In this article, we will spotlight the 10 Best Financial Stocks To Buy According to Hedge Funds.
The financial services industry in the US is poised for a dynamic and challenging year ahead, shaped by a confluence of economic, technological, and regulatory factors. The global economy is anticipated to grow modestly, with advanced economies like the US expecting around 1.4% growth. This is influenced by ongoing geopolitical tensions, climate-related disruptions, and persistently high inflation rates. These macroeconomic conditions are expected to significantly impact the operations and profitability of financial institutions. High interest rates have been a double-edged sword for the industry. While they have led to substantial increases in net interest income, particularly for larger banks, they have also driven up funding costs, especially for smaller and regional banks, squeezing their margins. According to Deloitte, the Federal Reserve’s monetary policy will be crucial, with expectations that rates will remain elevated initially but may decrease later in the year. This will necessitate careful management of the balance between deposit rates and lending rates to sustain profitability. Economic uncertainty and the potential for slower growth have prompted banks to increase their loan loss provisions as a precautionary measure to cover potential defaults. This trend is expected to persist, reflecting a cautious approach to managing credit risk amidst economic volatility and increased regulatory scrutiny.
Concurrently, the financial services sector is experiencing significant technological shifts. Advances in AI and generative AI are set to transform various aspects of the industry, from retail investing and fraud detection to insurance offerings. However, these advancements also introduce new risks, such as heightened fraud potential and the need for robust cybersecurity measures. On the regulatory front, changes are becoming more stringent, particularly around climate-related disclosures and sustainability. Financial institutions are required to adapt to these new regulations aimed at enhancing transparency and effectively managing climate risks. These regulatory changes, coupled with technological advancements, are forcing financial institutions to innovate and evolve their business models and strategies. Overall, banks and financial institutions must remain agile and proactive, navigating these multifaceted challenges to maintain profitability and drive growth in 2024. This will involve balancing the benefits and risks of high interest rates, managing loan loss provisions prudently, leveraging technological advancements, and complying with evolving regulatory requirements.
In a recent development, major U.S. banks withstood a hypothetical 40% decline in commercial real estate values in the U.S. Federal Reserve’s annual health test, which alleviated concerns about the banking sector amid rising interest rates. With increasing risks in the commercial real estate (CRE) sector, investors were keenly observing the Fed’s stress tests to gauge the exposure of American lenders at a time when pandemic-era work patterns have left office towers largely vacant, pushing vacancy rates to a historic high of 20%. Chris Marinac, head of research at Janney Montgomery Scott, commented, “In many ways, there should be a sense of relief that banks can endure a severe crisis. However, this doesn’t mean the Fed believes commercial real estate is in the clear. We are still in the early stages of this credit cycle”. The Fed’s stress tests evaluate banks’ balance sheets against a hypothetical severe economic downturn, including a 36% drop in U.S. home prices, a 55% plunge in equity prices, and an unemployment rate of 10%, reported Reuters.
Results of the stress test released recently showed that banks could continue lending to households and businesses in the event of a severe global recession and indicated the capital needed to be deemed healthy and to determine how much they can return to shareholders through dividends and buybacks. The 31 large banks tested demonstrated they had enough capital to absorb nearly $685 billion in losses. This test comes over a year after the collapse of mid-sized lenders like Silicon Valley Bank, Signature Bank, and First Republic, which sparked criticism that the Fed had underestimated banks’ vulnerabilities to rising interest rates, previously assuming rates would fall during a severe recession. Commercial office space is a significant concern, with $929 billion of the $4.7 trillion in outstanding commercial mortgages maturing in 2024, according to the Mortgage Bankers Association. This approaching maturity wall occurs amid declining property values and reduced rental income. Analysts foresee a challenging period for CRE, with banks still having “considerable concentration risks,” according to Moody’s Ratings. Of the banks tested, Goldman Sachs had the highest projected loan loss for commercial real estate at 15.9%, followed by RBC USA (15.8%), Capital One (14.6%), and Northern Trust (13%). One critique from analysts is that the Fed’s stress test did not include regional banks, which hold most of the CRE loans and are less regulated than their larger counterparts.
