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Cadence Design Systems CDNS expanded its Tensilica IP lineup to cater to the rising computational demands in automotive sensor fusion applications. The latest high-performance Cadence Tensilica Vision 331 DSP and Vision 341 DSP integrate vision, radar, lidar, and AI processing into one DSP.

The new Tensilica IP enables multi-modal, sensor-based system designs with advanced energy efficiency and compactness. The new solution can be combined with Tensilica Vision 4DR Accelerator to achieve enhanced radar performance and energy efficiency.

Cadence further noted that an SoC provider has already chosen the Vision 341 DSP for its upcoming automotive SoC. The new Vision 341 DSP and Vision 331 DSPs combine Tensilica ConnX and Vision instruction-set architectures. This helps SoC providers for automotive, drone, robotics, and autonomous vehicle systems with a versatile single-DSP solution for various workloads, including image sensing, radar, lidar, and AI tasks.

Cadence Design Systems, Inc. Price and Consensus

The Vision 341 DSP offers twice the multiply-accumulate capability compared with the Vision 331 DSP, which offers superior performance and energy efficiency compared to GPUs or CPUs, added Cadence. Also, it significantly improves performance compared to the Vision 230 DSP.

Cadence aims to meet the growing demand for flexible single-DSP solutions by vision transformers and automotive companies. The company aims to offer a comprehensive solution with optional radar acceleration for emerging 4D radar applications and increase its footprint in the vision and radar DSP IP.

Cadence offers products and tools that help customers to design electronic products. The company continues to invest heavily in verification and digital design products, allowing it to launch products that address the ever-growing needs of electronics and semiconductor companies. Going ahead, the company is likely to gain from clients increasing their research and development spending in AI-driven automation.

CDNS currently sports a Zacks Rank #1 (Strong Buy). In the past year, the stock has gained 55.7% compared with the Zacks sub-industry’s growth of 58.9%.

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Other Stocks to Consider

Some other top-ranked stocks worth considering in the broader technology space are Synopsys SNPS, Woodward WWD and Watts Water Technologies WTS. Synopsys and Woodward sport a Zacks Rank #1, while Watts Water Technologies carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Synopsys’s 2024 earnings per share (EPS) has improved 1.1% in the past 60 days to $13.56. SNPS’s long-term earnings growth rate is 17.5%.

Synopsys’s earnings surpassed the Zacks Consensus Estimate in each of the last four quarters, the average surprise being 4.1%. Shares of SNPS have gained 56.8% in the past year.

The Zacks Consensus Estimate for Woodward’s fiscal 2024 EPS has inched up 5.7% in the past 60 days to $5.27. WWD’s long-term earnings growth rate is 15.5%.

Woodward’s earnings beat the Zacks Consensus Estimate in each of the last four quarters, the average surprise being 27.2%. Shares of WWD have gained 42% in the past year.

The Zacks Consensus Estimate for Watts Water Technologies fiscal 2024 EPS has improved 2.5% in the past 60 days to $8.54. WTS’s long-term earnings growth rate is 7.8%.

WTS’ earnings surpassed the Zacks Consensus Estimate in each of the last four quarters, the average surprise being 13.5%. Shares of WTS have soared 13.9% in the past year.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.