5 Most Promising AI Stocks According to Hedge Funds

In this article, we discuss the 5 most promising AI stocks according to hedge funds. To read the detailed analysis of the AI industry, go directly to the 11 Most Promising AI Stocks According to Hedge Funds.

5. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 180

NVIDIA Corporation (NASDAQ:NVDA) develops and sells computer graphics processors, chipsets, and related multimedia software. With a few AI-integrated solutions and products like NVIDIA AI and HGX H200 under its belt, the company recently announced that it will be unveiling new AI innovations at CES 2024.

34 Wall Street analysts covered NVIDIA Corporation (NASDAQ:NVDA), and 31 kept a Buy rating on the stock. The average price target of $661.35 had an upside of 34.45% at the time of writing on December 19.

On December 11, NVIDIA Corporation (NASDAQ:NVDA)’s CEO Jensen Huang said that the company is interested in setting up a chip production base in Vietnam. The company plans to support the country in advancing its AI ecosystem through talent training and partnering up with local tech firms.

Ave Maria mentioned NVIDIA Corporation (NASDAQ:NVDA) in its third quarter 2023 investor letter. Here is what it said:

“The Fund added two new positions in the quarter. The Fund initiated a position in Apollo, which grew to be 5.9% of the Fund’s assets by the end of the quarter. The Fund also initiated a small position in NVIDIA Corporation (NASDAQ:NVDA), which is the leading manufacturer of graphic processing units that are the computing power behind much of the artificial intelligence industry environment supporting the broader group of energy infrastructure stocks.”