We recently published a list of 10 AI News Updates You Should Not Miss. In this article, we are going to take a look at where Fortinet, Inc. (NASDAQ:FTNT) stands against other AI news updates you should not miss.
Europe is putting itself on the artificial map with France and the United Arab Emirates having agreed to a framework accord for a 1 gigawatt data center dedicated to artificial intelligence. The French presidency said in a statement that the center will be the core of a new AI “campus” and will have up to 1 gigawatt of capacity, “which represents investments of 30 to 50 billion euros”.
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The move is said to be a part of a larger AI agreement signed between French President Emmanuel Macron and his UAE counterpart Sheikh Mohamed bin Zayed Al Nahyan in Paris. President Emmanuel Macron hosted his Emirati counterpart on Thursday.
“The two leaders expressed their desire to create a strategic partnership in the field of AI and committed to exploring collaborations on projects and investments supporting the development of the AI value chain”.
-A joint Franco-Emirati statement.
According to the leaders, the investments would go into both French and Emirati AI and would include buying advanced chips, building data centers, talent development, and establishing virtual data embassies to secure AI and cloud systems in both countries.
France is also going to be hosting the Artificial Intelligence (AI) Action Summit at the Grand Palais on February 10-11, 2025. The country has deemed the summit a “wake-up call” for Europe in the global race for AI.
“The summit comes at exactly the right time for this wake-up call for France and Europe, and to show we are in position” to take advantage of the technology, an official in Macron’s office told reporters.
Attendees at the summit will include Sam Altman, head of OpenAI, Google CEO Sundar Pichai, and Nobel Prize winner Demis Hassabis, who leads the company’s DeepMind AI research unit, amongst many other industry leaders, government officials, and similar figures from around the world.
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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Fortinet, Inc. (NASDAQ:FTNT)
Number of Hedge Fund Holders: 47
Fortinet, Inc. (NASDAQ:FTNT) is a cybersecurity company that provides enterprise-level next-generation firewalls and network security solutions, leveraging artificial intelligence across its cybersecurity products. On February 7, TD Cowen raised the firm’s price target on the stock to $135 from $120 and kept a “Buy” rating on the shares. The price target adjustment follows Fortinet (NASDAQ:FTNT)’s strong Q4 results, surpassing key metrics. The analyst highlighted several contributors to the company’s success, particularly demand tailwinds from the current EOS firewall refresh cycle, 6,900 new logo wins, strong execution of Unified SASE and SecOps, and a minor contribution from mergers and acquisitions. The firm also noted that one-fourth of the installed base of FortiGate units is anticipated to require replacement by 2026 due to the EOS refresh cycle. Early indications of heightened through-cycle growth have also been noted. These will likely be driven by the demand for Fortinet’s energy-efficient next-generation firewalls within hyperscale data centers.
Overall, FTNT ranks 6th on our list of AI news updates you should not miss. While we acknowledge the potential of FTNT 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 FTNT 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.
