10 AI Stocks Trending On Wall Street Right Now

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1.  Microsoft Corporation (NASDAQ:MSFT)

Number of Hedge Fund Holders: 317

Microsoft Corporation (NASDAQ:MSFT) provides AI-powered cloud, productivity, and business solutions, focusing on efficiency, security, and AI advancements. On March 7, the company announced a strategic shift in its data center strategy driven by power availability rather than user demand or creating supply. The company calls it a “power first” approach, in which affordable and emission-free power supply is a decisive factor driving investment. Microsoft is considering the Nordic region as a prime location for emission-free capacity to sustain artificial intelligence.

The company is particularly eyeing Finland due to the region’s cold climate that helps cool data centers, reliable power grids and abundant availability of carbon-neutral power, amongst other factors. Intending to become carbon-negative by 2030, the company needs to find emission-free renewable power that will help it sustain the AI-driven expansion of its cloud-based data storage and usage. According to Alistair Speirs, Microsoft’s senior director for Datacentre & AI Infrastructure, Microsoft’s global expansion in the use of artificial intelligence has been creating new workloads that are not tied to a specific location by legislation, allowing the company to build data centers with an abundance of emission-free power.

“There’ll be locations across the world but efficient energy infrastructure is going to be the deciding factor for a lot of these areas.”

Currently, the company is building a dozen new data centres on three sites in Finland and has partnered with local district heating producers, such as utility Fortum.

While we acknowledge the potential of MSFT as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than MSFT but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

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