Voice Agents Everywhere
Todd Siegel@toddsiegel
−2.9%
since Oct 16
The idea
I believe voice is becoming the main way people interact with AI over the next two to three years, moving beyond typing into phone calls, cars, apps and devices. To play that out, the basket owns the networks that carry voice traffic, the software businesses use to run voice agents, pure-play voice AI specialists, and the big AI platforms and chipmakers underneath it all. It holds a meaningful cash reserve to add on drops, and because the timeline is short I've sized the smaller, jumpier names at real weight rather than keeping everything safe and diluted.
What it owns
- The major platforms and chipmakers run the models and infrastructure behind voice agents, and they steady a basket of smaller, more volatile stocks. · NVIDIA CorporationMost AI agents answer in real time using Nvidia chips in data centers, so it benefits as AI companies expand their infrastructure to support voice models., Microsoft CorporationIt owns Nuance, one of the oldest speech recognition companies, and sells voice and AI services through its cloud platform to businesses building voice agents., Alphabet Inc.It builds Gemini, which can talk and listen in real time, and controls Android, the system on most phones, making it a platform for mobile voice interfaces., Amazon.com, Inc.It operates Alexa in homes and devices and runs Amazon Connect, a cloud contact center where businesses deploy AI phone agents., Qualcomm IncorporatedIt makes the chips in many phones and vehicles that let voice AI run on the device itself rather than only in data centers.27%
- Every AI voice agent that makes or answers a real phone call needs a connection to the phone network, and these companies provide that infrastructure regardless of which AI model powers the conversation. · Twilio Inc.It provides the phone network connections that every AI agent needs to make or answer real calls, earning revenue regardless of which AI model wins in the market., Bandwidth Inc.It owns its own phone network, allowing it to carry AI voice calls more cheaply than competitors renting capacity from other carriers., RingCentral, Inc.It operates phone systems for businesses and is adding AI that answers and routes calls, positioning itself to sell voice agents on top of its platform., Zoom Communications, Inc.It sells business phone service and contact center software alongside video meetings, placing it where voice agents will answer customer calls.25%
- Customer service is where businesses are deploying voice agents first, and these platforms are the main way companies buy and run them. · NICE Ltd.It makes the contact center software that large companies use to run customer service, the primary place where businesses are deploying voice agents first., Salesforce, Inc.Its dominance in customer records gives it a structural advantage as companies deploy AI agents for customer service, though rivals and custom solutions pose ongoing competition., Five9, Inc.It runs cloud call centers for mid-size and large businesses, a natural place to deploy AI voice agents alongside human representatives., ServiceNow, Inc.It runs the behind-the-scenes workflows like refunds and tickets that voice agents need to trigger to complete customer service tasks.23%
- These companies do nothing but voice AI, so they move the most if voice agents become widespread across customer service, ordering systems and vehicles. · SoundHound AI, Inc.It builds voice AI that takes orders, answers customer calls and runs in vehicles, making it a pure play on whether voice agents spread everywhere., Cerence Inc.It makes the voice assistant built into many vehicles, letting automakers offer in-car voice AI rather than handing the job to larger tech platforms.15%
- Cash10%