SAIC Awarded $928M Air Force Contract for Rapid Warfighting Prototype Development

Science Applications International Corporation (NASDAQ:SAIC) is one of the cheap IT stocks hedge funds are buying. On June 25, Science Applications International was awarded a significant contract, called the Hyper-Innovative Operational Prototype Engineering/HOPE 2.0, which is valued at $928 million.

The contract supports the US Air Force Tactical Exploitation of National Capabilities/AF TENCAP and is set to begin this July, spanning a 5-year performance period. AF TENCAP operates as a congressionally mandated rapid-acquisition organization. Its primary function is to use existing air, space, cyber, national, and global Intelligence, Surveillance, and Reconnaissance/ISR systems.

SAIC Awarded $928M Air Force Contract for Rapid Warfighting Prototype Development

A DOD assistant presenting a portfolio of products and solutions from the company, highlighting its expertise in the IT sector.

The aim is to expedite the delivery of innovative and secure warfighting capabilities across Air Force and Joint military missions for the Department of Defense/DoD. Under this agreement, SAIC will provide Research, Development, Test, and Evaluation/RDT&E mission engineering services. These services are intended to assist AF TENCAP in developing prototypes that are near-ready for formal programs of record.

Science Applications International Corporation (NASDAQ:SAIC) provides technical, engineering, and enterprise IT services in the US.

While we acknowledge the potential of SAIC to grow, 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 SAIC and that has 100x 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.