We recently published a list of 15 AI News Updates Wall Street Is Monitoring. In this article, we are going to take a look at where Elastic N.V. (NYSE:ESTC) stands against other AI news updates that Wall Street is monitoring.

AI companies in the United States, many of whom have extensive business relations in China, are waiting anxiously for President-elect Donald Trump to assume office and announce possible changes to American policies towards China that will provide greater clarity on future US trade with the Asian country. Top executives from US-based firms were in China recently to meet with Chinese business leaders amid rumors of a massive spike in tariffs on goods being imported to Washington from Beijing. Latest reports from news platform Axios contend that Donald Trump is considering the appointment of an AI czar in the White House to coordinate federal policy and governmental use of artificial intelligence

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

Per the report, billionaire Elon Musk, who has publicly backed Trump during the 2024 election and is rumored to have a key influence over the President-elect on AI policy, will not be the AI czar. However, the report adds that Musk is nevertheless expected to be involved in shaping the future of the debate and use cases related to AI. xAI, the AI startup Musk founded in 2023, recently raised $5 billion in a funding round. The latest round of funding brought the valuation of the startup to over $50 billion. xAI is competing with OpenAI, the ChatGPT maker with a valuation of more than $157 billion.

READ ALSO: 30 Most Important AI Stocks According to BlackRock and 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, Barclays raised the price target on the stock to $138 from $105 and kept an Overweight rating on the shares. The company’s better than consensus results across the board in Q2 should set a positive tone for investors, as Elastic appears to be moving past its go-to-market changes from Q1, the advisory told investors in a research note. Barclays thinks the company’s outlook creates a favorable setup into the back half of the year.