We recently compiled a list of the 15 AI News That You Should Not Miss. In this article, we are going to take a look at where Okta, Inc. (NASDAQ:OKTA) stands against the other AI stocks.
US-China chip wars have been dominating headlines in the AI universe for the past few weeks. After the US announced fresh curbs on export of advanced AI chips to China, the Asian country responded by announcing that it had banned exports to the United States of the critical minerals gallium, germanium and antimony that have widespread military applications. Some of the banned minerals like gallium and germanium are used in semiconductors, while germanium is also used in infrared technology, fibre optic cables and solar cells. Others, like antimony, are used in bullets and other weaponry, while graphite is the largest component by volume of electric vehicle batteries.
Read more about these developments by accessing 10 Best AI Data Center Stocks and 10 Buzzing AI Stocks According to Goldman Sachs.
According to news agency Reuters, the move has sparked fresh concern that Beijing could next target other critical minerals, including those with even broader usage such as nickel or cobalt. China has also blocked some purchases from chipmaker Micron citing security concerns. There are also reports that chipmaker Intel would be the next target following comments from the Cybersecurity Association of China that the American firm has constantly harmed the country’s national security and interests and that its products sold in China should be subject to a security review.
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 mobile application developer programming on a tablet, illustrating the power of the company’s adaptive multi-factor authentication.
Okta, Inc. (NASDAQ:OKTA)
Number of Hedge Fund Holders: 47
Okta, Inc. (NASDAQ:OKTA) owns and runs an identity management platform. One of the premier products of the firm is Identity Threat Protection, powered by Okta AI. Per the company, Okta AI is a mixture of machine learning and GenAI algorithms. The company recently posted earnings for the third fiscal quarter, reporting earnings per share of $0.67, beating market estimates by $0.09. The revenue over the period was $665 million, up close to 14% compared to the revenue over the same period last year and beating analyst expectations by more than $15.3 million.
Overall OKTA ranks 13th on our list of AI stocks you should not miss. While we acknowledge the potential of OKTA 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 OKTA 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.