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Should You Hold 908 Devices (MASS)?

Fred Alger Management, an investment management company, released its “Alger Small Cap Growth Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. US equities rose in Q1 in anticipation of a soft landing. Corporate earnings added another boost to the soft-landing narrative. Class A shares of the fund outperformed the Russell 2000 Growth Index during the quarter. The consumer discretionary and consumer staples sectors contributed to the fund’s relative performance in the quarter, while information technology and industrials detracted from performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.

Alger Small Cap Growth Fund highlighted stocks like 908 Devices Inc. (NASDAQ:MASS), in the first quarter 2024 investor letter. 908 Devices Inc. (NASDAQ:MASS) is a commercial-stage technology company. One-month return of 908 Devices Inc. (NASDAQ:MASS) was 9.65%, and its shares lost 31.92% of their value over the last 52 weeks. On June 6, 2024, 908 Devices Inc. (NASDAQ:MASS) stock closed at $6.25 per share with a market capitalization of $215.532 million.

Alger Small Cap Growth Fund stated the following regarding 908 Devices Inc. (NASDAQ:MASS) in its first quarter 2024 investor letter:

“908 Devices Inc. (NASDAQ:MASS) is a life sciences tools company that provides advanced instruments used for forensics and drug development applications. The company’s forensics products are used by first responders and government agencies to detect illicit drugs and explosives. The company’s drug development instruments monitor key parameters to help increase the manufacturing yield of drugs. During the quarter, shares detracted from performance as investors rotated away from unprofitable small cap life science tools companies. While fiscal fourth quarter results and 2024 guidance were largely consistent with expectations, we believe industry growth headwinds, such as limited biotechnology funding and constrained capital expenditure budgets, may persist in the near-term.”

A research scientist in a lab wearing safety glasses, surrounded by laboratory equipment testing life science samples.

908 Devices Inc. (NASDAQ:MASS) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 9 hedge fund portfolios held 908 Devices Inc. (NASDAQ:MASS) at the end of the first quarter which was 9 in the previous quarter. 908 Devices Inc. (NASDAQ:MASS) revenue for the first quarter of 2024 was $10 million, up 5% from $9.5 million during the same period the previous year, mostly due to a rise in revenue from handheld devices. While we acknowledge the potential of 908 Devices Inc. (NASDAQ:MASS) 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 timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

In another article, we discussed 908 Devices Inc. (NASDAQ:MASS) and shared worst-performing stocks insiders are buying in 2024. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.

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

The $250 Trillion AI Hype is Real. A few years from now, you’ll probably wish you’d bought this stock.

When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard.

Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences.

At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000.

Do the math. According to Musk, this technology could be worth $250 trillion by 2040.

Put another way, that’s roughly equal to:

  • 175 Teslas
  • 107 Amazons
  • 140 Metas
  • 84 Googles
  • 65 Microsofts
  • And 55 Nvidias

And here’s the wild part — this $250 trillion wave isn’t tied to one company, but to an entire ecosystem of AI innovators set to reshape the global economy.

It’s a leap so massive, it could reshape how businesses, governments, and consumers operate worldwide.

Even if that $250 trillion figure sounds ambitious, major firms like PwC and McKinsey still see AI unlocking multi-trillion-dollar potential.

How could anything be worth that much?

The answer lies in a breakthrough so powerful it’s redefining how humanity works, learns, and creates.

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In fact, Verge argues this company’s supercheap AI technology should concern rivals.

Before I reveal the details, let’s talk about how some of the richest people on the planet are positioning themselves.

  • Bill Gates sees artificial intelligence as the “biggest technological advance in my lifetime,” more transformative than the internet or personal computer, capable of improving healthcare, education, and addressing climate change.
  • Larry Ellison — through Oracle, is spending billions on Nvidia chips and partnering with Cohere to embed generative AI across Oracle’s cloud and apps.
  • Warren Buffett — not known for tech hype — says this breakthrough could have a ‘hugely beneficial social impact.

When billionaires from Silicon Valley to Wall Street line up behind the same idea — you know it’s worth paying attention to.

Even as we admire what Tesla, Nvidia, Alphabet, and Microsoft have built, we believe an even greater opportunity lies elsewhere…

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