15 AI News You Must Read Today

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Paul Hickey, Bespoke co-founder, joined CNBC’s ‘Closing Bell: Overtime’ to discuss the market’s reaction to the election results and earnings. According to Hickey, as the President-elect’s cabinet takes shape, it will provide insight into what to expect moving forward. However, he notes that election results can be overstated. Over the past 16 years, we’ve had some “very good” market returns for Obama, Trump, and Biden, he notes. Looking ahead, Hickey suggests that the AI bull market is likely to persist, driven by momentum, and will likely only change course if influenced by a significant external force.

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Hickey’s remarks demonstrate how the market is resilient in adapting to different administrations. The current AI boom stands to be a case in point, where innovations in artificial intelligence and machine learning have been attracting investors and consequently driven substantial capital inflows. Therefore, it is safe to say that companies harnessing AI for productivity gains, efficiency improvements, and new revenue streams have become the focal point of market optimism. As more industries integrate AI technology into their operations, the resulting growth potential could sustain the bull market for an extended period.

Developments in the AI Landscape

With AI momentum showing no signs of slowing down, there seemingly isn’t anyone who doesn’t want to reap all the benefits that AI delivers. Every year, more than a thousand startups join Station F, an iconic startup in Paris. Station F selects the top 40 most promising startups from the pool of 1000, sharing a list of what it calls the “Future 40”. 34 of the 40 startups this year have been using artificial intelligence, implying the significance of the technology.

Artificial intelligence is just as much a focal point nationally as it is at the local level. That said, OpenAI recently revealed its plans to work with the new administration on AI policy. Known as the official “blueprint for U.S. AI infrastructure”, it involves artificial intelligence economic zones, tapping the U.S. Navy’s nuclear power experience and government projects funded by private investors, notes CNBC. The blueprint also includes a North American AI alliance to compete with China’s initiatives and a National Transmission Highway Act “as ambitious as the 1956 National Interstate and Defense Highways Act.”

As per OpenAI, investment in the US AI is going to result in tens of thousands of jobs, GDP growth, a modernized grid that includes nuclear power, a new group of chip manufacturing facilities, and billions of dollars in investment from global funds. While Trump plans on repealing Biden’s executive order on AI, OpenAI has, in turn, highlighted a plan of AI economic zones co-created by state and federal governments “to give states incentives to speed up permitting and approvals for AI infrastructure”, amongst other things.

For this article, we selected AI stocks by going 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).

15 AI News You Must Read Today

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15. Navitas Semiconductor Corporation (NASDAQ:NVTS)

Market Capitalization: $334.37 million

Navitas Semiconductor Corporation (NASDAQ:NVTS) is a pure-play, next-generation power-semiconductor company. Its GaN chips have the potential to play a crucial role in powering AI data centers and other high-performance computing applications.

On November 12, Navitas Semiconductor Corporation (NASDAQ:NVTS) and Richardson Electronics, Ltd. announced an expanded distribution partnership for next-gen silicon carbide (SiC) power semiconductors for Europe, the Middle East, and Africa (EMEA). The partnership will be focusing on Navitas’s GeneSiC product line, including Navitas’ latest family of Gen-3 Fast MOSFETs that offer cool-running performance and 3x longer life.

“We are excited to partner with Richardson Electronics to support our expanding silicon carbide portfolio beyond the Americas into the EMEA region. Richardson Electronics provides excellent technical and sales support and has a strong reach within our key focus markets. We are looking forward to expanding our customer base in EMEA”.

– David Carroll, Senior Vice President of Worldwide Sales at Navitas Semiconductor Corporation (NASDAQ:NVTS).

14. Penguin Solutions, Inc. (NASDAQ:PENG)

Market Capitalization: $912.32 million

Penguin Solutions, Inc. (NASDAQ:PENG) is a technology company that designs, builds, deploys, and manages high-performance, high-availability enterprise solutions. Its products and services help data centers and tech companies fulfill AI’s enormous memory requirements.

On November 13, Penguin Solutions, Inc. (NASDAQ:PENG) announced that its end-to-end AI infrastructure solutions will be on display at the Supercomputing 24 (SC24), an international conference for high-performance computing (HPC), networking, storage, and analysis, taking place in Atlanta from November 18-22. The AI solutions being demonstrated include an AI factory solution, intelligent cluster management, as well as advanced computing and memory technologies.

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