Wasatch Global Investors, an asset management company, released its “Wasatch Micro Cap Value Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. During the first quarter, the strategy outperformed the benchmark Russell Microcap Index which rose 4.68%. Most of the portfolio holdings of the strategy met or exceeded earnings and revenue expectations in the quarter. Investor sentiments gradually improved as the quarter went on. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Wasatch Micro Cap Value Strategy highlighted stocks like Luna Innovations Incorporated (NASDAQ:LUNA), in the first quarter 2024 investor letter. Luna Innovations Incorporated (NASDAQ:LUNA) is an advanced optical technology company. The one-month return of Luna Innovations Incorporated (NASDAQ:LUNA) was 30.37%, and its shares lost 64.30% of their value over the last 52 weeks. On June 7, 2024, Luna Innovations Incorporated (NASDAQ:LUNA) stock closed at $3.5200 per share with a market capitalization of $122.133 million.
Wasatch Micro Cap Value Strategy stated the following regarding Luna Innovations Incorporated (NASDAQ:LUNA) in its first quarter 2024 investor letter:
“Luna Innovations Incorporated (NASDAQ:LUNA) was the greatest detractor from strategy performance during the first quarter. The company offers optoelectronics and fiber-optic test products for the telecommunications industry. Luna also distributes fiber-optic sensors for the aerospace and automotive industries. The stock was down due to an accounting mistake related to the timing of recognizing revenues. We believe the mistake was related to differences in U.S. versus international accounting standards. These differences became increasingly important as Luna transformed from a primarily U.S. business to a more global business. The accounting mistake seemed isolated and didn’t affect the company’s cash flows. Moreover, Luna recently replaced its chief financial officer. As a result, we bought additional shares on the stock-price weakness.”
A technician in a factory environment assembling components for the company’s optical backscatter reflectometers.
Luna Innovations Incorporated (NASDAQ:LUNA) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 7 hedge fund portfolios held Luna Innovations Incorporated (NASDAQ:LUNA) at the end of the first quarter which was 4 in the previous quarter. While we acknowledge the potential of Luna Innovations Incorporated (NASDAQ:LUNA) as an investment, our conviction lies in the belief that 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 as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Luna Innovations Incorporated (NASDAQ:LUNA) and shared Liberty Park Capital Management’s views on the company in the third quarter of 2023. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard.
Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences.
At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000.
Do the math. According to Musk, this technology could be worth $250 trillion by 2040.
Put another way, that’s roughly equal to:
175 Teslas
107 Amazons
140 Metas
84 Googles
65 Microsofts
And 55 Nvidias
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It’s a leap so massive, it could reshape how businesses, governments, and consumers operate worldwide.
Even if that $250 trillion figure sounds ambitious, major firms like PwC and McKinsey still see AI unlocking multi-trillion-dollar potential.
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In fact, Verge argues this company’s supercheap AI technology should concern rivals.
Before I reveal the details, let’s talk about how some of the richest people on the planet are positioning themselves.
Bill Gates sees artificial intelligence as the “biggest technological advance in my lifetime,” more transformative than the internet or personal computer, capable of improving healthcare, education, and addressing climate change.
Larry Ellison — through Oracle, is spending billions on Nvidia chips and partnering with Cohere to embed generative AI across Oracle’s cloud and apps.
Warren Buffett — not known for tech hype — says this breakthrough could have a ‘hugely beneficial social impact.
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Even as we admire what Tesla, Nvidia, Alphabet, and Microsoft have built, we believe an even greater opportunity lies elsewhere…
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