AI boom accelerates, savvy investors are looking beyond the usual suspects to find hidden gems poised to benefit from this technological revolution.

Let's explore three companies quietly making waves in the AI industry, each offering a unique approach to capitalizing on this transformative technology.

Navitas Semiconductor (NASDAQ: NVTS) is at the forefront of next-generation power solutions that are critical for enabling energy-efficient AI data centers. The company's GaN (gallium nitride) and SiC (silicon carbide) power semiconductors offer significant efficiency improvements over traditional silicon chips.

Navitas recently unveiled its innovative "IntelliWeave" digital control technique, which enables AI data center power supplies to achieve over 99% efficiency. This technology could be a game changer as data centers seek to minimize power consumption while meeting the intense computing demands of AI applications.

While still unprofitable, Navitas is seeing strong revenue growth. In the second quarter of 2024, the company reported revenue of $20.5 million, up 13% year over year. With a growing pipeline of over 60 data center customer projects and the recent launch of new products tailored for AI applications, Navitas is well positioned to capitalize on the surge in AI infrastructure spending.

Applied Digital (NASDAQ: APLD) is rapidly expanding its high-performance computing infrastructure to meet the booming demand for AI processing power. The company designs, builds, and operates next-generation data centers optimized for AI and machine learning applications.

Applied Digital's cloud services business is growing at a healthy clip, with two new graphics processing unit (GPU) clusters added in the most recent quarter. As a result, the company's cloud services business segment generated $25.9 million in revenue during this period.

The company is also making progress on its first 100 MW high-performance computing facility in North Dakota, with plans to expand total capacity at the site to 400 MW. Applied Digital is already in the design phase for two additional buildings at this location, which will contribute to the planned 400 MW total capacity and further bolster its ability to meet the growing demand for AI computing resources.