We recently published a list of 15 Trending AI Stocks on Latest News and Ratings. In this article, we are going to take a look at where Elastic N.V. (NYSE:ESTC) stands against other trending AI stocks on latest news and ratings.

When BlackRock, the investment titan with more than $10 trillion in assets under management, invests in something, the finance world pays close attention. This is why Pyramid Analytics, an AI business analytics firm, has been in the news. According to a report by news agency Reuters, the startup recently raised more than $50 million in funding from the investment management firm. Pyramid Analytics operates an AI-powered platform that uses a combination of machine learning and AI to simplify processes and data analysis for clients. Some of the prominent clients of the startup include the US Food and Drug Administration, as well as Hallmark, Deloitte and Volkswagen.

Read more about these developments by accessing 10 Best AI Data Center Stocks and 10 Buzzing AI Stocks According to Goldman Sachs.

Meanwhile, AI markets in Europe were brimming with enthusiasm over the blockbuster debut of LightOn, a GenAI startup based in France, on the Euronext Growth market in Paris. The shares of the firm jumped close to 10% during the initial public offering. The startup builds large language models for businesses and institutions. It was valued at around $65 million in the IPO. AI startups have been fetching soaring valuations on market debuts. They have also been raising hundreds of millions in funding through financing rounds led by venture capital firms as the AI boom sweeps markets around the globe.

READ ALSO: Beyond the Tech Giants: 35 Non-Tech AI Opportunities.

For this article, we selected AI stocks by combing through news articles, stock analysis, and press releases. These stocks are also popular among 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 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).

A group of software engineers working in an open, futuristic office.

Elastic N.V. (NYSE:ESTC)

Number of Hedge Fund Holders: 47  

Elastic N.V. (NYSE:ESTC) is a search artificial intelligence company that delivers hosted and managed solutions designed to run in hybrid, public or private clouds, and multi-cloud environments. On November 25, Wedbush upgraded the stock to Outperform from Neutral with a $135 price target. It is time for the broader software space to get in on the AI Party, the advisory told investors in a research note. Wedbush believes the use cases are exploding, the enterprise consumption phase will begin in 2025 with a launch of large language models across the board, and the true adoption of generative AI will be a major catalyst for the software sector.