In this article, we discuss the 30 AI news investors should not miss.
Artificial intelligence (AI) data centers are one of the hottest topics on Wall Street as companies across the industrial spectrum compete in a race to deploy AI technologies in their operations. The latest update comes from data center company Equinix, which recently announced that it would be forming a joint venture with GIC, a Singapore-based sovereign wealth fund, and Canada Pension Plan Investment Board, to raise more than $15 billion in capital. Per the data center company, the capital would be used to expand the US footprint of hyperscale data centers. Hyperscale data centers are the largest in the industry, typically developed by technology giants based in the US, and offer massive networking capacity and often consume as much power as a big city or even a small country.
Read more about these developments by accessing 33 Most Important AI Companies You Should Pay Attention To and 20 Industrial Stocks Already Riding the AI Wave.
As technology stocks stage a comeback on the back of Fed rate cuts and AI optimism, the news coming from the commerce department in the US has buoyed investors further. The US government said earlier this week that it plans to award nearly $100 million to boost the use of artificial intelligence in developing new sustainable semiconductor materials. The funding is part of the more than $52 billion in US chip manufacturing and research grants promised by US President Joe Biden. The latest funding would go towards helping universities, national laboratories, and the private sector develop AI-powered autonomous experimentation for sustainable semiconductor manufacturing. The goal is to reduce time needed to develop new semiconductor materials that are less resource-intensive.
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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Our Methodology
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).
AI News Investors Should Not Miss
30. Palantir Technologies Inc. (NYSE:PLTR)
Number of Hedge Fund Holders: 44
Palantir Technologies Inc. (NYSE:PLTR) builds and deploys software platforms for the intelligence community to assist in counterterrorism investigations and operations. Citi analyst Tyler Radke recently kept a Neutral rating on the stock with a $30 price target after meeting with CFO Dave Glazer. In a research note, the analyst noted that the company remained upbeat on its Artificial Intelligence Platform momentum with consistent macro commentary. However, the analyst highlighted that the inclusion to the S&P 500 Index had increased Palantir’s valuation to one of the most expensive names in software at a 25-times next 12 months enterprise value to sales ratio. The note further added that AIP monetization was still early for Palantir Technologies Inc. (NYSE:PLTR) despite the strong bookings seen across commercial while the government business was lumpy heading into the elections.
29. Juniper Networks, Inc. (NYSE:JNPR)
Number of Hedge Fund Holders: 45
Juniper Networks, Inc. (NYSE:JNPR) designs, develops, and sells network products and services worldwide. The firm recently announced the launch of a local cloud instance in India for its wireless access, wired access, NAC, indoor location services and SD-WAN solutions, all driven by Mist AI. Mist AI is a platform marketed by the firm that replaces time consuming manual IT tasks with AI-driven proactive automation and self-healing capabilities, lowering networking operational costs. Juniper Networks, Inc. (NYSE:JNPR) has expanded presence in India in recent months, both in the government and private sector.
