7 Unstoppable Artificial Intelligence (AI) Stocks To Buy

3. Celestica Inc. (NYSE:CLS)

YTD Gains as of April 23: 84.02%

Number of Hedge Fund Holders: 38 

Celestica Inc. (NYSE:CLS) ranks third on our list of unstoppable artificial intelligence stocks to buy in 2024. The company is responsible for developing Photonic Fabric, an optical compute and memory fabric solution capable of supercharging AI infrastructure. On March 27, Celestetial AI, the creator of Photonic Fabric, announced that the platform raised $175 million in series C funding led by Thomas Tull’s US Innovative Technology Fund (USIT). The platform possesses the foundational technology to create, scale, and sustain AI models.

38 hedge funds held the stock in Q1 of 2024 with total stakes amounting to $568.7 million. The Whale Rock Capital Management is the largest shareholder in the company and has a position worth $169.64 million, as of March 31, 2024.

On April 24, Celestica Inc. (NYSE:CLS) reported earnings for the fiscal first quarter of 2024. The company reported earnings per share of $0.86, beating estimates by $0.11. The company also reported revenue worth $2.21 billion, ahead of market consensus by $27.91 million, with a year-over-year revenue growth rate of 20.19%.

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