Top 10 AI News Wall Street is Paying Attention To

5. Cadence Design Systems, Inc. (NASDAQ:CDNS)

Number of Hedge Fund Holders: 53

Cadence Design Systems, Inc. (NASDAQ:CDNS) is a technology company that provides software and hardware that helps customers design and develop electronic systems. Its products find great use in the automotive, aerospace, and consumer electronics segments. The company delivered solid fourth-quarter and full-year results on February 18, with a record backlog of $6.8 billion. Revenue in the quarter was up 13.5% to $1.356 billion as diluted net income per share increased to $1.24 compared to $1.19 a year ago.

The better-than-expected results come as Cadence Design Systems, Inc. (NASDAQ:CDNS) continues to position itself to benefit from the various phases of the artificial intelligence revolution. It’s already benefiting from the AI infrastructure build-out by providing reusable integrated circuit design blocks. Cadence Design Systems also expands into new markets, such as life sciences.