SoundHound AI is tapping into a $140 billion addressable market, while IREN is shifting from Bitcoin mining to AI cloud services. Companies are investing billions in AI technology, with McKinsey estimating a $7 trillion investment in data centers by 2030. AI is expected to create $40 trillion in operational efficiencies for businesses.

SoundHound AI’s voice technology is flourishing, with a 244% stock increase in the past year, driven by its multilingual AI model, Polaris. Revenue tripled in Q2, exceeding 1 billion queries monthly. The company aims to capture the $140 billion voice AI market, expanding into industries beyond restaurants.

IREN, previously focused on Bitcoin mining, is now offering AI cloud services. Fiscal 2025 revenue hit $501 million, up 168% YoY. Partnering with Nvidia, IREN plans to offer AI cloud services with potential for significant growth. Analysts project revenue to reach $1.5 billion by 2028, with the stock potentially doubling or tripling.

Investors should consider the potential of SoundHound AI and IREN in the AI market. While SoundHound AI’s stock has a high P/S multiple, it has growth potential in a multibillion-dollar market. IREN is shifting to AI cloud services and has seen a 180% YTD stock increase, with revenue expected to reach $1.5 billion by 2028.

Read more at Yahoo Finance: 2 AI Growth Stocks That Could Soar for the Next 3 Years