We recently compiled a list of the 14 AI Stocks on Wall Street's Radar. In this article, we are going to take a look at where BlackLine, Inc. (NASDAQ:BL) stands against the other AI stocks that are on Wall Street's Radar.
Latest reports from tech news platform TechCrunch indicate that MatX, a chip-design startup focused on supporting large language models, has raised $80 million in a funding round. This follows the $25 million seed round it held less than a year ago. The latest round, led by Spark Capital, values the company at a pre-money valuation in the mid-$200 million range and a post-money valuation in the low $300 million range, per TechCrunch. MatX was co-founded two years ago by former Google TPU team members Mike Gunter and Reiner Pope, who aim to address the global shortage of AI-specific chips.
Read more about these developments by accessing 10 Best AI Data Center Stocks and 10 Buzzing AI Stocks According to Goldman Sachs.
The company's chips are optimized for AI workloads of 7 billion to 20 billion parameters or more, providing high performance at lower costs. MatX highlights its advanced interconnect technology, which enhances scalability for large clusters. The co-founders claim their processors are designed to outperform NVIDIA GPUs, with a goal of achieving tenfold efficiency in training LLMs and delivering results. The AI hardware sector has seen growing investor interest amid increasing demand for chips tailored for generative AI.
Read more about these developments by accessing 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.
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BlackLine, Inc. (NASDAQ:BL) provides cloud-based solutions to automate and streamline accounting and finance operations worldwide. The firm offers AI solutions to businesses that transform raw financial data into insightful summaries that are easy to understand. On November 22, JMP Securities raised the price target on the stock to $86 from $81 and kept an Outperform rating on the shares after attending the company's annual Beyond the Black user conference. While many of its initiatives will take time to have a visible impact on the model, the advisory continues to like BlackLine as an excellent opportunity for capital appreciation, as BlackLine offers a powerful suite of invoice-to-cash and record-to-report solutions that are now even easier for customers to access with Studio360, and it addresses a large market opportunity estimated at $45 billion, JMP told investors in a research note.