We recently published a list of 10 Tech News Updates Investors Should Not Miss. In this article, we are going to take a look at where Symbotic Inc. (NASDAQ:SYM) stands against other tech news updates investors should not miss.
On March 6th, CoreWeave, an Nvidia-backed cloud-computing startup, denied claims in a Financial Times report that Microsoft had pulled the plug in some of the agreements it had signed with the cloud provider due to service delivery challenges and missed deadlines.
“We pride ourselves in our client partnerships and there have been no contract cancellations or walking away from commitments. Any claim to the contrary is false and misleading,” a CoreWeave spokesperson told Reuters in an emailed statement.
The news follows after Stack Capital Group made an investment of $10 million in the AI-infrastructure company, according to a company release on March 5th.
“Given its growing data center presence across the United States, Europe, and Canada, CoreWeave is extremely well-positioned to continue capitalizing on accelerating global demand for AI infrastructure and compute capabilities,” said Jeff Parks, CEO of Stack Capital.
According to a Reuters report on March 7th, the Azure parent has begun testing out models from xAI, Meta and DeepSeek to develop AI models to compete with OpenAI.
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, as of Q4 2024.
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A warehouse automation system in operation, with robotic arms managing inventory efficiently.
Symbotic Inc. (NASDAQ:SYM)
Number of Hedge Fund Holders: 16
Symbotic Inc. (NASDAQ:SYM) builds and operates automated warehouse systems for clients. On March 6th, the company announced the activation of a warehouse modernization initiative at an Associated Food Stores-owned distribution center in Utah. Through Symbotic’s end-to-end automation system with robotic case picking capabilities, the distribution center will bank on accurate and aisle-friendly pallet deliveries to stores.
“We are excited to provide AFS with the innovation, flexibility and reliability provided by Symbotic’s advanced A.I. and warehouse automation technology. We look forward to working with AFS for its next phase and continuing to support its retailers with a superior service experience,” Symbotic CEO, Rock Cohen said.
Overall, SYM ranks 8th on our list of tech news updates investors should not miss. While we acknowledge the potential of SYM 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 SYM 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.
