Why Hesai Group Inc. (HSAI) Went Up On Tuesday?

We recently published a list of 10 Firms Outperform Broader Market on Tuesday. In this article, we are going to take a look at where Hesai Group Inc. (NASDAQ:HSAI) stands against other firms that outperform broader market on Tuesday.

The stock market finished mixed on Tuesday, with the Dow Jones the sole loser with a marginal 0.03-percent dip, as investors awaited clarity on President Donald Trump’s new tariff rollout.

The tech-heavy Nasdaq ended 0.87 percent higher, while the S&P 500 grew 0.38 percent.

Meanwhile, 10 individual stocks outperformed the bellwether indices, finishing the day in the green amid a flurry of fresh corporate developments that boosted investor appetite.

In this article, we named Tuesday’s top performers and detailed the reasons behind their gains.

To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5 million in trading volume.

Logistics robots filling packages in a warehouse, preparing for delivery.

Hesai Group Inc. (NASDAQ:HSAI)

Shares of Hesai Group jumped by 17.77 percent on Tuesday to end at $17.43 apiece following news that Baidu deployed 1,000 unmanned vehicles in Dubai, all equipped with HSAI’s lidar technology.

The collaboration stemmed from an exclusive agreement with Baidu Apollo in July 2024 to equip Apollo with HSAI’s lidar technology, as it aims to facilitate level 4 autonomous driving in the city’s complex environment.

HSAI CEO David Li emphasized the importance of their lidar technology in achieving safe and efficient autonomous vehicle operations, particularly in intricate urban settings.

In recent news, HSAI announced that it broke ground for its first overseas factory to shield itself from the growing trade tensions between the United States and China.

In a report by the Financial Times, HSAI is slated to build its first overseas plant next year as it looks to build production lines overseas in addition to its factories in China “to avoid risks related to geopolitics and tariffs.”

“Our clients who are hoping to diffuse the risks have found it a wise approach,” HSAI Chief Finance Officer Andrew Fan was quoted as saying.

Overall, HSAI ranks 3rd on our list of firms that outperform broader market on Tuesday. While we acknowledge the potential of HSAI as an investment, our conviction lies in the belief that some 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 as promising as HSAI but 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 30 Best Stocks to Buy Now According to Billionaires.

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