I've been closely watching investment opportunities in AI technology stocks lately and found three companies that are particularly worth paying attention to—Nebius, Applied Digital, and SoundHound AI. Their growth trajectories are really impressive, and they could potentially double by 2026.

First, let's talk about Nebius. This company was originally spun off from Yandex in Russia, but sanctions related to the Ukraine war have impacted their business. Now, they mainly provide computing power to various clients, leasing data center space filled with high-end GPUs. The demand has exploded, and they’ve even said their capacity is fully booked. By the end of 2026, they expect annual recurring revenue to reach $7 billion to $9 billion, compared to just $551 million at the end of Q3 last year. Such rapid growth is explosive for a relatively small company, and doubling its stock price wouldn’t be surprising.

Applied Digital’s situation is similar—they also operate data centers. They have two facilities in North Dakota, and are expanding their computing capacity there. Interestingly, they signed a 15-year long-term agreement with a key compute service provider, giving investors a long-term growth outlook. As of August 31, last year’s first quarter, revenue increased by 84% year-over-year. With more compute capacity coming online, revenue will continue to surge, which will clearly boost their stock price.

The third company is SoundHound AI. They combine generative AI with audio recognition, developing a software platform with broad application scenarios. It can be used in customer service, voice interactions, and more. Their latest quarter’s revenue grew 68%, and they also raised their full-year guidance. If this product sees large-scale adoption by 2026, the growth potential could be enormous.

However, to be honest, the valuations of these three companies are not cheap. The market might overlook valuation issues due to their strong performance, but in the long run, that could become a hidden risk. Since they are not yet profitable, using the price-to-sales ratio is more appropriate for comparison. Nebius looks the most expensive at a 60x P/S, but considering their fastest growth rate, forward P/S actually makes Nebius the cheapest. Applied Digital’s valuation is relatively stable because their data center milestones won’t be achieved until the end of 2026. SoundHound AI is roughly in the middle at a 19x P/S.

Overall, if these companies’ growth expectations materialize, Nebius might perform the best in this group. But if Applied Digital secures new contracts or SoundHound AI wins major clients, the situation could reverse. In any case, all three AI technology stocks could potentially double by 2026. Recently, I’ve also been tracking these assets on Gate, and if you’re interested, you can check out the market trends.