Top 12 Trending AI Stocks on Latest News and Ratings

5. Synopsys, Inc. (NASDAQ:SNPS)

Number of Hedge Fund Holders: 53

Synopsys, Inc. (NASDAQ:SNPS) is a technology company that provides electronic design automation software products used to design and test integrated circuits. Wells Fargo analyst Joseph Quatrochi maintained a Hold rating on the stock on January 13th, with a $540 price target. While the stock was down by 2% in 2024, it has moved to reinvigorate its growth metrics with a focus on artificial intelligence.

Consequently, it has initiated a strategic collaboration with SiMa.ai to pursue growth opportunities in the auto industry. SiMa.ai and Synopsys, Inc. (NASDAQ:SNPS) are joining forces to accelerate the development of workload-specific silicon and software needed to power artificial intelligence-enabled features in next-generation automobiles. For maximum customization of IP, subsystems, chipsets, and SoCs, the solution will integrate Synopsys’s best-in-class EDA, automotive-grade IP, and hardware-assisted verification solutions.

Advanced driver assistance systems (ADAS) and in-vehicle infotainment (IVI) are becoming important differentiators for automakers. With the help of the partnership with SiMa.ai, automotive companies can now modernize their hardware/software to meet the demand for sophisticated, in-car experiences that are becoming more and more expensive to deliver.