12 AI Stocks Making Waves on Wall Street Today

4. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 223

NVIDIA Corporation (NASDAQ:NVDA) specializes in AI-driven solutions, offering platforms for data centers, self-driving cars, robotics, and cloud services. On May 20, Taiwan’s Foxconn, the world’s largest contract electronics maker, announced its plans to build an artificial intelligence center with Nvidia. Per a Reuters report, Foxconn said that the center will be built in phases and is targeted to have 100 megawatts of power.

Speaking at Taipei’s annual Computex trade show day after Nvidia’s announcement that it will build a giant AI supercomputer in Taiwan in partnership with Foxconn, Foxconn Chairman Young Liu said that the AI data center will require massive power and will be built in phases. Depending on power availability, some of it will be planned in the southwestern city of Kaohsiung, and others in other cities across Taiwan.

“This AI data centre is targeted to have 100 megawatts of power. We know that power is a very critical resource in Taiwan. I don’t want to use the word ‘shortage’. So it will take a few steps to reach 100 megawatts. We’ll start with 20 megawatts … then add another 40.”