Over the coming months, senior leaders in the financial services industry anticipate a challenging landscape marked by high interest rates, increased regulatory scrutiny, and persistent inflation concerns. While these trends are familiar to industry veterans, many younger employees have not encountered such conditions before. According to Deloitte, leaders will need to guide their teams through uncertainty, focusing on navigating near-term challenges and identifying potential opportunities. Looking ahead, rapid technological advancements—including generative AI, cloud migration, heightened fraud and cyber risks, and the convergence of industries through embedded finance—will demand unprecedented agility from financial services leaders. Adapting to these changes will require creating new strategic pathways to align with evolving market dynamics. Throughout history, the financial services sector has often driven progress by helping organizations and individuals navigate economic and societal shifts. By the end of this decade, 2024 may be recognized as a pivotal year when the future began to materialize in tangible ways. Investing now in innovative products and services that foster positive outcomes could position firms for sustained competitive advantage in the years ahead.
10 Best Financial Stocks To Buy According to Hedge Funds
Our Methodology
We leveraged Insider Monkey’s comprehensive database of 920 prominent hedge funds to identify the top 10 financial stocks with the highest level of hedge fund investment as of Q1 2024. These stocks are listed in order of increasing hedge fund ownership, providing insight into the most popular financial stocks among elite investors.
10. Discover Financial Services (NYSE:DFS)
Number of Hedge Fund Holders: 71
Discover Financial Services (NYSE:DFS) is in the spotlight due to several developments. Its $10 billion U.S. student loan portfolio is for sale, with Carlyle Group and KKR & Co as final bidders. BTIG rated Discover Financial Services (NYSE:DFS) neutral amid potential merger talks with Capital One. Positive trends in credit metrics and receivables are noted, though loan growth slowdown raises revenue concerns. On June 25, Deutsche Bank made a notable adjustment to its outlook on Discover Financial Services (NYSE:DFS). The investment bank reduced the stock’s price target slightly from $137 to $136, while maintaining a Hold rating. This revision was prompted by an updated earnings model and valuation for the second quarter of 2024. The update to the model incorporated recent trust data from April and May, which offered new insights into Discover Financial Services (NYSE:DFS) performance. Specifically, the data indicated that the company has shown a positive credit performance during this period. Positive credit performance typically suggests that the company is managing its credit risks effectively, with fewer defaults and better overall credit health among its customers. However, alongside this positive credit performance, the data also revealed a slowdown in the growth of card loans. This could imply that while the existing credit is performing well, the company is not expanding its loan portfolio as quickly as before. A slowdown in card loan growth might raise questions about future revenue growth and market penetration. This dual observation of strong credit performance but slower loan growth influenced Deutsche Bank’s decision to slightly lower the price target.
Discover Financial Services reported its latest quarterly earnings on April 15, 2024, surpassing expectations across the board. The company posted a normalized EPS of $11.58, exceeding estimates by $2.94. Revenue for the quarter totaled $14.21 billion, significantly exceeding expectations by $1.28 billion, marking a robust performance for Discover Financial Services in the latest reporting period. The number of hedge funds in Insider Monkey’s database owning stakes in Discover Financial Services (NYSE:DFS) grew to 71 in Q1 2024, from 43 in the preceding quarter. The consolidated value of these stakes is nearly $3.54 billion. Among these hedge funds, Glenn Greenberg’s Brave Warrior Capital was the company’s leading stakeholder in Q1.
09. The Goldman Sachs Group, Inc. (NYSE:GS)
Number of Hedge Fund Holders: 72
The Goldman Sachs Group, Inc. (NYSE:GS) announced on May 29 that it raised over $20 billion for private credit investments, reflecting growing interest in the asset class. This includes closing West Street Loan Partners V at $13.1 billion and securing $7 billion from senior direct lending accounts, along with $550 million from co-investment vehicles. Institutional investors like pension plans, insurance companies, and sovereign wealth funds, alongside clients from Goldman Sachs Private Wealth Management and third-party channels, participated. James Reynolds, global head of Direct Lending at Goldman Sachs Alternatives, highlighted strong demand from financial sponsors in the senior direct lending market. In the first quarter of 2024, there were 72 hedge funds holding positions in The Goldman Sachs Group, Inc. (NYSE:GS), as compared to 69 in the previous quarter according to Insider Monkey’s database. The total value of these holdings is approximately $6.87 billion. Ken Fisher’s Fisher Asset Management held the largest stake among these hedge funds during this period.
