We recently published a list of 10 Trending AI Stocks on Latest News and Ratings. In this article, we are going to take a look at where Domo, Inc. (NASDAQ:DOMO) stands against other trending AI stocks on latest news and ratings.
For centuries, work has been about physical abilities on farms in the factories and industries. There has been a paradigm shift in recent years, with work being about intellectual abilities. The trend is gathering steam as artificial intelligence increasingly disrupts global industries and workforces.
The emergence of AI is igniting a fresh conversation. As automation assumes more manual jobs and artificial intelligence dominates more cognitive functions, humanity will be characterized by its social skills. “But [generative AI] isn’t just another invention,” said Aneesh Raman, chief economic opportunity officer at LinkedIn. “It’s a turning point, forcing us to rethink not just what work is, but what it means to be human at work.”
If generative AI fulfills its promises, the worldwide job market will be drastically transformed, according to a Goldman Sachs report regarding the rise of AI. The investment firm projects that 300 million jobs may be eliminated or reduced due to this rapidly advancing technology.
Goldman argues that automation fosters innovation, resulting in the emergence of new job categories. AI will bring about cost reductions for businesses, allowing them to allocate their resources towards developing and expanding operations, which could boost global GDP by 7% annually.
Goldman Sachs forecasts that the advancement of AI will reflect the path taken by previous computer and technology innovations. Much like the transition from large mainframe computers to contemporary tech. AI can successfully pass the bar exam for lawyers, excel on the SATs, and create original art pieces.
Administrative assistance in offices, legal services, architecture and engineering, business and financial operations, management, sales, healthcare, and art and design are among the fields that face significant transformation due to AI automation.
According to a scholarly study by the National Bureau of Economic Research, automation technology has been the main factor contributing to income inequality in the United States over the last four decades. The study asserts that 50% to 70% of the fluctuations in U.S. wages since 1980 are linked to wage drops experienced by blue-collar employees who have been replaced or negatively impacted by automation.
Advancements in artificial intelligence, robotics, and other complex technologies have created a significant wealth and income disparity. This problem is set to intensify. Similarly, AI is causing significant changes to the coding workforce after years of hoopla and fear about how many jobs it will eliminate or replace. One of the first applications of generative AI was AI coding tools, which help write more code more quickly by automating large parts of the code development process.
“2025 is going to be a very fascinating year with some of these tools, as we start to scale,” said KeyBank Chief Information Officer Amy Brady. “We’re not far enough on the journey where I can confidently say it’s going to replace all entry-level code generation. Do I think it could replace some? Yes.”
Organizations are buzzing with discussions about artificial intelligence and the applications of generative AI, and numerous companies are progressing with their implementations. However, there is a risk of employee burnout from hastily adopting AI, and businesses must take precautions against this even as they eagerly embrace these technologies.
For this article, we selected AI stocks by going through news articles, stock analysis, and press releases. These stocks are also popular among hedge funds in Q4 2024.
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).
Domo Inc. (DOMO): Driving AI-Enhanced Decision Making with Koantek Partnership
A view of the company's cloud-based business intelligence platform in use.
Domo, Inc. (NASDAQ:DOMO) is a software application company that operates a cloud-based business intelligence platform. Its platform digitally connects management to frontline employees with data and systems. It also provides a data experience platform incorporating AI capabilities, allowing businesses to leverage machine learning, natural language processing, and predictive analytics. The company confirmed on March 4 that it is inking a strategic partnership with Koantek to develop tailored data strategies and enhance decision-making.
The two companies are joining forces to make it easier for the Domo and Databricks’ Data Intelligence platforms to manage customer data jointly. By incorporating Domo, Inc. (NASDAQ:DOMO) into its service offerings, Koantek will use its strong AI and analytics capabilities to deliver quick, actionable insights. It should also offer real-time data and encourage AI-driven decision-making that increases business impact.
“In a time of rapid AI development, it’s critical that businesses are able to leverage new, evolving technologies while avoiding siloed, expensive and ineffective practices,” said RJ Tracy, Domo’s Chief Revenue Officer. “With a focus on transparency and governance, our flexible AI service layer enables companies to securely engage, automate and act on corporate data through transparent and permission-based AI implementation.”
Overall, DOMO ranks 9th on our list of trending AI stocks on latest news and ratings. While we acknowledge the potential of DOMO 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 DOMO but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
