35 Chip Stocks Powering AI Boom

27. Fortive Corporation (NYSE:FTV)

Number of Hedge Fund Holders: 33 

Fortive Corporation (NYSE:FTV) designs, develops, manufactures, and services professional and engineered products, software, and services in the United States, China, and internationally. The firm has integrated AI-driven technologies across divisions, particularly in the Intelligent Operating Solutions and Precision Technologies segments. These divisions use AI for process automation, data analytics, and enhancing industrial operations. The Intelligent Operating Solutions division, where AI solutions are a key driver, generated $1.34 billion in sales for the first half of 2024. The firm expects continued growth in AI applications, expecting margins to improve and operating profit to increase by 10-13% in the coming months.

Fortive Corporation (NYSE:FTV) is trending on Wall Street as AI plays become popular. Morgan Stanley analyst Christopher Snyd recently initiated coverage of the stock with an Overweight rating and $89 price target, noting that megatrends and inflated cost profiles were sharpening the focus on efficiency, and US industrial growth would return to 300 basis points above gross domestic product.