Elastic N.V. (ESTC) Teams Up With AWS to Accelerate Artificial Intelligence Innovation

We recently published a list of 12 AI Stocks on Latest News and Ratings. In this article, we are going to take a look at where Elastic N.V. (NYSE:ESTC) stands against other AI stocks on latest news and ratings.

On May 28, Elastic N.V. (NYSE:ESTC) announced a five-year strategic collaboration agreement (SCA) with Amazon Web Services (AWS) to accelerate artificial intelligence innovation. Elastic N.V. is a search AI company offering cloud-based solutions.

The collaboration will allow organizations to streamline their transitions into AI-native enterprises via joint product integrations and go-to-market (GTM) initiatives. This will allow customers to build generative AI-based applications faster while reducing intricacies.

Elastic N.V. (ESTC) Teams Up With AWS to Accelerate Artificial Intelligence Innovation

A group of software engineers working in an open, futuristic office.

By integrating Elastic’s Search AI Platform with AWS services, customers will be able to build intelligent, scalable, and secure applications by using generative AI features through Amazon Bedrock, migrating Elastic Search workloads to Elastic Cloud and AWS, saving costs, accelerating AI development, and ensuring strong data regulation.

“As the speed of generative AI adoption accelerates, search has become increasingly relevant. Our collaboration with AWS and integration with Amazon Bedrock brings the power of search directly to generative AI for a host of use cases, including cybersecurity and observability. Together, we’re enabling developers to build intelligent, context-aware applications that leverage their own data securely and at scale.”

-Ash Kulkarni, chief executive officer at Elastic.

Overall, ESTC ranks 9th on our list of AI stocks on latest news and ratings. While we acknowledge the potential of ESTC as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than ESTC and that has 100x upside potential, check out our report about this cheapest AI stock.

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