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We recently compiled a list of the Investor Optimism Boosts Jump of These 10 Stocks. In this article, we are going to take a look at where BlackBerry Ltd. (NYSE:BB) stands against the other stocks.
Wall Street’s main indices ended Monday’s trading session on a mixed note, with the Dow Jones Industrial Average the only decliner, dipping by 0.06 percent or 25.57 points to close at 42,706.56.
In contrast, the S&P 500 and Nasdaq Composite both registered gains, up 0.45 percent and 1.24 percent, respectively.
Monday's overall rally was largely driven by strong performances in the bitcoin mining and quantum computing sectors, with 10 companies seeing notable gains.
To come up with the day's top advancers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
A research engineer surrounded by hardware, demonstrating the company's secure container offerings.
BlackBerry Ltd. (NYSE:BB)
Shares of BlackBerry rallied by 11.14 percent on Monday, ending the day at $4.09, following the news that its QNX division is partnering with technology giant Microsoft Corp. to speed up the development of software-defined vehicles (SDV).
The collaboration is set to integrate the QNX software development platform (SDP) 8.0 with Microsoft Azure, a move that will offer developers a robust cloud environment to innovate and refine automotive and Internet of Things applications.
The initiative also aims to streamline the creation, testing, and integration of software essential for the next wave of automotive technology.
According to BlackBerry Chief Operating Officer John Wall, the joint effort with Microsoft is expected to incorporate Microsoft Azure AI to support advanced technology early in the development cycle.
The strategy is designed to speed up development timelines, reduce risks, and enable automakers to harness the cloud's scale and velocity for development.
Overall BB ranks 7th on our list of the stocks that soared today. While we acknowledge the potential of BB 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 timeframe. If you are looking for an AI stock that is more promising than BB but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.