All eyes are on NVIDIA Corp (NASDAQ:NVDA, ETR:NVD) this week ahead of its earnings report due Wednesday as the chipmaker targets another quarterly revenue record of $20 billion.
The company, which makes semiconductor chips for AI applications, has seen its shares soar by about 230% in the last year, driven by investor enthusiasm for all things AI.
But there are concerns Nvidia’s results will not justify its more than $1.6 trillion valuation, with the stock trading about 6.2% lower on Tuesday as a result.
Investors looking for alternative AI firms to invest in with potentially higher returns can turn to a plethora of small-cap companies with promising AI-driven innovations across a range of fields.
Here are six of Proactive’s top AI growth stock picks.
Atomera
In the semiconductor space, Atomera is in the process of commercializing its novel approach to the fabrication of semiconductor materials called Mears Silicon Technology (MST).
MST has been shown to improve the performance, power, and cost of semiconductor devices.
The Los Gatos, California-based company is targeting various end markets where AI is being deployed including mobile phones and 5G, infrastructure, and IoT. To date, it has achieved revenue from two commercial licensees.
- Market capitalization: $177.82 million
- Share price: $6.66
And in terms of AI applications, there's:
Trust Stamp
T Stamp Inc (NASDAQ:IDAI, EURONEXT:AIID), doing business as Trust Stamp, is a provider of AI-powered identity services across multiple sectors including banking and finance, regulatory compliance, government, real estate, communications, and humanitarian services.
It leverages advanced biometric identity solutions to reduce fraud, protect personal data privacy and increase efficiency.
The company was recently recognized by the Federal Reserve as a Fraud Mitigation Service Provider in the context of synthetic identity fraud.
It also entered into an agreement with US government technology solutions and services provider ManTech for its AI-powered, privacy-first identity authentication technologies, including Zero Trust.
- Market capitalization: $13.34 million
- Current share price: $1.46
Perimeter Medical Imaging AI
Toronto, Canada, and Dallas, Texas-based Perimeter Medical Imaging AI (TSX-V:PINK, OTC:PYNKF) is a medical technology company which aims to transform cancer surgery with its advanced, AI-driven imaging tools.
Its flagship United States Food and Drug Administration (FDA)-cleared Perimeter S-Series Optical Coherence Tomography (OCT) system provides real-time, cross-sectional margin visualization of excised tissue specimens in the operating room.
It has a resolution 10 times greater than x-ray and ultrasound and 100 times greater than magnetic resonance imaging (MRI), potentially leading to improved surgical outcomes.
The company continues to deploy its Perimeter S-Series across the country, most recently announcing a placement at a new hospital site in North Texas.
It is also advancing its investigational Perimeter B-Series OCT with ImgAssist AI device, which has earned breakthrough device status, through a clinical trial.
- Market capitalization: $52.42 million
- Current share price: $0.75
Spectral AI
Dallas, Texas-based Spectral AI Inc (NASDAQ:MDAI) has combined AI and multispectral imaging technology to enable faster and more accurate treatment decisions in wound care, initially focused on applications in burn and diabetic foot ulcer care.
Its proprietary DeepView system analyses images of burns by highlighting the non-healing parts to help physicians make informed decisions regarding patient treatment.
The company is on track to generate revenue from DeepView from four platforms within three years. It could achieve initial commercial revenue as early as this year as DeepView is being evaluated by US and UK regulators.
- Market capitalization: $29.98 million
- Current share price: $1.84
Nextech3D.ai
An AI and augmented reality (AR) company, Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF) uses its proprietary AI to craft 3D models at scale for e-commerce.
Its focus is on creating high-quality 3D WebAR photorealistic models for online retailers including Amazon, P&G and Kohl’s.
As demand for 3D models surges, the company expects its revenue to double in 2024.
It also recently announced the launch of a suite of 12 GPTs that can perform a range of tasks including 3D modeling, 3D model texturing, AI texture generation, digital floor mapping, 3D decorating, and resolution expansion. This new product line, which will be available on a subscription or per-use basis, is expected to be a significant revenue driver.
- Market capitalization: $14.54 million
- Current share price: $0.12
Predictmedix AI
Predictmedix AI Inc. (CSE:PMED, OTCQB:PMEDF)'s technology combines multi-spectral imaging with AI to identify impairment or disease for various uses including by healthcare professionals and law enforcement agents.
Its Safe Entry Stations use multispectral cameras to analyze a person’s physiological data patterns and predict health issues, including 19 physiological vital parameters, impairment by drugs or alcohol, fatigue, or various mental illnesses. It also incorporates facial recognition technology for enhanced security, contactless access, and real-time identification.
This week it announced a partnership with UVTV Digital India aimed at enhancing health and safety in sports and worship venues. Predictmedix will derive revenues from initial technology implementation and for providing ongoing services and support.
- Market capitalization: $8.33 million
- Current share price: $0.05