Ariel Focus Fund stated the following regarding The Goldman Sachs Group, Inc. (NYSE:GS) in its fourth quarter 2023 investor letter:
“Global investment bank, The Goldman Sachs Group, Inc. (NYSE:GS), also increased in the period on solid earnings results. The top-line came in strong led by elevated financing activity and an improvement in advisory revenues, despite weak transaction volumes within the investment banking segment. Should conditions remain conducive, management remains cautiously optimistic the business will experience continued recovery in both capital markets and strategy activity. Meanwhile, GS continues to successfully execute on its strategic initiatives to improve the overall return of the company. It is right sizing headcount and narrowing its ambitions in consumer strategy through divestitures and an enhanced focus on driving profitability in Platform Solutions by 2025. With potential regulatory capital constraints from B3E, GS noted it will reign in buybacks over the short-term but maintain its dividend. Looking ahead, we continue to view the near and long-term outlook for Goldman as attractive at current levels, given favorable business trends, continued positive momentum on strategic initiatives and active expense/capital management programs.”
08. Wells Fargo & Company (NYSE:WFC)
Number of Hedge Fund Holders: 73
Number eight on our list of 10 Best Financial Stocks To Buy According to Hedge Funds is Wells Fargo & Company (NYSE:WFC). Wells Fargo & Company (NYSE:WFC) announced its latest quarter’s earnings on April 12. The company reported a normalized EPS of $1.20, exceeding expectations by $0.11. The revenue for the quarter amounted to $20.86 billion, which was a significant beat, exceeding estimates by $711.46 million. Wells Fargo plans to increase its common stock dividend by 14% to $0.40 per share for the third quarter of 2024, pending Board approval in July. The company also indicated potential common stock repurchases from the third quarter of 2024 through the second quarter of 2025, depending on market conditions and regulatory requirements. CEO Charlie Scharf highlighted the company’s strong capital position and commitment to meeting customer needs while returning excess capital to shareholders.
The number of hedge funds in Insider Monkey’s database owning stakes in Wells Fargo & Company (NYSE:WFC) grew to 73 in Q1 2024, as compared to 72 in the preceding quarter. The consolidated value of these stakes is nearly $4.42 billion. Among these hedge funds, Natixis Global Asset Management’s Harris Associates was the company’s leading stakeholder in Q1.
ClearBridge Value Equity Strategy stated the following regarding Wells Fargo & Company (NYSE:WFC) in its fourth quarter 2023 investor letter:
“Stock selection in the financials sector proved to be the largest contributor to relative outperformance. Banking stocks such as Wells Fargo & Company (NYSE:WFC) saw their share price rise during the quarter as investors anticipated Fed rate cuts that would reduce deposit costs while retaining economic strength and minimizing the risk of credit losses.”
07. Apollo Global Management, Inc. (NYSE:APO)
Number of Hedge Fund Holders: 81
In recent developments, Apollo Global Management, Inc. (NYSE:APO) announced the results of its 2024 Annual Meeting of Stockholders, confirming the re-election of all sixteen director nominees for a one-year term expiring in 2025. Re-elected board members include Marc Beilinson, James Belardi, Jessica Bibliowicz, Walter Clayton, Michael Ducey, Kerry Murphy Healey, Mitra Hormozi, Pamela Joyner, Scott Kleinman, A.B. Krongard, Pauline Richards, Marc Rowan, David Simon, Lynn Swann, Patrick Toomey, and James Zelter. Additionally, stockholders ratified Deloitte & Touche LLP as the independent public accounting firm for 2024. Apollo Global Management, Inc. (NYSE:APO) is negotiating with Sony Pictures Entertainment to acquire Paramount Global for $26 billion and is also considering a joint acquisition of DXC Technology with Kyndryl Holdings.
In the first quarter of 2024, the number of hedge funds with stakes in Apollo Global Management, Inc. (NYSE:APO) increased to 81 from 77 in the previous quarter, according to Insider Monkey’s database. The combined value of these stakes is approximately $5.21 billion. Chase Coleman And Feroz Dewan’s Tiger Global Management LLC emerged as the largest stakeholder among these hedge funds during this period.
