10 AI News You Can’t Miss

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7. Elastic N.V. (NYSE:ESTC)

Number of Hedge Fund Holders: 47

Elastic N.V. (NYSE:ESTC) is a search AI company offering cloud-based solutions. On December 21, Morgan Stanley said that GenAI’s Momentum could lift two stocks higher. One of them is Elastic N.V. The firm is bullish on Elastic, citing that the company is well-positioned to as enterprises adopt GenAI and vector search to modernize workloads. Here are analyst Sanjit Singh’s comments for the company:

“We believe Elastic’s search end market is poised to accelerate as enterprises modernize their existing search workloads with the use of GenAI and vector search technology, which will enable a natural language search experience that will be more engaging and more relevant for end users. At a minimum, we think Elastic is well positioned to sustain market share, resulting in our upside to current consensus, given a supportive technology cycle driven by generative AI, our positive customers checks, our proprietary GitHub analysis, and a top-down market share analysis”.

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