Magnite (MGNI) Ends 3-Day Run as Funds Flock to AI

We recently published 10 Stocks Lost This Big While Wall Street Celebrates. Magnite, Inc. (NASDAQ:MGNI) is one of the worst performers on Monday.

Shares of Magnite snapped a three-day winning streak on Monday, shedding 6.79 percent to finish at $24.16 apiece as investor funds fled to artificial intelligence stocks amid fresh developments surrounding the booming sector.

Additionally, investors sold off positions amid lingering concerns for its legal battle with Google LLC, having filed a new lawsuit against the latter last week.

Magnite (MGNI) Ends 3-Day Run as Funds Flock to AI

Source: pexels

In a regulatory filing, Magnite, Inc. (NASDAQ:MGNI) said that it sued Google and sought financial damages in light of the U.S. District Court’s ruling that Google had engaged in unlawful anticompetitive practices with respect to certain ad tech markets.

It acknowledged Google as a significant participant in the digital advertising ecosystem, underscoring that it is both a major partner and competitor to Magnite, Inc. (NASDAQ:MGNI), where a significant portion of its revenue comes from.

“Magnite was founded to help publishers thrive by maximizing their advertising yield through innovative technology, trusted guidance, and a transparent marketplace that efficiently connects them to buyers, ” Magnite, Inc. (NASDAQ:MGNI) CEO Michael Barrett said.

“For years, Google undermined our ability to execute on this mission with practices that favored its own business over the health of the open web, causing harm to publishers, advertisers, and partners like us. We look forward to a future that promotes healthy competition, ongoing innovation, and value creation for the ecosystem as a whole,” he noted.

While we acknowledge the risk and potential of MGNI 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 time frame. If you are looking for an AI stock that is more promising than MGNI and that has 10,000% upside potential, check out our report about this cheapest AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

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