We recently compiled a list of the 15 Trending AI Stocks on Latest News. In this article, we are going to take a look at where SiTime Corporation (NASDAQ:SITM) stands against the other trending AI stocks on latest news.
Artificial intelligence has established deep roots within human society in a very short space of time. The latest manifestation of this is the latest advertisement by Coca-Cola, one of the most popular drink brands in the world, which was made entirely using AI features. However, these advertisements have not been well-received on social media. Per a report by news platform Forbes, the AI-generated Christmas ads have sparked mockery and caution from social media users. The ads were created by Secret Level, Silverside AI and Wild Card, who used AI models Leonardo, Luma, Runway, and Kling, for creative inspiration.
Read more about these developments by accessing 10 Best AI Data Center Stocks and 10 Buzzing AI Stocks According to Goldman Sachs.
Meanwhile, finance news publication Financial Times reports that China’s biggest tech groups are building artificial intelligence teams in Silicon Valley. Per the report, the Chinese are hoping to poach staff from US rivals who could help them make up ground in the race to profit from generative AI. FT claims that Alibaba, ByteDance and Meituan are three Chinese firms that have been expanding their offices in California in recent months. This is part of a larger push that comes despite Washington’s efforts to slow down their work by restricting exports of the highest-end AI chips to the Asian country.
READ ALSO: 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 series of industrial production lines, radiating silicon timing solutions to the world.
SiTime Corporation (NASDAQ:SITM)
Market Capitalization: $4 Billion
SiTime Corporation (NASDAQ:SITM) provides silicon timing systems. The firm markets micro-electromechanical systems that are designed to improve performance in data centers, 5G networks, and AI-driven applications. On November 6, Barclays analyst Tom O’Malley raised the price target on the stock to $130 from $90 and kept an Underweight rating on the shares following the earnings report. The firm recently posted earnings for the third quarter of 2024 in which it beat market expectations on earnings per share and revenue by $0.14 and over $2 million respectively.
Overall, SITM ranks 15th on our list of trending AI stocks on latest news. While we acknowledge the potential of SITM 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 SITM 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.
