Top 9 AI Stocks to Watch Amid DeepSeek Frenzy

3. Workday, Inc. (NASDAQ:WDAY)

Number of Hedge Fund Holders: 71

Workday, Inc. (NASDAQ:WDAY) is a technology company that sells workforce management software. It offers enterprise cloud applications that help customers plan, execute and manage business operations. On February 5th, the company confirmed plans to reduce its headcount by 8%, by cutting 1,750 jobs. The cuts come amid increased demand for artificial intelligence, which is also expected to drive long-term growth.

Following the cuts, Workday, Inc. (NASDAQ:WDAY) is to focus on investments like AI and platform development. The decision to cut thousands of jobs also coincides with a slump in human capital management due to the automation of various functions by AI tools. The layoffs comprise the company’s broader restructuring plan, which prioritizes investments in strategic areas like artificial intelligence and platform development.