We recently published a list of 15 AI News Stories Shaking Up Wall Street. In this article, we are going to take a look at where Microchip Technology Incorporated (NASDAQ:MCHP) stands against other AI news stories shaking up Wall Street.
U.S. President Joe Biden met with China’s President Xi Jinping at the APEC Summit in Lima, Peru, on November 16. According to the White House, the two reached an agreement affirming that human beings, not artificial intelligence, should make decisions about the use of nuclear weapons.
“The two leaders affirmed the need to maintain human control over the decision to use nuclear weapons. The two leaders also stressed the need to consider carefully the potential risks and develop AI technology in the military field in a prudent and responsible manner”.
-The White House said in a statement.
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This agreement marks a groundbreaking step in addressing two complex and challenging topics: nuclear weapons and artificial intelligence. However, it remains unclear whether the two nations will conduct additional discussions or actions on the matter.
At the same time, Xi vowed on Saturday to work with the incoming U.S. administration of Donald Trump as he held his final talks with outgoing President Joe Biden on various topics. Xi acknowledged the “ups and downs” between the countries after Trump’s election.
“China’s goal of a stable, healthy and sustainable China-U.S. relationship remains unchanged. China is ready to work with the new U.S. administration to maintain communication, expand cooperation and manage differences.”
In other trailblazing news, there is a new artificial intelligence program developed by Washington State University. Reportedly, it can spot signs of serious diseases more accurately, and faster, than trained human researchers.
According to scientists, patients can receive the results of their mammogram or MRI within an hour. Washington State Professor Michael Skinner further reveals that the process can be done in minutes, and patients don’t have to wait hours or days for their image analysis on the MRI by their physician.
“You can take that image, run it through this type of program, and it can tell you exactly where the abnormalities are. But it (the A.I. model) would still need to be trained each time.”
– Dr. Skinner.
For this article, we selected AI stocks by going through news articles, stock analysis, and press releases. These stocks are also popular among hedge funds.
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 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
A semiconductor wafer at various stages of fabrication, showing the company’s range of expertise.
Microchip Technology Incorporated (NASDAQ: MCHP)
Market Capitalization: $33.76 billion
Microchip Technology Incorporated (NASDAQ: MCHP) is a leading semiconductor supplier engaged in the development, manufacture, and sale of smart, connected, and secure embedded control solutions. Its semiconductors and solutions are essential for data centers that power AI applications
On November 12, Microchip Technology Incorporated (NASDAQ: MCHP) announced its portfolio of IGBT 7 devices, power components that offer increased power capabilities, lower power losses, and compact device sizes. The IGBT 7 modules support voltages from 1200 V to 1700 V and currents from 50 A to 900 A, and come in various configurations and topologies. The new portfolio will help to meet high-growth market segments such as sustainability, E-Mobility, and data centers.
“The versatile IGBT 7 portfolio combines ease of use and cost efficiency with higher power density and reliability, offering our customers maximum flexibility. These products are designed for general industrial applications as well as specialized aerospace and defense applications. Additionally, our power solutions can be integrated with Microchip’s broad range of FPGAs, microcontrollers (MCUs), microprocessors (MPUs), dsPiC® Digital Signal Controllers (DSCs) and analog devices to provide a comprehensive system solution from one supplier”.
– Leon Gross, corporate vice president of Microchip’s discrete product group.
Overall, MCHP ranks 8th on our list of AI news stories shaking up Wall Street. While we acknowledge the potential of MCHP 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 MCHP but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.
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