10 AI News Making Waves on Wall Street

8. AppLovin Corporation (NASDAQ:APP)

Number of Hedge Fund Holders: 51

AppLovin Corporation (NASDAQ:APP) provides a leading marketing platform powered by AI technology. On February 10, Wedbush analyst Michael Pachter maintained their bullish stance on the stock and gave a “Buy” rating. The firm is optimistic about the stock considering its shift in mobile ad spending. In particular, Apple’s IDFA changes have been particularly helpful for Applovin, redirecting ad dollars towards mobile games. IDFA, or Identifier for Advertisers, helps advertisers target and track users in apps on iOS devices. These changes disrupted traditional mobile advertising, with Applovin figuring out a way by integrating data-driven strategies with robust AI and a focus on contextual advertising. In particular, the company’s AppLovin’s AI-powered ad technology, AXON 2.0, considerably boosted ad performance and doubled the number of installs compared to competitors without increasing overall spending. This allowed it to capture a significant share of the mobile games ad market. The firm further noted that Applovin’s financial outlook remains robust and that its software platform is seeing strong contribution margins. With potential expansion into e-commerce ads, there is room for additional revenue growth.