20 Worst Performing AI Stocks of Last Week

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2. Celestica Inc. (NYSE:CLS)

Weekly Decline: 19.71%

Number of Hedge Fund Holders: 38

Celestica Inc. (NYSE:CLS) is an information technology company based in Toronto, Canada. It provides supply chain solutions to tech firms and has been benefitting immensely from the growing demand for AI-related hardware. The company is a leading provider of connectivity products for data centers and is renowned for its 400G and 800G switches.

Like other AI stocks, Celestica Inc. (NYSE:CLS) has seen a shocking decline in the first week of September. As a result, the stock has gotten caught up in a global sell-off of highly appreciated AI stocks, which is making many investors still sticking with Celestica Inc. (NYSE:CLS) consider exiting their positions.

Additionally, recent fears surrounding the American economy have also instilled concern among Celestica Inc. (NYSE:CLS) shareholders. Since this company’s business is highly cyclical and volatile, considering the fact that its growth is dependent on customer demand, many investors are worried about falling customer demand forecasts and what this may mean for Celestica Inc. (NYSE:CLS). The only position that might work with this stock is if you buy and hold on to it long-term since only then would you be able to generate a meaningful return on your investment. Otherwise, Celestica Inc. (NYSE:CLS) is not looking too attractive for short-term investors.

We saw 38 hedge funds long Celestica Inc. (NYSE:CLS) in the second quarter, with a total stake value of $843.9 million.

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