12 AI News Investors Should Not Miss This Week

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1. PowerFleet, Inc. (NASDAQ:AIOT)

Number of Hedge Fund Holders: 26

PowerFleet, Inc. (NASDAQ:AIOT) is a software infrastructure company and a leader in the Artificial Intelligence of Things (AIoT) software-as-a-service (SaaS) mobile asset industry. It offers SaaS cloud-based applications data from IoT devices and ecosystem of third-party and partner applications to present actionable information for customers to increase efficiencies. The company moved to enhance workforce retention, operational efficiency, and safety on March 10, by launching advanced Unity in-warehouse solutions.

PowerFleet, Inc. (NASDAQ:AIOT) combined its AI-driven safety technology with TELUS’s extensive network infrastructure to enable real-time analytics and reliable connectivity with the new solution. The TELUS partnership should expand market reach across North America without requiring Powerfleet to build a specialized sales force. In return, the company should gain accelerated market access through its Unity AI-driven warehouse solutions.

“With TELUS’s expansive market presence and commitment to digital transformation, we can accelerate the adoption of Unity’s AI-driven safety, sustainability, compliance, and efficiency solutions across a broad range of industries. By combining TELUS’s vast customer base with our cutting-edge AIoT technology, this collaboration strengthens our abilities to drive scalable revenue growth and furthers Powerfleet as a force in AIoT-driven digital transformation,” said Steve Towe, CEO of Powerfleet.

While we acknowledge the potential of PowerFleet, Inc. (NASDAQ:AIOT) 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 time frame. If you are looking for an AI stock that is more promising than AIOT 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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