Baron FinTech Fund stated the following regarding Apollo Global Management, Inc. (NYSE:APO) in its first quarter 2024 investor letter:
“Shares of alternative asset manager Apollo Global Management, Inc. (NYSE:APO) outperformed after the company reported strong financial results and gave a positive outlook on growth over the next several years. In the most recent quarter, assets under management increased 19% and earnings per share increased 27%. Despite a more dovish interest rate outlook, management maintained 2024 financial guidance, which calls for 15% to 20% growth in fee-related earnings and double-digit growth in spread-related earnings. Fundraising remains strong, which supports management’s goal of more than doubling the pace of capital deployment over the next five years. Management remains bullish on private credit due to growth opportunities across fixed income replacement, retirement accounts, and high-net-worth investors.”
06. Bank of America Corporation (NYSE:BAC)
Number of Hedge Fund Holders: 82
Number six on our list of 10 Best Financial Stocks To Buy According to Hedge Funds is Bank of America Corporation (NYSE:BAC). During Q1, 2024 the count of hedge funds holding positions in Bank of America Corporation (NYSE:BAC) fell to 82 from 96 in the prior quarter, as reported by Insider Monkey’s database encompassing 920 hedge funds. These holdings collectively amount to around $45.59 billion. Warren Buffett’s Berkshire Hathaway emerged as the leading shareholder among these hedge funds during this timeframe. On June 14, Keefe Bruyette analyst David Konrad upgraded Bank of America to “Outperform” from “Market Perform” and raised the price target to $46 from $37.
On June 26, Bank of America Corporation (NYSE:BAC) amended its bylaws during its regular governance review. The Board of Directors approved changes to clarify remote shareholder meeting procedures as per Delaware law and outlined voting requirements for decisions needing more than a majority vote. The amendments also define the process for selecting a presiding chair in the Chair’s absence and revise procedural and disclosure requirements for shareholder proposals and director nominations, including the Board’s role in validating them. These revisions aim to streamline governance and enhance transparency.
Sequoia Fund stated the following regarding Bank of America Corporation (NYSE:BAC) in its fourth quarter 2023 investor letter:
“Exits last year included Netflix, Bank of America Corporation (NYSE:BAC) and Micron. As discussed in our Q1 shareholder letter, we exited our investment in Bank of America soon after making it, as our thesis was quickly undermined by the regional banking crisis and the regulatory developments that it catalyzed. We think both Bank of America and Micron were purchased at conservative prices given the facts at hand, but the facts changed and we moved on.”
05. The Progressive Corporation (NYSE:PGR)
Number of Hedge Fund Holders: 85
The Progressive Corporation (NYSE:PGR), a leading insurance provider, reported its financial results for May 2024, showing consistent growth in premiums and policies in force, along with a slight increase in its combined ratio compared to the previous year. For the month ending May 31, 2024, The Progressive Corporation (NYSE:PGR) reported net premiums written of $5.975 billion and net premiums earned of $5.857 billion. The company’s net income was $235.7 million, or $0.40 per share available to common shareholders. Additionally, The Progressive Corporation (NYSE:PGR) recorded a total pretax net realized gain on securities of $117.6 million. The insurer’s combined ratio, a crucial performance metric in the insurance industry, was 100.4 for the current year, slightly up from 99.0 in the same month last year. BMO Capital Markets reiterated its “Outperform” rating for The Progressive Corporation (NYSE:PGR), maintaining a $235.00 price target. The firm highlighted an unexpected acceleration in Progressive’s Personal Auto organic policy count growth in May, which typically slows down as summer approaches.
In the first quarter of 2024, the number of hedge funds with stakes in The Progressive Corporation (NYSE:PGR) increased to 85 from 79 in the previous quarter, according to Insider Monkey’s database of 920 hedge funds. The combined value of these stakes is approximately $4.99 billion. Andreas Halvorsen’s Viking Global emerged as the largest stakeholder among these hedge funds during this period.
