15 AI News Investors Should Not Miss

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10. Zoom Video Communications, Inc. (NASDAQ:ZM)

Number of Hedge Fund Holders: 39

Zoom Video Communications, Inc. (NASDAQ:ZM) is a communications technology company popularly known for its video conferencing application called Zoom. The company leverages AI in several ways, such as through Zoom AI Companion, an AI assistant that can compose messages, summarize meetings, and offer meeting assistance.

On Tuesday, October 22, Zoom Video Communications, Inc. (NASDAQ:ZM) announced that it is partnering with Suki, an AI medical scribe provider. The partnership aims to offer doctors on its platform an AI scribe to help them take notes about consultation with their patients. Punit Soni, founder and CEO of Suki, claims that the popular video conferencing platform considered every other AI medical scribe startup before they chose Suki.

Earlier this month, Zoom’s founder and CEO, Eric Yuan revealed that the company is aiming to transform itself from merely a conferencing company to one focused on AI tools for workplaces. On October 17, Wedbush, a privately held financial services firm, upgraded the rating on the company’s stock from “Neutral” to “Outperform”, raising the price target from $80 to $85. As per analysts, the company is expected to see a re-acceleration in growth at enterprise customers. The company’s broad portfolio is also expanding into a contact center with a “strong installed base” of small-to-mid-sized business, mid-market, and enterprise customers. This will position it for strong up-sell and cross-sell opportunities, the analysts note.

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