We recently published a list of Top 9 AI News Updates Investors Probably Missed. In this article, we are going to take a look at where Arrow Electronics (NYSE:ARW) stands against other top AI news updates investors probably missed.

Artificial intelligence (AI) has been termed humanity’s most significant invention in recent years. Others have argued that AI has the potential to enrich consumers’ lives through new channels for self-expression and creativity. The best part is that this is not wishful thinking; big things are already happening. In fact, some believe the world is on the cusp of an AI technology that can reason and act at the same level as humans.

According to Nathan Myhrvold, former Microsoft CTO and current CEO of Intellectual Ventures, humanity is less than five miracles away from creating AI with human-like cognitive abilities. “We’ll get there eventually… Two years ago, nobody would have predicted how far we’ve come today,” he said.

But before AI can match or even surpass human intelligence, the technology is already showing great promise in various applications. For instance, one of Africa’s wealthiest individuals is tapping the tech to build the continent’s first AI factory. According to a Bloomberg report, Strive Masiyiwa’s company will provide the infrastructure for African businesses, researchers, and startups to “turn their bold ideas into real-world breakthroughs, and now they don’t have to look beyond Africa to get it.”

Across the Indian Ocean to Asia, AI is revolutionizing agriculture in China. Recent reports suggest that the government has initiated the development of an AI platform to support intelligent agricultural machines. Regional authorities have released a policy draft that outlines measures to encourage R&D in AI-based agricultural tools. This includes setting up innovation hubs to provide services like R&D, testing, exhibitions, and access to AI resources. The AI platform will assist companies in data verification, AI model implementation, and enhancing human-machine interaction.

India, too, is keen on leveraging the AI wave. The country is working on an indigenous AI chip that should be ready in three years. This massive undertaking is under the purview of the Ministry of Electronics and Information Technology (MeitY). The objective is to reduce reliance on foreign semiconductor technology and strengthen India’s position in the global AI ecosystem.

Many other countries in North America and Europe have similar projects already underway or at the deliberation stage. The most exciting part of these developments is that the private sector is at the center of the revolution. Most, if not all, of these AI-focused projects may be government initiatives but it is the private sector that is doing the heavy lifting.

To create this list, we reviewed the latest AI-focused news reports, press releases, and stock analysis. We have also mentioned the hedge fund sentiment around each stock, as of Q4 2024.

Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).

Arrow Electronics, Inc. (NYSE:ARW)

Number of Hedge Fund Holders: 35

Arrow Electronics (NYSE:ARW) is a leading provider of technology products, services, and solutions. It specializes in electronic components and enterprise computing solutions. On March 25, the company confirmed the expansion of its private label-managed professional and implementation services portfolio.

The AI-focused managed services portfolio features solutions for maintaining large language models and AI deployments. Its expansion marks an important milestone in Arrow Electronics (NYSE:ARW) push for growth opportunities in high-growth technology segments, including artificial intelligence, cloud computing and security. Additionally, it positions it to tap into the growing demand for AI implementation services.

“Our services provide them with the agility to explore new strategic areas while maintaining successful business outcomes. This expansion is a significant step in our commitment to help our channel partners boost recurring revenue streams without the burdens typically associated with maintaining an extensive services portfolio,” said Ben Klay, president of Arrow’s North America enterprise computing solutions business.

Overall, ARW ranks 3rd on our list of top AI news updates investors probably missed. While we acknowledge the potential of ARW 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 time frame. If you are looking for an AI stock that is more promising than ARW but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.