Synaptics (SYNA) and BlackBerry (BB) are both rising significantly today. Synaptics provides wireless connectivity solutions and an AI platform for battery powered wireless devices. BlackBerry develops software for automobiles and offers IT security solutions.
Synaptics is advancing 6% after the firm disclosed that it would partner with Alphabet (GOOG,GOOGL) on an Edge AI project. Specifically, the firms will seek to combine Alphabet’s machine learning core with Synaptics’ Astra hardware. Astra consists of embedded processors that facilitate the use of AI independent of data centers, offering low power consumption and remedying issues related to latency and privacy, according to Synaptics.
13 AI News That Broke the Internet
“While we have historically been leaders in a handful of narrow processor verticals, we are now embarking on a journey to bring advanced AI capability to an incredibly wide range of edge (Internet of Things) devices,” Synaptics CEO Michael Hurlston said last year.
In the last three months, SYNA stock has risen 5.5%.
BlackBerry’s shares are climbing 4% after the firm disclosed that it was renaming its BlackBerry IoT unit. Going forward, QNX will be the name of the division. QNX is the firm’s operating system utilized by over 255 million vehicles globally. The company also noted that it plans to “relaunch the QNX brand.”
While we acknowledge the potential of SYNA, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than SYNA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ ALSO 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock
Disclosure: The author owns shares of BB. He has no plans to trade the stock in the next 48 hours This article is originally published at Insider Monkey.