10 Small Cap Top AI Stocks in 2023

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Artificial Intelligence (AI) has become a game changer in every aspect of life.  Companies working on AI are creating unique products that will soon change how business is done. Open AI’s Chat GPT has sprung a new life into the interest in the sector and its securities including small cap stocks and ETFs. It is a great time to invest in these companies and reap short-term and long-term benefits. If not already, AI stocks should be a part of your investment strategy.

10 Small Cap Top AI stocks to Buy in 2023

1. Lemonade (NYSE: LMND)

Lemonade is a New York-based insurance company using artificial intelligence. It primarily operates in the U.S., though it also has business in parts of Europe. The company’s stocks have taken a big hit in the last year and are down almost 45%. as have most other growth stocks While Lemonade is posting losses mainly due to the launch of new services and the acquisition of auto insurance company Metromile, the company has shown signs of moving in the right direction, with its revenues doubling in the third quarter of 2022 from the year-ago quarter.

Gross earned premiums were up 71%, while the customer count stood at 1.8 million, a 30% year-over-year increase. With the price hovering around $17 any investor could see this as undervalued and 2023 may be the time to invest in the AI-powered insurer and has the potential to outperform others.

2. Appen Limited (ASX: APX)

Appen Limited is an Australian-based company specializing in machine learning and artificial intelligence and providing data-sourcing services. Founded in 1996, the company offers language and data services to clients in the technology sector, financial services, and retail. Appen offers services in the Americas, Asia, and Europe. The company’s stocks have rallied strongly in the last few weeks.

Despite the mixed financial performance, the rejuvenated interest in the AI sector is the driving force behind the recent increase in stock prices. Although the company isn’t directly challenging Chat GPT, its AI data can be critical for other big tech companies. Investors expect the company to perform better in the upcoming full-year results. It can be a great small cap AI stock to invest in.

3. Remark Holdings Inc. (NASDAQ: MARK)

Remark Holdings is an artificial intelligence company offering AI-based solutions for businesses and software developers in different industries, including but not limited to education, banking, retail, and entertainment. The company also maintains a digital media house, which provides marketing services.

The company enjoys exclusive marketing partnerships with some of its clients due to its competitive edge with AI. While the stock hasn’t performed well in the last 12 months, it has risen nearly 72% year-to-date. With the stock price still under $2, it is not a bad option to keep in view. It can be a desirable option with a high-yield dividend if the stock continues its current path.

4. Alithya Group Inc. (NASDAQ: ALYA)

Alithya Group Inc. offers strategy and digital technology services in North America and Europe. Alithya’s business strategy services include digital transformation, strategic consulting, organizational performance, and enterprise architecture services. It also offers various other services, including data analytics, human capital management, enterprise resource planning, and legacy business transformation.

The Montreal-based company provides services to several public and private entities in various industries. Alithya’s stock prices are low, and it can be an excellent small market-cap AI stock to keep an eye on as an investment option.

5. Qudian Inc. (NYSE: QD)

Qudian is an online small credit provider based in China. The company uses artificial intelligence to evolve its numerous products for clients. These include cash products and installment-based purchases through the company’s platform. The company also provides client-related suggestions to third-party lenders through its platform.

The company’s stock has shown a nearly 45% price hike during the last year. While the company currently faces different challenges, it seems to be moving forward. It can prove to be a good stock to invest in not so distant future.

6. Ideanomics, Inc. (NASDAQ: IDEX)

It is a multifaceted company based in New York that primarily offers fintech services and has stakes in the EV business. The company uses AI in building its financial products. The company has invested in several AI-based companies as well as IoT and Block Chain entities.

Ideanomics is investing in the right areas, and you can now benefit from buying the stock at a very low price. Ideanomics appears to be heading in the right direction, and with its focus on AI and other technology-related companies, it can pay pretty well in the future.

7. Innodata Inc. (NASDAQ: INOD)

Innodata is a technology company that offers data processing and management services, helping clients apply artificial (AI) and machine learning (ML) solutions for problem-solving. It also offers content creation and enrichment services and digital cloud solutions. It serves various industries, including financial services and healthcare, and operates in several locations worldwide. Innodata has operations in different countries across the globe.

The company has recently seen a sharp increase in stock prices as AI services are in high demand, and investors are looking to benefit from the situation. The company hasn’t posted profits recently, but its revenue growth is positive. Innodata’s share prices have been volatile, but it can still bring profits in 2023, the year of AI. However, considering the market volatility, the investment is not free of risk.

8. Docebo Inc. (NASDAQ: DCBO)

Docebo Inc. is a Toronto-based Software as a Service (SaaS) company. It provides cloud-based learning management systems (LMS), with its primary clientele in North America and Europe. The platform assists businesses in developing, managing, and delivering online training courses, virtual classrooms, and other programs to their partners, clients, and workers. The platform uses social learning and artificial intelligence (AI) to assist businesses in providing efficient and exciting learning experiences.

The business reported total revenue of $37 million and net earnings of $10.3 million for the three months ending September 30, 2022. Unsurprisingly, the company’s stocks have done well recently as AI stocks are in demand. Docebo deserves attention from investors looking into AI companies.

9. CooTek [Cayman] Inc. (NYSE: CTK)

CooTek [Cayman] Inc. is a big data-driven company that develops apps with the help of machine learning and artificial intelligence (AI). The company has developed a host of software applications though TouchPal Smart Input is its most well-known product. The app, which is available across major mobile operating systems and windows, is an alternative input method for cellular devices. It is available in 110 languages with approximately 100 million active users daily.

The Cootek stock is under 50 cents and has seen a considerable appreciation during the last one month. With its impressive app portfolio and the rising demand for AI stocks, it deserves a second look from investors.

10. SoundHound AI, Inc. (NASDAQ: SOUN)

The Santa Clara, California-based SoundHound AI, Inc. helps businesses in different industries by offering high-quality conversational experiences for clients through their independent voice artificial intelligence (AI) platform. The company offers conversational voice assistants such as text-to-speech, embedded voice solutions, automatic speech recognition, and natural language understanding, among other services.

The company’s revenues nearly tripled during the third quarter of 2022. In January, SoundHound laid off 200 employees to restructure and operate with a more efficient structure. The company also recently announced raising $25 million to shore up its market position. The stock prices have skyrocketed in the last month for SoundHound AI with the fresh investment. In general, AI companies are experiencing a strong rally in the stock market. It is a good time to consider the SoundHOund AI stock as its showing potential for further growth.

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Join 20,000+ Traders & Investors by getting our FREE weekly Sunday Cheat Sheet email. Get key market news and events before everyone else. Click Here to See if you Qualify.

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