We recently compiled a list of the 15 AI News and Ratings Trending on Financial Media. In this article, we are going to take a look at where Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) stands against the other AI stocks that are trending on financial media.
Latest reports from finance news publication The Wall Street Journal reveal that xAI, the AI startup founded by billionaire Elon Musk, is on track to surpass $100 million in annual revenue and could release a standalone app for its Grok chatbot as soon as next month. Per the report, the vast majority of the revenue comes from other companies that Musk chairs, as Grok is only available to users of the X social network, and it has been used as a customer service feature for the Starlink internet service. Grok is competing with other AI chatbots like ChatGPT and Gemini, among others.
Read more about these developments by accessing 10 Best AI Data Center Stocks and 10 Buzzing AI Stocks According to Goldman Sachs.
Meanwhile, Chinese firm ByteDance, the parent company of social media platform TikTok, is reportedly suing a former intern for $1.1 million, alleging he deliberately attacked its artificial intelligence large language model training infrastructure. According to a report by news agency Reuters, the case has drawn attention due to its focus on AI LLM training, a technology that has captured global interest amid rapid technological advances in so-called generative AI, used to produce text, images or other output from large bodies of data. The intern is alleged to have deliberately sabotaged the model training tasks through code manipulation and unauthorized modifications.
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 security team patrolling a public building with their advanced Evolv systems.
Evolv Technologies Holdings, Inc. (NASDAQ:EVLV)
Number of Hedge Fund Holders: 18
Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) provides artificial intelligence-based weapons detection for security screening in the United States and internationally. On November 27, investment advisory Cantor Fitzgerald released an investor note on the firm, saying Evolv’s resolution with the Federal Trade Commission is a net positive for the business. There is no monetary penalty charged to the business, and the customers that have the choice to terminate contracts make up just over 4% of total annual recurring revenue, which is growing 63.5% year-over-year as of Q2, the advisory told investors. Cantor recognizes that recent inquisitions into the business from regulatory authorities, accounting errors, and management turnover have soured this story for a lot of investors.
Overall EVLV ranks 14th on our list of the AI stocks that trending on financial media. While we acknowledge the potential of EVLV 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 EVLV 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.