Top 10 AI Stocks on the Move and on Analysts’ Radar

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1. Alibaba Group Holding Limited (NYSE:BABA)

Number of Hedge Fund Holders: 107

Alibaba Group Holding Limited (NYSE:BABA) is an internet giant that offers e-commerce services in China and internationally. In addition, it offers cloud computing and payment services. The company delivered solid fiscal third-quarter results on February 20, bolstered by strong performance in the core business and aggressive expansion into artificial intelligence. Net profit came in at 48.945 billion yuan ($6.72 billion). The revenue was 280.154 billion yuan, which was higher than the analysts’ expectation of 279.34 billion yuan.

Alibaba Cloud Intelligence Group, its cloud computing and artificial intelligence division, saw a 13% increase in revenue to 31.742 billion yuan. The company’s AI-related products delivered triple-digit growth for the sixth consecutive quarter.

Alibaba CEO Eddie Wu said, “This quarter’s results demonstrated substantial progress in our ‘user first, AI-driven’ strategies and the re-accelerated growth of our core businesses.”

While we acknowledge the potential of Alibaba Group Holding Limited (NYSE:BABA) 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 time frame. If you are looking for an AI stock that is more promising than BABA 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.

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