We recently published a list of 10 AI Headlines You Shouldn’t Miss. In this article, we are going to take a look at where Salesforce Inc (NYSE:CRM) stands against other AI headlines you shouldn’t miss.
Sovereign AI: a new concept gaining traction in the realm of artificial intelligence. As reported by CNBC, tech giants are developing “sovereign” artificial intelligence models to boost their competitiveness. Last month, Denmark revealed its very own artificial intelligence supercomputer, becoming one of many sovereign AI initiatives that have the ability to “codify” a country’s culture, history, and collective intelligence.
READ ALSO: 10 AI Headlines Making Waves Today and 15 AI News You Must Read Today
That said, many of the biggest large language models today, such as OpenAI’s ChatGPT and Anthropic’s Claude, have US-based data centers for storing data and processing requests from the cloud. Several politicians and regulators hailing from Europe are beginning to raise concern over this, who believe that dependence on US technology is harmful to their continent’s competitiveness and technological resilience.
Filippo Sanesi, global head of marketing and operations at OVHCloud, noted that the French cloud firm is experiencing lots of demand for its European-located infrastructure, as they “understand the value of having their data in Europe, which are subject to European legislation.”
“As this concept of data sovereignty becomes more mature and people understand what it means, we see more and more companies understanding the importance of having your data locally and under a specific jurisdiction and governance. We have a lot of data. This data is sovereign in specific countries, under specific regulations.”
– Filippo Sanesi told CNBC.
While AI sovereignty is not yet a regulatory mandate, European countries are increasingly investing in AI technologies that are reflective of their own societal norms.
Latest Advancements in AI
In recent news, more than 3,000 companies from around the world participated in Lisbon’s Web Summit 2024. The theme for Europe’s largest technology event was artificial intelligence, with startups showcasing machines that could think and learn, and even solve many of the world’s problems, such as deforestation. One such startup at the summit was Woodchat, an artificial intelligence system identifying lumber types to combat the use of illegal wood.
“WoodChat is an artificial intelligence system that identifies lumber types, and the whole thing is done via WhatsApp. Our technology is an API verified by Meta. In Brazil, our recognition system is used to fill out forestry documents. The process helps loggers to fill it out so that the wood passes through the federal system with authorised certification”.
– Fernanda Onofre, founder of WoodChat.
Other fields with interesting startups at the summit were robotics, finance, and also air travel.
In other AI news, OpenAI, an American artificial intelligence research organization, is preparing to launch a new artificial intelligence operator codenamed “Operator”, Bloomberg reports. The company is reportedly set to launch the tool as a research preview in January, allowing a computer to take action on a human’s behalf, such as writing code or booking travel. The planned release is part of a wider industry movement towards agents—AI software capable of performing multi-step tasks for users with minimal oversight.
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.
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A customer service team in an office setting using the company’s Customer 360 platform to communicate with customers.
Salesforce Inc (NYSE:CRM)
Market Capitalization: $319.73 billion
Salesforce Inc (NYSE:CRM) is a cloud-based CRM software. It is one of the best stocks in the AI, Growth, and Low Rates Era, integrating artificial intelligence as a core component in its business operations.
Bank of America Securities analyst Bradley Sills reiterated a “Buy” rating on Salesforce Inc (NYSE:CRM), boosting the price target to $390.00 from $325. The analyst considers Salesforce Inc (NYSE:CRM) as a top pick, noting the company’s strong potential for future growth, notably in key areas such as Sales/Marketing and Service Clouds. The company’s new AI-powered platform, Agentforce, is also garnering interest and is expected to boost data cloud deals and contribute to long-term growth. Sills also anticipates that the platform will enhance subscription growth in the coming years, reaffirming the buy rating.
“A round of calls with partners suggests largely in-line deal activity, consistent with Q2. Key takeaways: 1) steady growth in Sales/Marketing Clouds & Service Cloud, 2) health care/life sciences, financial services & government verticals continued to outperform.”
Overall, CRM ranks 2nd on our list of AI headlines you shouldn’t miss. While we acknowledge the potential of CRM as an investment, our conviction lies in the belief that some 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 AAPL 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.