15 AI News Updates Wall Street Is Monitoring

The leaders of the United States and China both participated in the recently held APEC Summit in Peru, with artificial intelligence dominating headlines again. Latest reports from Techopedia suggest that the two countries have in principle reached an agreement that neither nation would delegate control of nuclear weapons to artificial intelligence systems. White House National Security Advisor Jake Sullivan said in a statement that the agreement was not a reaction to imminent threats but a proactive measure acknowledging the leadership of both nations in AI development. Sullivan further noted the agreement reflects how, even amidst competition, the US and the PRC can work responsibly to manage risks.

Read more about these developments by accessing 10 Best AI Data Center Stocks and 10 Buzzing AI Stocks According to Goldman Sachs.

Meanwhile, AI startups continue to draw the attention of investors. Crunchbase data shows that  AI companies raised close to $19 billion in the third quarter this year, representing 28% of all venture funding. The quarter also witnessed the biggest venture capital deal of all time, with OpenAI raising more than $6.6 billion at a valuation of over $150 billion, making it the most private firm in the world. The data also shows that 44 AI startups in the US raised $100 million or more in funding. Even as concerns over return on investment in the AI space continue to grow, the VC appetite for AI firms seems far from over.

Read more about these developments by accessing 30 Most Important AI Stocks According to BlackRock and Beyond the Tech Giants: 35 Non-Tech AI Opportunities.

For this article, we selected AI stocks by combing through news articles, stock analysis, and press releases. These stocks are also popular among hedge funds.

Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).

Stocks

AI News Updates Wall Street Is Monitoring

15. Tetra Tech, Inc. (NASDAQ:TTEK)

Market Capitalization: $10 Billion   

Tetra Tech, Inc. (NASDAQ:TTEK) provides consulting and engineering services in the United States and internationally. The firm provides cooling solutions to data centers. On November 13, the company posted earnings for the fourth fiscal quarter, reporting earnings per share of $0.38, beating analyst expectations by $0.01. The revenue over the period was $1.37 billion, up more than 8% compared to the revenue over the same period last year and beating market estimates by more than $239 million.