We recently published a list of 10 AI Stocks Analysts Are Watching: Latest Ratings and News. In this article, we are going to take a look at where monday.com Ltd. (NASDAQ:MNDY) stands against other AI stocks analysts are watching.
A consortium of investors led by Elon Musk recently offered $97.4 billion to buy the non-profit that controls OpenAI. Musk’s lawyer, Marc Toberoff, confirmed the news. He told Reuters that the offer was sent by email on Monday to OpenAI’s outside counsel at Wachtell, Lipton, Rosen & Katz. However, OpenAI has said that it has not yet received a formal bid from the Elon Musk-led consortium.
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According to Toberoff, the bid was in the form of a “detailed four-page Letter of Intent” to purchase OpenAI’s assets. It was signed by Musk and other investors and addressed to the board. Nevertheless, the news of not having received the bid adds confusion over Musk’s attempt to take control of the artificial startup that has seemingly started the AI arms race.
“Whether Sam Altman chose to provide or withhold this from OpenAI’s other Board members is outside of our control”
-Toberoff, referring to OpenAI’s CEO.
Whether or not an official bid has been sent to OpenAI from Musk, one thing remains clear. Sam Altman, CEO of OpenAI, is not interested in the offer. Altman told Reuters that the non-profit that controls OpenAI is not for sale. He also posted on X, counter-questioning if Musk wanted to sell Twitter for $9.74 billion instead.
“I have nothing to say. I mean, it’s ridiculous. The company is not for sale. It’s another one of his tactics to try to mess with us”.
-Altman said (on the sidelines) of an AI summit in Paris when asked about the offer.
Reuters also reported that Altman sent an internal message to OpenAI employees stating that the board, even though it had not officially reviewed the offer, would reject it based on the interest of OpenAI.
OpenAI is currently seeking a transition into a for-profit from a nonprofit entity. The company states that the transition is required to secure the capital needed for developing the best AI models. Musk, however, appears to have made the move to prevent this outcome. According to him, OpenAI’s transition to a for-profit entity would steer it away from its original mission of developing open-source, safety-focused AI that benefits humanity.
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Software engineers collaborating on a project while seated in a shared workspace.
monday.com Ltd. (NASDAQ:MNDY)
Number of Hedge Fund Holders: 49
monday.com Ltd. (NASDAQ:MNDY) develops software applications globally, offering a cloud-based Work OS for creating work management tools. On February 11, Scotiabank analyst Allan Verkhovski raised the firm’s price target on the stock to $400 from $300 and kept an “Outperform” rating on the shares. The analyst told investors that the company provided FY25 revenue growth guidance ahead of consensus and also delivered a larger revenue beat compared to last quarter. The company has also closed one of the largest deals in its history with a multinational healthcare company, increasing its largest seat count to 80,000. The firm also added that the company has introduced a pricing model for its AI blocks and that the Monday service is now generally available. Additionally, the company’s U.S. enterprise segment was particularly strong in December.
Overall, MNDY ranks 7th on our list of AI stocks analysts are watching. While we acknowledge the potential of MNDY 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 MNDY 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.
