We recently published a list of Top 10 AI News You Shouldn’t Miss. In this article, we are going to take a look at where Elastic N.V. (NYSE:ESTC) stands against other top AI news you shouldn’t miss.
The United States is gearing up to be the leader in artificial intelligence technology. However, other nations are also intensifying their efforts to compete in this rapidly advancing field. To challenge the United States’ dominance in this critical technology, Russia has recently pledged to participate in the global race for artificial intelligence actively.
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Speaking at Russia’s flagship AI conference last week, President Vladimir Putin said Russia would develop artificial intelligence with BRICS partners and other countries.
According to Putin, the new AI Alliance Network would include national associations and development institutions in the field of AI from BRICS countries and other interested states. He also claimed that the country must participate equally in the global AI race.
“Russia must participate on equal terms in the global race to create strong artificial intelligence. It is precisely the advanced solutions that Russian scientists are currently working on. We invite scientists from all over the world to join in the collaboration”.
-Putin told an AI conference in Moscow.
Russia has been subject to Western sanctions which have been directed to restrict the country’s access to technologies it needs in the war against Ukraine. As a result, some of the world’s major producers of microchips have halted exports to Russia, limiting its AI ambitions.
Reuters reports how Russia’s dominant lender Sberbank, who is currently leading the AI development in Russia, admits that the microchips underpinning AI development are the trickiest hardware to replace. In this regard, it noted how national AI associations from BRICS members Brazil, China, India, South Africa, Serbia, Indonesia, and other non-BRICS countries, had joined the AI Alliance Network.
The network will be working toward joint research in technology and AI regulation, offering opportunities for AI products to be sold in other member countries’ markets. Currently, the leading AI powers of the world are the United States and China. It goes without saying that Russia’s alliance with China has the potential to significantly reshape the future landscape of artificial intelligence.
Meanwhile, the US is also gearing up to continue leading in AI. President-elect Donald Trump has already appointed an AI and Crypto Czar. Trump is also set to repeal President Joe Biden’s executive order on AI. Trump plans to repeal Biden’s AI order to reduce regulatory constraints, fostering rapid innovation and maintaining the U.S. edge in the global AI race.
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.
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A group of software engineers working in an open, futuristic office.
Elastic N.V. (NYSE:ESTC)
Number of Hedge Fund Holders: 47
Elastic N.V. (NYSE:ESTC) is a search artificial intelligence company. It offers cloud-based solutions that enable users to bring in all kinds of unstructured data and quickly make the data searchable. On December 12, the company announced the general availability of Elasticsearch logsdb index mode. With AI advancements enabling easier analysis of text-based data, logs can be the simplest and most crucial signal for diagnosing issues. The Elasticsearch logsdb index mode is an innovation in log management that reduces log data storage by up to 65%. The innovation allows teams to have increased visibility while keeping all data immediately accessible for analysis. Other key benefits include reduced costs, preservation of valuable data, and streamlined data access.
“Logs are critical for detection and remediation, but the growing log volume generated by infrastructure and applications is driving up costs and forcing compromises that hinder analysis. Logsdb index mode reduces the disk footprint and overall cost of storing log data with features including smart index sorting, synthetic source and advanced compression”.
-Ken Exner, chief product officer at Elastic.
Overall, ESTC ranks 7th on our list of top AI news you shouldn’t miss. While we acknowledge the potential of ESTC 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 ESTC 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.
