10 AI Stocks on the Market’s Radar

2. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 235

NVIDIA Corporation (NASDAQ:NVDA) is one of the 10 AI Stocks on the Market’s Radar. On October 10, UBS analyst Timothy Arcuri reiterated a Buy rating on the stock with a $205.00 price target. Analysts at the firm believe Taiwan export data to be largely in-line with Nvidia’s data center growth trends.

“The Taiwan Ministry of Finance released September export data overnight, including Automatic Data Processing Equipment (ADP). ADP ex laptops was $14.07B, -16.03% M/ M from August’s $16.80B, coming in well below seasonal (-2.5% M/ M) and marking it the second consecutive below-seasonal September after being up 29% M/M in August. Assuming October constitutes a “normal” 36% of total FQ3 (Oct Q), this would imply- $48B of exports- an increase of ~20% Q/Q (after already increasing 14% Q/Q in FQ2). This is about in-line with the ~22% Q/Q growth we model for NVDA data center revenue so while this data has decoupled with NVDA’s results in recent periods, we read the data thus far this Q overall in line.”

NVIDIA Corporation (NASDAQ:NVDA) specializes in AI-driven solutions, offering platforms for data centers, self-driving cars, robotics, and cloud services.