5 Stocks Jumping On The Generative AI Wagon

4. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 132

Louis Miscioscia at Daiwa Capital upgraded NVIDIA Corporation (NASDAQ:NVDA) from Neutral to Outperform on June 30.

NVIDIA Corporation (NASDAQ:NVDA) is a chip producer that has revolutionized AI. The company’s many contributions to the generative AI space include the NVIDIA Picasso, a cloud service for building generative AI-powered visual applications.

NVIDIA Corporation (NASDAQ:NVDA) had 132 hedge funds long its stock in the first quarter, with a total stake value of $12.3 billion.

Here’s what The Ithaka Group said about NVIDIA Corporation (NASDAQ:NVDA) in its first-quarter 2023 investor letter:

“NVIDIA Corporation (NASDAQ:NVDA) is the market leader in visual computing through the production of high-performance graphics processing units (GPUs). The company targets four large and growing markets: Gaming, Professional Visualization, Data Center, and Automotive. NVIDIA’s products have the potential to lead and disrupt some of the most exciting areas of computing, including: data center acceleration, artifi cial intelligence, machine learning, and autonomous driving. The stock’s appreciation in the quarter was twofold. First, the stock benefi ted from tremendous excitement surrounding the release of more advanced chatbots, specifi cally ChatGPT, and the likelihood this would necessitate the purchase of a large number of Nvidia’s products far into the future. Second, Nvidia posted a clean beat and raise quarter in mid-February, with investors becoming increasingly convinced the company and its suppliers are adequately working through the build up in channel inventories, which is reducing overall fears of ongoing inventory write-offs.”