We recently compiled a list of the Top 10 Hot AI Stocks Dominating Headlines. In this article, we are going to take a look at where Veeva Systems Inc. (NYSE:VEEV) stands against the other AI stocks.
While AI is transforming industries worldwide and is expected to elevate our society to new heights, Caleb Maresca at New York University shared a contrarian view in his latest study. The economist believes that transformative AI could upend economies, decimating wages and lifting interest rates to extremely high levels.
“My findings reveal that expectations of [transformative AI] can substantially affect current economic conditions even before any technological breakthrough occurs. When AI automates a job — whether a truck driver, lawyer, or researcher — the wages previously earned by the human worker don’t vanish or automatically transform into broader economic gains. Instead, they flow to whoever controls the AI system performing that job.”
-said Maresca
He highlighted that expectations of AI gutting the price businesses pay for work could massively drive interest rates by up to 16% in some scenarios. In such a situation, the cost of launching a new business or purchasing a house could increase to unaffordable levels, which could compel people to save more and spend less, creating a “form of prisoner’s dilemma in saving behavior.”
He urged people to collectively push politicians to enact policies, which ensure that the wealth created by transformative AI is shared broadly, especially if AI leads to persistently high unemployment.
We selected AI stocks by reviewing news articles, stock analysis, and press releases. We listed the stocks in ascending order of their hedge fund sentiment taken from Insider Monkey’s database of over 1000 hedge funds.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
A team of IT experts monitoring a network of computers managing the medical content and communications.
Veeva Systems Inc. (NYSE:VEEV)
Number of Hedge Fund Followers: 60
Veeva Systems Inc. (NYSE:VEEV) offers cloud software and drives AI innovation for the life sciences industry. Their products, including CRM tools and content and master data management solutions, help pharma companies and clients in the consumer products industries improve operational efficiency and accelerate time to market. The company is developing AI solutions like the TMF Bot, Vault CRM Bot, and Vault CRM Voice Control and also supporting clients in doing the same via its AI Partner Program.
On February 27th, Veeva Systems Inc. (NYSE:VEEV) announced that its Direct Data API, which powers AI applications and systems-to-systems integrations, is now available in the Veeva Vault Platform for no additional license fee. The new class of API makes Veeva Vault data accessible up to 100 times faster than traditional APIs. Direct Data API is part of the company’s plan to enable advanced automation for the life sciences industry.
“Veeva Direct Data API is a breakthrough technology that will enable new types of applications and integrations. Giving customers and partners easy and reliable access to large volumes of Veeva Vault data will fuel innovation in AI and analytics throughout the industry.”
-said Andy Han, senior vice president of Veeva AI Solutions.
Overall VEEV ranks 1st on our list of the AI stocks that are dominating headlines. While we acknowledge the potential of VEEV 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 VEEV but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: 20 Best AI Stock To Buy Now and Complete List of All AI Companies Under $2 Billion Market Cap.
Disclosure: None. This article is originally published at Insider Monkey.