Artisan Select Equity Fund stated the following regarding The Progressive Corporation (NYSE:PGR) in its first quarter 2024 investor letter:
“The Progressive Corporation (NYSE:PGR) shares rose 30% during the quarter. After a difficult start to 2023, the company quickly adapted and finished the year with impressive growth in premiums and underwriting profits. In Q4 2023, it managed to grow its customer base even as it raised rates and improved its underwriting ratios—a trifecta that isn’t often seen in the insurance industry. This performance has continued, which should set the stage for another year of good results in 2024. Perhaps most importantly, it has been able to navigate the environment far better than its peers, many of whom are still reporting sub-par underwriting performance. Progressive has consistently gained market share in the personal auto market over our ownership period and now commands close to 15% of the total market. Its shares are no longer a bargain, but we continue to hold them due to the high quality of this business and the advantaged nature of its low-cost insurance franchise.”
04. KKR & Co. Inc. (NYSE:KKR)
Number of Hedge Fund Holders: 87
In a recent development, KKR & Co. Inc. (NYSE:KKR) has approached WPP, the UK-listed advertising group, about increasing its majority control of financial communications firm FGS Global, according to sources familiar with the matter. WPP, which currently holds about 55% of FGS, rejected the recent offer to boost KKR & Co. Inc. (NYSE:KKR) stake, which valued FGS higher than a previous deal in 2023 but was deemed inadequate by some insiders. Negotiations may continue with a potential for KKR & Co. Inc. (NYSE:KKR) to revise its offer upwards. Philipp Freise of KKR & Co. Inc. (NYSE:KKR) led the initial investment in FGS, and Goldman Sachs is advising WPP on transactions. WPP, KKR, and FGS are also exploring plans to potentially list FGS in the next two years. WPP’s broader portfolio includes firms like Burson and GroupM, and it holds a stake in Kantar. FGS, a strategic advisory and communications consultancy with a global presence, was formed through the merger of several companies controlled by WPP. It generated approximately $450 million in revenue last year.
In Q1 2024, the count of hedge funds holding stakes in KKR & Co. Inc. (NYSE:KKR) rose to 87 from 68 in the previous quarter, based on Insider Monkey’s database of 920 hedge funds. These stakes collectively amount to around $5.81 billion in value. Alexis Fortune’s Blacksheep Fund Management emerged as the largest stakeholder among these hedge funds during this period.
Vulcan Value Partners stated the following regarding KKR & Co. Inc. (NYSE:KKR) in its first quarter 2024 investor letter:
“KKR & Co. Inc. (NYSE:KKR), a large alternative investment manager, continues to execute well and was a material contributor for the second consecutive quarter. The company reported increased fundraising during the quarter and macro factors are becoming more favorable for the firm. We continue to believe that KKR is well-positioned for the future.”
03. Citigroup Inc. (NYSE:C)
Number of Hedge Fund Holders: 94
Citigroup Inc. (NYSE:C) CEO Jane Fraser stated on June 18 that the bank has moved away from its expansive model of the 1990s. “We are no longer the financial supermarket of the past,” Fraser said at an event in New York City. “Instead, our vision is sharply focused”. Citigroup Inc. (NYSE:C) is scaling back operations, divesting businesses, and reducing the workforce to boost stock performance and streamline operations. CFO Mark Mason labeled 2024 as an “inflection year,” aiming to increase full-year revenue by at least $6 billion by 2026 while cutting expenses by at least $500 million. On June 20, Keefe, Bruyette & Woods analyst David Konrad reiterated a “Market Perform” rating for Citigroup Inc. (NYSE:C) and increased the price target from $66 to $69.
In the first quarter of 2024, the number of hedge funds with stakes in Citigroup Inc. (NYSE:C) increased to 94 from 87 in the previous quarter, according to Insider Monkey’s database. The combined value of these stakes is approximately $10.64 billion. Warren Buffett’s Berkshire Hathaway emerged as the largest stakeholder among these hedge funds during this period.
Silver Beech Capital stated the following regarding Citigroup Inc. (NYSE:C) in its first quarter 2024 investor letter:
“Since the beginning of 2023, Citigroup Inc. (NYSE:C) has been one of the Fund’s largest holdings. In our Q3 2023 investor letter, we laid out our core investment thesis for Citi: although the bank was an underperformer (weak returns on equity), Citi was (1) less risky than it had ever been and (2) cheaper than it had ever been. The Fund’s investment thesis for Citi featured in a November 2023 Euromoney article Citi 2.0: If she builds it, will they come?
