15 AI News You Should Not Miss

10. Cadence Design Systems, Inc. (NASDAQ:CDNS)

Number of Hedge Fund Holders: 64

Cadence Design Systems, Inc. (NASDAQ:CDNS) is an American multinational technology and computational software company that delivers hardware, software, and IP for electronic design. The leading EDA and Intelligent System Design provider supplies both software and specialized computer servers to leading AI-chip designers.

On Tuesday, October 29, Reuters reported that Cadence Design Systems, Inc. (NASDAQ:CDNS) had raised the midpoint of its annual profit forecast on Monday. The company is betting on the surge in generative AI to boost demand for its software, which is used in designing the chips powering those systems.  It raised the midpoint of its adjusted annual profit forecast to $5.90 per share, up from the previous $5.87 per share for 2024. The company’s software helps automate parts of the chip design process, enabling precise transistor layouts to develop the fastest and most powerful semiconductors. Its September quarter has already seen a 20% rise in revenue to $1.22 billion, marking its strongest growth in over a year and a half. The company is also poised to benefit from a new generation of its Palladium supercomputer, reported to go on sale in the third quarter with sales mounting in the next.