We recently compiled a list of the 12 Trending AI Stocks on Latest News and Ratings. In this article, we are going to take a look at where Western Digital Corporation (NASDAQ:WDC) stands against the other trending AI stocks.
AI companies in Europe are competing with American counterparts for a larger slice of the AI cake in Asia and the Middle East. For example, French AI firm LightOn recently revealed plans to expand in the Middle East, targeting sectors such as banking, defense, and high-tech which require their data to be protected on local servers. According to a report by news agency Reuters, Laurent Daudet, the CEO of the firm, noted that banking, insurance, high-tech, defense, and healthcare were prime targets for the custom AI models from LightOn.
Read more about these developments by accessing 10 Best AI Data Center Stocks and 10 Buzzing AI Stocks According to Goldman Sachs.
The report further highlights that Saudi Arabia, the United Arab Emirates and neighbouring countries were among those being looked at by LightOn. The AI firms just recently debuted on the stock market, becoming the first listed genAI company on the Euronext Growth exchange. The demand for LightOn products is growing. Per Orange AI Chief Steve Jarrett, customers want a French-trusted AI solution.
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.
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).
A data center filled with racks of hard disk drives and solid state drives.
Western Digital Corporation (NASDAQ:WDC)
Number of Hedge Fund Holders: 66
Western Digital Corporation (NASDAQ:WDC) develops, manufactures, and sells data storage devices and solutions. It offers high-capacity, high-performance data storage across the six stages of the AI Data Cycle. On December 3, Citi lowered the price target on the stock to $85 from $87 and kept a Buy rating on the shares. Citi’s memory analyst revised down 2025 NAND selling price growth forecasts to down 2% year-over-year from up 5% prior due to weaker than expected mobile and PC demand in the first half of the year, with an anticipated turnaround beginning Q3 of 2025. Citi recognizes NAND near-term fundamentals remain volatile, but continues to remain constructive on Western Digital’s forthcoming spin-off unlocking value.
Overall WDC ranks 9th on our list of the trending AI stocks on latest news and ratings. While we acknowledge the potential of WDC 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 timeframe. If you are looking for an AI stock that is more promising than WDC but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock.
Disclosure: None. This article is originally published at Insider Monkey.
