We recently published a list of 10 AI News Taking Wall Street By Storm. In this article, we are going to take a look at where FiscalNote Holdings, Inc. (NYSE:NOTE) stands against other AI news taking Wall Street by storm.
Even though there is a looming threat of future curbs, some Asian hedge funds are betting big on Chinese tech companies, according to Reuters. Companies such as Xiaomi and Baidu are increasingly favored due to their innovations in artificial intelligence. Global investors may have been holding back because of the US’s ban on advanced chip exports. Yet, many others are optimistic about the opportunities in Chinese firms and the AI products that they are developing. Their valuations are lower than their US peers, and their large language models have been demonstrating rapid advancements.
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Even industry insiders and technology analysts have told CNBC that Chinese AI models are gaining popularity. Many are keeping pace with, and even surpassing in performance, than those in the US. As such, artificial intelligence has become the “latest battleground” for China and the US. The US has been tightening its restrictions on China’s access to advanced chips used in AI because of national concerns. As a result, China has been focusing on carving its own path for boosting the appeal and performance of its AI models.
This includes relying on open-source technology and developing their own super-fast software and chips. Chinese companies are developing open-source, or open-weight, LLMs. Developers can download them and build on top of them for free without having to obtain stringent licensing requirements from the inventor.
“In the last year, we’ve seen the rise of open source Chinese contributions to AI with really strong performance, low cost to serve and high throughput”.
-Grace Isford, a partner at Lux Capital, told CNBC.
In the latest innovations in artificial intelligence technology, China’s leading search engine company Baidu has launched a text-to-image generation tool for its ad clients. The company also plans to release AI glasses early next year as well as inaugurate its robotaxi service outside mainland China. Timothy Wang, chief investment officer at Monolith, predicts China’s homegrown AI-powered products and services are poised to grow in the coming year.
Hedge fund manager Sean Ho, CIO of Triata Capital which manages $770 million in assets, said about Chinese advancements in AI:
“We are seeing breakthroughs in AI software, such as text-to-video generation and multimodal AI…The high rankings of Chinese AI models on open-source platforms like Hugging Face reflect their ambition to lead globally, a trend that is unlikely to be derailed by ongoing tech conflicts”.
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.
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 woman analyzing a large dataset on a computer screen, emphasizing the importance of analytics in the technology sector.
FiscalNote Holdings, Inc. (NYSE:NOTE)
Number of Hedge Fund Holders: 13
FiscalNote Holdings, Inc. (NYSE:NOTE) is a leading AI-driven enterprise SaaS technology provider of global policy and market intelligence solutions. On December 17, the company announced that its AI-driven local policy coverage has added its 5,000,000th (5 million) local policy document to its proprietary database. The database, covering more than 16,000 local governments and school districts across the U.S., helps organizations keep up with changing policies. This is done through Fiscal Note’s proprietary AI technology which collects, processes, interprets, sorts, and tags the vast range of unstructured data.
“Our AI-driven SaaS platform provides customers with immediate access to accurate policy information from thousands of local entities nationwide, and actively processes hundreds of thousands of documents in thousands of municipalities and school districts. This empowers customers to stay informed, take proactive action, and engage with key decision-makers effectively so they can influence positive outcomes benefitting their organizations. Our relentless focus on providing timely and actionable local policy intelligence is not only integral to enhancing our customers’ ability to navigate policy complexities, but also plays a critical role in driving our growth and success. By equipping organizations with these insights and tools, FiscalNote enables them to operate efficiently, mitigate risks, and seize opportunities in rapidly changing policymaking environments – especially those following national and local elections”.
– Josh Resnik, President & Chief Operating Officer, FiscalNote
Overall, NOTE ranks 8th on our list of AI news taking Wall Street by storm. While we acknowledge the potential of NOTE 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 NOTE 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.