The market narrative has started to converge on our investment thesis. During the first quarter, Citi was the best-performing bank stock in the S&P 500 index. However, improvements in Citi’s operating performance have come more slowly than its share price gains. Due to this converging market perception with our own thesis, the Fund exited its position in Citi. The Fund’s stake in Citi generated a 34% gross IRR over our 14-month investment period.”
02. S&P Global Inc. (NYSE:SPGI)
Number of Hedge Fund Holders: 97
S&P Global Inc. (NYSE:SPGI) ranks second on our list of 10 Best Financial Stocks To Buy According to Hedge Funds. During Q1, 2024 the count of hedge funds holding positions in S&P Global Inc. (NYSE:SPGI) rose to 97 from 82 in the prior quarter, as reported by Insider Monkey’s database encompassing 920 hedge funds. These holdings collectively amount to around $9.57 billion. Chris Hohn’s TCI Fund Management emerged as the leading shareholder among these hedge funds during this timeframe. On April 18, Stifel analyst Shlomo Rosenbaum reiterated a “Buy” rating for S&P Global Inc. (NYSE:SPGI) but lowered the price target from $460 to $442.
The London Stock Exchange Group and S&P Global Inc. (NYSE:SPGI) are reportedly among the contenders interested in acquiring data provider Preqin, reported Reuters. The owners of Preqin, which specializes in private equity industry data, are exploring options that include a potential full sale of the business. Goldman Sachs is advising on the sale process, which is currently in its second round. Analysts involved estimate that the sale could fetch over $2 billion, although specifics remain confidential.
Baron Durable Advantage Fund stated the following regarding S&P Global Inc. (NYSE:SPGI) in its first quarter 2024 investor letter:
“Shares of rating agency and data provider S&P Global Inc. (NYSE:SPGI) declined 3.1% during the quarter after the company provided financial guidance that missed Street expectations. While S&P guided to solid organic revenue growth of 7% to 9% and EPS growth of 9% to 11%, projected margin expansion fell short of investor estimates, which underestimated the correlation between improving top-line trends and variable employee comp (which is rising as a result). We are not concerned with this short-term dynamic that is the outcome of improving business fundamentals. S&P reported solid results for the most recent quarter, with 11% organic revenue growth, 23% EPS growth, and broad-based strength across the company’s business segments. Ratings growth was especially robust as debt issuance rebounded amid improving market conditions. Positive momentum has continued into 2024, with 66% issuance growth in January and February. We continue to own the stock due to the company’s durable growth characteristics and significant competitive advantages.”
01. JPMorgan Chase & Co. (NYSE:JPM)
Number of Hedge Fund Holders: 112
Topping our list of 10 Best Financial Stocks To Buy According to Hedge Funds is JPMorgan Chase & Co. (NYSE:JPM). In recent development on June 25, JPMorgan Chase & Co. (NYSE:JPM) has attracted over $15 billion in assets from affluent clients for its growing tax strategy business. This move underscores the bank’s efforts to expand its market presence and compete effectively with rivals such as Goldman Sachs Group Inc. and Morgan Stanley. On June 21, JPMorgan Chase & Co. (NYSE:JPM) revealed its expansion plans in South Florida, highlighting the region’s strategic importance for the bank. It announced the opening of a 13,000-square-foot office in West Palm Beach. This expansion is projected to stimulate approximately $151 million in additional economic activity for South Florida and create around 380 local construction jobs annually during the building phase.
In the first quarter of 2024, the number of hedge funds with positions in JPMorgan Chase & Co. (NYSE:JPM) rose to 112 from 103, according to Insider Monkey’s database, which tracks 920 hedge funds. The combined value of these holdings is approximately $8.41 billion. During this period, Ken Fisher’s Fisher Asset Management became the largest shareholder among these hedge funds.
Carillon Eagle Growth & Income Fund stated the following regarding JPMorgan Chase & Co. (NYSE:JPM) in its first quarter 2024 investor letter:
“JPMorgan Chase & Co. (NYSE:JPM) contributed positively to performance following solid financial results and positive guidance for the remainder of 2024. Moreover, growing chatter around rising capital markets activity likely contributed to the stock’s strong performance relative to other banks. Recall that JPMorgan has a robust capital markets franchise.”
While we acknowledge the potential of JPMorgan Chase & Co. (NYSE:JPM) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than JPMorgan Chase & Co. (NYSE:JPM) but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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