OpenAI, the AI startup of ChatGPT fame, recently urged the United States government and allies to come together to develop the AI infrastructure needed to compete with China. According to a report published by Bloomberg, the startup has said that the US and neighboring countries should form a North American Compact for AI that can streamline access to talent, financing and supply chains for building out the technology. The company further added this collaboration could later expand to include a global network of US allies and partners, including countries in the Middle East.
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At an event hosted by the Center for Strategic and International Studies in Washington, the startup issued a new policy blueprint, saying that the US should backstop energy infrastructure projects by committing to purchase power from them. The company further urged the US to establish AI Economic Zones that speed up the permitting process and help bring nuclear reactors back online. It also proposed expanding nuclear energy capacity by tapping the US Navy, which has built compact reactors to power submarines. The company is already working with Microsoft to set up an AI fund needed to develop AI chips, energy and data centers.
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.
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Stocks
15. Okta, Inc. (NASDAQ:OKTA)
Market Capitalization: $13 Billion
Okta, Inc. (NASDAQ:OKTA) owns and runs an identity management platform. One of the premier products of the firm is Identity Threat Protection, powered by Okta AI. Per the company, Okta AI is a mixture of machine learning and GenAI algorithms. The company is also working on a governance analyzer that suggests identity solutions for a company based on their policy setups. On November 12, Deutsche Bank analyst Brad Zelnick downgraded the stock to Hold from Buy with a price target of $85, down from $115. While not an explicit call on the company’s fiscal Q3 results, feedback on Okta has been more mixed of late and the path to realizing value may still be several quarters away, perhaps making it more interesting deeper into next year, the advisory told investors in a research note. Deutsche says that aside from the ongoing macro-driven seat and monthly active user headwinds, it found the compounding effects of its numerous breaches and competition are weighing on customer expansion and new logo acquisition. Accordingly, Deutsche believes Street estimates are likely too high for next year.
