Top 10 AI News Wall Street is Paying Attention To

1. Uber Technologies, Inc. (NYSE:UBER)

Number of Hedge Fund Holders: 136

Uber Technologies, Inc. (NYSE:UBER) is a technology company that offers apps and products that match consumers looking for rides and independent providers of ride services. It also offers an application that helps people order and deliver food to their doorstep. The company has been using artificial intelligence to develop safe and reliable autonomous vehicles (AV) that can replace human drivers.

On February 18, Piper Sandler reiterated an Overweight rating on the stock and raised the price target to $87 from $80. The price hike follows a review of Uber Technologies autonomous vehicles on management, providing valuable data on capacity utilization and a solid outlook for the AV market. Early this year, Uber Technologies, Inc. (NYSE:UBER) inked a strategic collaboration with Nvidia to enhance the development of new solutions that support the development of AI-powered autonomous driving technology. Chief Executive Officer Dara Khosrowshahi has also reiterated that generative AI will power the future of mobility thanks to rich data and powerful computing.

While we acknowledge the potential of Uber Technologies, Inc. (NYSE:UBER) as an investment, our conviction lies in the belief that 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 UBER but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap.

Disclosure: None. This article was originally published at Insider Monkey.