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Trang chủ » This share exhibits the ‘nearly flawless union’ of A.I. and cryptocurrency.

This share exhibits the ‘nearly flawless union’ of A.I. and cryptocurrency.

This stock plays the 'almost perfect marriage' between A.I., crypto

This stock plays the ‘almost perfect marriage’ between A.I., crypto

Investment banking and asset management firm Needham sees an opportunity for investors to profit from the convergence of artificial intelligence (AI) and crypto, highlighting Applied Digital as an interesting opportunity in the near term. Applied Digital is a Bitcoin mining hosting provider that recently expanded into hosting high performance compute (HPC) and AI. The firm recently signed a $180m agreement for an AI customer. Needham analyst John Todaro believes there is an opportunity for Applied Digital and potentially other mining hosting providers to enter the AI hosting space. Meanwhile, seven Wall Street analysts covering the stock have a buy rating on the stock with an average price target of $10.42, which represents a potential 25% upside from its current level.

While the possibilities of AI and crypto interacting are still coming into focus, market participants have been mulling over the ways the two can benefit from each other for years. Both are unregulated technologies seen as potentially transformative and trying to prove their usefulness in the “real” world. Down the road, many market participants see the two becoming more intertwined with each other.

FAQs:

How does Applied Digital benefit from hosting AI?
Applied Digital recently signed a $180m agreement for an AI customer. With similar power density requirements between bitcoin mining and hosting AI applications, Applied Digital sees an attractive opportunity and could potentially expand into the AI hosting space.

What is the current stock rating for Applied Digital?
Each of the seven Wall Street analysts covering the stock has a buy rating on it. The average price target on the stock is $10.42, which implies about 25% upside from its current level.

Are AI and crypto regulated technologies?
Both AI and crypto are unregulated technologies seen as potentially transformative and trying to prove their usefulness in the “real world”.

What is the potential future relationship between AI and crypto?
Market participants see AI and crypto becoming more intertwined with each other as automation runs primarily via smart contracts on interoperable blockchains leading to broad changes in payments, insurance, medical applications, and others.

This stock plays the 'almost perfect marriage' between A.I., crypto
This stock plays the ‘almost perfect marriage’ between A.I., crypto

The Stock that Exemplifies the ‘Near Perfect Union’ of A.I and Cryptocurrency

Market experts have been discussing the potential benefits of combining artificial intelligence (AI) and cryptocurrency for a while now. While the possibilities are still emerging, investment firm Needham has identified an opportunity for investors and a suitable stock to consider. Looking at the near future, the firm sees infrastructure as the best place for investment and specifically highlights Applied Digital as an interesting option. Applied Digital is a bitcoin mining hosting provider that has recently started hosting high performance computations and AI. “Last week the company signed a $180 million agreement for an AI customer,” said Needham analyst John Todaro, adding, “Given the similar power density requirements between bitcoin mining and hosting AI applications, we believe there is an attractive opportunity for Applied Digital and potentially other mining hosting providers to enter this space.” The seven Wall Street analysts providing coverage on the stock are all advising investors to buy it, and the average price target is $10.42, which suggests it has around 25% upside potential from its present level. Interest in AI has surged this year, with the popularity of ChatGPT creating significant buzz. It is still early days for both cryptocurrency and AI, and while both are seen as potentially transformative, they are unregulated and trying to establish their usefulness. However, many experts expect the two to become more intertwined in the future. Todaro stated, “Given crypto runs primarily via automated smart contracts on interoperable blockchains, there is almost a perfect marriage between automated activity that can be done via AI models which can then be transacted via these chains and executed by smart contracts. This could lead to broad changes in payments, insurance, medical applications, and others.”

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