5 Stocks That Will Benefit From AI

4. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 132

NVIDIA Corporation (NASDAQ:NVDA) was seen in the portfolios of 132 hedge funds in the first quarter, with a total stake value of $12.3 billion.

NVIDIA Corporation (NASDAQ:NVDA) is the first semiconductor company that comes to mind when discussing AI because of its GPU AI chips, which are essential in AI development today. It is based in Santa Clara, California.

Mizuho’s Vijay Rakesh maintains a Buy rating and a $530 price target on NVIDIA Corporation (NASDAQ:NVDA) shares as of July 24.

This is what Aristotle Atlantic Partners said about NVIDIA Corporation (NASDAQ:NVDA) in its second-quarter 2023 investor letter:

Nvidia contributed to outperformance, as the company benefits from increased demand for its Graphic Processing Unit (GPU) semiconductor systems used in accelerated computing that is used to power Artificial Intelligence (AI) and Large Language Models (LLM). The company reported strong first fiscal quarter 2024 results and issued guidance for the second quarter and fiscal year 2024 that was ahead of consensus due to continuing strong demand trends for its data center GPU systems. “

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