In this piece, we will take a look at the five AI stocks that will skyrocket. If you want to learn about all the latest developments in the artificial intelligence industry, then check out 10 AI Stocks That Will Skyrocket.
5. Carrier Global Corporation (NYSE:CARR)
Number of Q4 2023 Hedge Fund Shareholders: 37
Date of Newsletter: November 30, 2023
Carrier Global Corporation (NYSE:CARR) is an air conditioning firm headquartered in Palm Beach Gardens, Florida. It’s another backend AI stock since the products can be used to cool data centers for AI applications. The shares are rated Buy on average, and the average analyst share price target is $61.51.
During Q4 2023, 37 out of the 933 hedge funds surveyed by Insider Monkey were Carrier Global Corporation (NYSE:CARR)’s investors. Ken Fisher’s Fisher Asset Management owned the biggest stake which was worth $764 million.
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4. Palantir Technologies Inc. (NYSE:PLTR)
Number of Q4 2023 Hedge Fund Shareholders: 44
Date of Newsletter: March 25, 2024
Palantir Technologies Inc. (NYSE:PLTR) is a software defense contractor that enables security agencies to consolidate data under a single umbrella. The firm has been doing well on the financial front as of late by having beaten analyst EPS estimates in all four of its latest quarters. However, the shares are rated Hold on average.
As of December 2023 end, 44 out of the 933 hedge funds profiled by Insider Monkey had invested in the firm. Palantir Technologies Inc. (NYSE:PLTR)’s largest hedge fund shareholder is Jim Simons’s Renaissance Technologies as it holds a $748 million stake.
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3. Ulta Beauty, Inc. (NASDAQ:ULTA)
Number of Q4 2023 Hedge Fund Shareholders: 49
Date of Newsletter: November 28, 2023
Ulta Beauty, Inc. (NASDAQ:ULTA) is part of the beauty technology industry, a sector that can leverage AI to deliver at home makeup and product recommendations. The firm’s CEO warned in March 2024 that a ban on TikTok in the U.S. could harm its growth, which has already slowed in a tough economy.
For their fourth quarter of 2023 shareholdings, 49 out of the 933 hedge funds profiled by Insider Monkey had held a stake in Ulta Beauty, Inc. (NASDAQ:ULTA). Peter Rathjens, Bruce Clarke, and John Campbell’s Arrowstreet Capital was the biggest investor through its $269 million investment.
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2. Arista Networks, Inc. (NYSE:ANET)
Number of Q4 2023 Hedge Fund Shareholders: 64
Date of Newsletter: February 27, 2024
Arista Networks, Inc. (NYSE:ANET) is a computer hardware company headquartered in Santa Clara, California. It sells cloud networking platforms that also include AI switching platforms. The shares are rated Buy on average, and the average analyst share price target is $297.
By the end of last year’s fourth quarter, 64 out of the 933 hedge funds covered by Insider Monkey’s research had bought and owned the firm’s shares. Arista Networks, Inc. (NYSE:ANET)’s largest stakeholder among these is Steve Cohen’s Point72 Asset Management as it owns $196 million worth of shares.
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1. Vertiv Holdings Co (NYSE:VRT)
Number of Q4 2023 Hedge Fund Shareholders: 75
Date of Newsletter: December 6, 2023
Vertiv Holdings Co (NYSE:VRT) is a sizeable power management products provider headquartered in Westerville, Ohio. It’s another highly rated stock, as the shares are rated Strong Buy on average, and the average analyst share price target is $81.67.
75 out of the 933 hedge funds part of Insider Monkey’s Q4 2023 research were Vertiv Holdings Co (NYSE:VRT)’s investors. Philippe Laffont’s Coatue Management owned the biggest stake which was worth $663 million.
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Disclosure: None. You can also take a look at the 15 Highest Paying Countries for Automotive Engineers and 11 Best Small Cap AI Stocks To Buy Now.
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