We recently published a list of 10 Tech News Updates Investors Should Not Miss. In this article, we are going to take a look at where Autodesk Inc. (NASDAQ:ADSK) stands against other tech news updates investors should not miss.
On March 6th, CoreWeave, an Nvidia-backed cloud-computing startup, denied claims in a Financial Times report that Microsoft had pulled the plug in some of the agreements it had signed with the cloud provider due to service delivery challenges and missed deadlines.
“We pride ourselves in our client partnerships and there have been no contract cancellations or walking away from commitments. Any claim to the contrary is false and misleading,” a CoreWeave spokesperson told Reuters in an emailed statement.
The news follows after Stack Capital Group made an investment of $10 million in the AI-infrastructure company, according to a company release on March 5th.
“Given its growing data center presence across the United States, Europe, and Canada, CoreWeave is extremely well-positioned to continue capitalizing on accelerating global demand for AI infrastructure and compute capabilities,” said Jeff Parks, CEO of Stack Capital.
According to a Reuters report on March 7th, the Azure parent has begun testing out models from xAI, Meta and DeepSeek to develop AI models to compete with OpenAI.
For this article, we selected AI stocks by going through news articles, stock analysis, and press releases. These stocks are also popular among hedge funds, as of Q4 2024.
At Insider Monkey we are obsessed with 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 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
A software engineer using AutoCAD Civil 3D to create a 3D design in a modern office setting.
Autodesk Inc. (NASDAQ:ADSK)
Number of Hedge Fund Holders: 74
Autodesk Inc. (NASDAQ:ADSK) provides software products and services for architecture, engineering, construction, manufacturing, media, education, and entertainment industries. On March 4th, at the 18th Annual Emerging Technology Summit, the company announced a strategic shift towards integrating AI solutions and restructuring to improve operations. The company’s strategic shift is led by integrating AI capabilities across its portfolios by introducing features such as generative design and workflow optimization.
In its latest earnings report on March 6th, the company logged a total net revenue of $6.13 billion for the year, up 12% compared with the previous fiscal year. The company’s operating expenses increased by 9% to $4.20 billion, driven by higher employee-related costs and cloud hosting expenses.
Overall, ADSK ranks 3rd on our list of tech news updates investors should not miss. While we acknowledge the potential of ADSK as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than ADSK but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.
