15 AI News Investors Should Not Miss

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5. Vertiv Holdings Co (NYSE:VRT)

Number of Hedge Fund Holders: 92

Vertiv Holdings Co (NYSE:VRT) is a company that offers digital infrastructure technology and services for data centers, communication networks, and commercial and industrial facilities. The company’s offerings, such as its cooling and power systems, are fundamental to ensure that data centers run smoothly, as these facilities are responsible for operating AI technologies.

On October 24, Bank of America Securities analyst Andrew Obin reiterated a Buy rating on the stock with a $140.00 price target. The company reported strong Q3 2024 results, achieving a 19% organic net sales growth year-over-year (YoY) and a 41% jump in adjusted operating profit to $417 million. Its 47% year-over-year backlog surge to $7.4 billion is an indicator of the strong demand for its infrastructure solutions. Vertiv’s partnership with Nvidia has also been a major growth driver, co-developing the GB200 NVL72 to meet the surging demand in AI and high-performance computing. In essence, strong market demand and earnings growth driven by artificial intelligence tailwinds have led to the rating reiteration.

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