5 Stocks That Will Make You Rich in 2023

4. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 132

NVIDIA Corporation (NASDAQ:NVDA) shares have already gained about 194% year to date through July 7 but analysts believe the stock is poised to grow amid the AI boom. For now, NVIDIA Corporation (NASDAQ:NVDA) dominates the AI market when it comes to hardware and chips. Whenever a company decides to use or deploy generative AI apps like ChatGPT, chances are that they are giving money to NVIDIA Corporation (NASDAQ:NVDA) directly or indirectly since Nvidia’s chips are powering most of the mainstream AI systems.

Recently, Daiwa Capital’s Louis Miscioscia upgraded the stock to Outperform from Neutral citing his recent checks that show NVIDIA Corporation (NASDAQ:NVDA)’s strength in the AI domain. The analyst also upped his price target for NVIDIA Corporation (NASDAQ:NVDA) to $475 from $408.

The analyst said that NVIDIA Corporation (NASDAQ:NVDA)’s dominance is hard to match for competitors like Intel and AMD.

“Many reports suggest AMD/Intel GPUs are pretty darn powerful, they are, but it is not just about silicon, it is about everything combined,” Miscioscia said in a note.