In this article, we discuss the 15 AI stocks on the radar of Wall Street analysts.
Uber, the ride-hailing company that has yet to catch onto the AI boom, is reportedly expanding its fleet of gig workers for a new project aimed at AI annotation and data labeling. According to a report by news publication Bloomberg, the ride-hailing company has started hiring contractors for a new AI and data labeling division called Scaled Solutions. The report adds that these workers complete projects for internal business units at the ride hailing company but are also serving outside customers, including self-driving vehicle company Aurora Innovation and video game developer Niantic. The company has started recruiting contractors in countries including the US, Canada, and India, among others.
Read more about these developments by accessing 10 Best AI Data Center Stocks and 10 Buzzing AI Stocks According to Goldman Sachs.
Over the past few years, even though the firm is yet to launch an eye-catching AI product, it has incorporated AI internally to streamline operations. For example, the AI algorithms of the firm efficiently match riders with drivers to minimize waiting times and maximize driver utilization. These algorithms predict demand, analyze traffic patterns, and estimate trip durations to offer real-time ride assignments. Similarly, the company heavily invests in AI for self-driving car technology. AI systems in these vehicles process data from LiDAR, cameras, and sensors to navigate roads, identify objects, and make decisions in real time.
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).
A technician in a server room of a corporate office surrounded by servers and networking equipment.
AI Stocks on Wall Street’s Radar
15. Iron Mountain Incorporated (NYSE:IRM)
Number of Hedge Fund Holders: 30
Iron Mountain Incorporated (NYSE:IRM) is a real estate investment trust that focuses on storage and information management services. It offers high-performance compute architecture to AI businesses. On November 27, RBC Capital raised the price target on the stock to $139 from $135 and kept an Outperform rating on the shares. The company’s Q3 results met or bettered expectations on key financial metrics, the advisory told investors in a research note. RBC says Iron Mountain posted solid operating metrics across multiple business segments, and augmented its datacenter power bank.
