Published on 30 May 2024 on Insider Monkey via Yahoo Finance
Is Deere & Co (NYSE:DE) The Best Under-The-Radar AI Stock Hedge Funds are Buying?
We recently published a list of 7 lesser-known, under-the-radar AI stocks hedge funds are piling into. Since Deere & Co (NYSE:DE) is part of the list, the stock deserves a deeper look.
The AI-led stock rally that rewarded mega-cap technology stocks has finally started to trickle down to other industry players that were seemingly not related to the AI and tech industry. Consider this: The information technology sector gained about 11% over the past three months, while the S&P 500 utilities sector jumped 18% in the same period. Why? Because investors are scrambling to pile into utilities since they are set to benefit from the dramatic rise in power demand thanks to the data center boom caused by the mass AI adaption. As Nvidia's CEO Jensen Huang put it in the company's latest earnings call, the "next industrial revolution" has started with the dawn of AI and across the globe data centers are being "converted into AI factories."
AI-Led Stock Market Boom: "No Longer Dependent on Just One Stock"