10 Unsexy AI Stocks According to Goldman Sachs

8. SoFi Technologies, Inc. (NASDAQ:SOFI)

Number of Hedge Fund Holders: 29

SoFi Technologies, Inc. (NASDAQ:SOFI) is a fintech firm based in California. Anthony Noto, the CEO of the firm, spoke at the Communacopia and Technology Conference earlier this month, noting that the biggest need in the fintech industry was upgrading core technologies. The second biggest need, per the CEO, was for brands to be able to scale AI products related to financial services with modern technologies. Noto claimed that his firm was already in conversations with many large brands that wanted to build on their existing capabilities and also offer product extensions.

Commenting on the macro environment, the SoFi Technologies, Inc. (NASDAQ:SOFI) Chief predicted that the Federal Reserve would reduce interest rates by 75 basis points in 2024, a move he said would benefit loan demand for his company and free up investment cash for other companies. Noto remarked that policymakers should jumpstart rate cuts with a big reduction of 50 basis points as it would spur more economic activity next year because corporations were making decisions about next year now.