Photo by Steve Johnson on Unsplash

Introduction

The 10 stocks in the munKNEE Small Cap AI Stocks Index were in bubble mode in December 2023, going UP 17.3%, on average, that month, but the bubble began to deflate in 2023. During the first week of April six (6) of the 10 stocks in the Index declined (DOWN 7.0%) with the Index DOWN 20.5% YTD. The decline broadened this past week with all 10 constituents declining (DOWN 8.8%). ranging from -4.8% to -24.5%, with the Index now DOWN 27.7% YTD.

Our Small Cap AI Stocks Index

The performances of the 10 stocks in the Index are ranked below in descending order as to their performances last week and YTD, along with a description of each company's business, their current market capitalizations and their latest news, commentary and/or analysis where available:

1. Digimarc Corporation (DMRC):  DOWN 4.3% last week; DOWN 35.1% YTD
   • DMRC software provides digital identifiers designed to address counterfeiting, product authenticity, recycling accuracy, and supply chain traceability.
   • Market Capitalization: $498M
   • Latest news, commentary and/or analysis: None
2. Innodata (INOD):  DOWN 7.7% last week; DOWN 22.2% YTD
   • INOD provides AI-enabled software platforms and managed services for AI data annotation, AI digital transformation, and industry-specific business processes.
   • Market Capitalization: $182M
   • Latest news, commentary and/or analysis: None
3. Applied Optoelectronics (AAOI):  DOWN 10.3% last week; DOWN 41.9% YTD
   • AAOI provides fiber-optic access network products for the cable broadband, internet data center, telecom, and fiber-to-the-home markets.
   • Market Capitalization: $431M
   • Latest news, commentary and/or analysis: None
4. BigBear.ai (BBAI):  DOWN 10.3% last week; DOWN 18.2% YTD
   • BBAI provides AI and machine learning to assist customers in aggregating, interpreting, and synthesizing data to enable real-time decision-making capabilities.
   • Market Capitalization: $425M
   • Latest news, commentary and/or analysis: None
5. Rigetti Computing: (RGTI): DOWN 11.9% last week; UP 145.8% YTD
   • RGTI builds quantum computers and the superconducting quantum processors.
   • Market Capitalization: $187M
   • Latest news, commentary and/or analysis: None
6. Evolv Technologies (EVLV):  DOWN 12.5% last week; DOWN 13.6% YTD
   • EVLV screens people for threats without sacrificing the visitor experience.
   • Market Capitalization: $630M
   • Latest news, commentary and/or analysis: None
7. D-Wave Quantum (QBTS): DOWN 13.3% last week; UP 85.2% YTD
   • QBTS develops and delivers quantum computing systems, software, and services worldwide.
   • Market Capitalization: $264M
   • Latest news, commentary and/or analysis: None
8. SoundHoundAI (SOUN): DOWN 15.4% last week; UP 106.6% YTD 
   • SOUN offers voice AI solutions that let businesses offer conversational experiences to their customer in 25 different languages.
   • Market Capitalization: $1,350M
   • Latest News, Commentary and/or Analysis:
     • SoundHound AI Sinks Following Stock Sale Announcement
9. Rekor Systems (REKR): DOWN 15.8% last week; DOWN -39.0% YTD
   • REKR leverages AI, machine learning, and holistic data to support the intelligent infrastructure for smart mobility.
   • Market Capitalization: $173M
   • Latest news, commentary, and/or analysis: None
10. Verses AI (VRSSF):  DOWN 24.5% last week; DOWN 30.4% YTDs
    • VRSSF offers a voice and text-based personal AI assistant designed to learn about its users in order to better organize, manage, and optimize their digital life.
    • Market Capitalization: $119M
    • Latest news, commentary and/or analysis: 
      • VERSES Provides Q1 2024 Corporate Update

Summary

The decline in the munKNEE Small Cap AI Stocks Index broadened this past week with all 10 constituents declining (DOWN 8.8%, on average). ranging from -4.8% to -24.5%, with the Index now DOWN 27.7% YTD. The average market capitalization declined to $426M and the average stock price declined to $5.68. Excluding the highest price stock in the Index lowered the average price to $3.71/share.

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