In this article, we will discuss Billionaire Ken Fisher’s 10 Technology Stock Picks with Huge Upside Potential.
Technology stocks have faced heightened volatility in 2025, with market sentiment swinging sharply in response to President Donald Trump’s aggressive trade policies. On April 3, tech shares endured their worst day since the COVID-19 pandemic as Trump announced sweeping tariffs on all imported goods, including a 34% duty on Chinese imports, exacerbating fears of a global trade war. An iPhone maker led the steep declines among the “Magnificent Seven,” plummeting over 9% due to its reliance on Chinese manufacturing. Other tech giants also fell between 8% and 9%, while semiconductor and PC companies recorded double-digit losses. The tech-heavy NASDAQ tumbled 6%, marking its worst session over five years and deepening its year-to-date loss to more than 14%.
Despite the recent turmoil, broader optimism about technology and growth stocks remains underpinned by longer-term trends. Notably, Ken Fisher of Fisher Asset Management has emphasized that while mega-cap tech firms often face headwinds, they tend to outperform during bullish cycles and reflect broader market confidence. He argues that 2024’s rally was more expansive than many recognize, with tech and communication services stocks leading growth across the board. While tech stocks often decline more in bearish periods, their historical track record of resilience and growth during recoveries continues to make them attractive for long-term investors. This underscores why, even amid significant volatility, tech stocks retain strategic value for portfolios, particularly when the market regains momentum.
Signs of a potential rebound appeared later in April, as major indexes recovered modestly on April 24, with tech shares helping lead the rally. Investors responded positively to reports that the U.S. and China had resumed trade talks, despite earlier denials from Beijing. Trump’s announcement that some tariffs might be rolled back helped ease immediate fears, although uncertainty remains high. Analysts noted that the recent tech selloff had left the market oversold, setting the stage for short-term gains. However, mixed earnings reports and rising costs across industries continue to fuel caution, reinforcing the unpredictable nature of trade policy’s impact on tech and broader equity markets.
Now that we have sufficient context, let’s analyze Ken Fisher’s 10 technology stock picks that have huge upside potential according to analysts.
Our Methodology
For this article, we scanned Fisher Asset Management’s Q4 2024 13F filings to identify billionaire Ken Fisher’s technology stock picks with the highest upside potential. We compiled the tech equities with upside potential higher than 27% at the time of writing this article and discussed why they stood out as sound potential investments. Finally, we ranked the stocks based on the ascending order of their upside potential. To assist readers with more context, we mentioned the hedge fund sentiment around each stock using data from 1,009 hedge funds tracked by Insider Monkey in the fourth quarter of 2024.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 363.5% since May 2014, beating its benchmark by 208 percentage points (see more details here).
Billionaire Ken Fisher’s 10 Technology Stock Picks with Huge Upside Potential
10. Broadcom Inc. (NASDAQ:AVGO)
Number of Hedge Fund Holders as of Q4: 161
Fisher Asset Management’s Equity Stake: $5.54 Billion
Upside Potential as of April 30: 27.90%
Broadcom Inc. (NASDAQ:AVGO) is a leading American multinational technology company that designs, develops, and supplies a broad range of semiconductor and infrastructure software solutions. Its diverse product portfolio supports critical industries such as data centers, networking, wireless, broadband, storage, industrial systems, and enterprise software. The company plays a vital role in enabling high-performance connectivity and computing, particularly in the rapidly growing artificial intelligence (AI) and cloud infrastructure sectors.
In the first quarter of fiscal year 2025, Broadcom Inc. (NASDAQ:AVGO) delivered record-breaking financial results, with consolidated revenue reaching $14.9 billion—an increase of 25% year-over-year. This growth was fueled by a surge in demand for AI semiconductor solutions and infrastructure software. AI-related revenue alone climbed 77% year-over-year to $4.1 billion, while infrastructure software revenue rose 47% to $6.7 billion. Adjusted EBITDA also hit a new high of $10.1 billion, representing a 41% increase from the prior year. The company reported free cash flow of $6.0 billion, up 28% year-over-year, underscoring its strong cash generation capabilities. Broadcom ended the quarter with $9.3 billion in cash and cash equivalents and returned significant capital to shareholders with a $2.774 billion dividend payout on December 31, 2024.
For the future, Broadcom Inc. (NASDAQ:AVGO) projects continued momentum into the second quarter of fiscal 2025, driven by robust investment from hyperscale partners in AI data center infrastructure. The company anticipates second-quarter revenue to remain steady at approximately $14.9 billion, with adjusted EBITDA expected to account for around 66% of that revenue. CEO Hock Tan emphasized the sustained demand for AI XPUs and high-speed connectivity solutions, reinforcing Broadcom’s strategic positioning in the evolving AI-driven technology landscape.
Investor confidence in Broadcom Inc. (NASDAQ:AVGO) continues to grow, with institutional interest in the stock surging. As of Q4 2024, Fisher Asset Management held approximately 24 million shares of the company, valued at over $5.5 billion. Hedge fund interest in Broadcom has also increased, with 161 funds tracked by Insider Monkey holding stakes worth over $22.2 billion by the end of the fourth quarter, up from 128 funds in Q3.
Mar Vista U.S. Quality Select Strategy stated the following regarding Broadcom Inc. (NASDAQ:AVGO) in its Q1 2025 investor letter:
“We maintain a positive outlook on Broadcom Inc. (NASDAQ:AVGO) shares, despite recent stock price pressure stemming from two key concerns: (1) uncertainty around potential tariffs and the impact on global growth, and (2) investor skepticism regarding the return profile of large-scale AI capex investments by hyperscalers. This skepticism has been amplified by the efficiency gains recently demonstrated by DeepSeek, an unknown Chinese software company, which developed a competitive large language model at a much lower cost. These efficiency gains stoked fears that hyperscalers may have overbuilt AI infrastructure.
Broadcom maintains a strong competitive position in the custom AI ASIC market, as well as a disciplined capital allocation, most recently reflected in the VMWare acquisition. That deal is already delivering better than-expected top-line growth and margin expansion. Broadcom is the leading provider of custom AI ASICs and has been steadily diversifying its customer base beyond its initial anchor client, Alphabet. Many hyperscalers are interested in developing custom ASICs, which are tailored to specific computing tasks, given their lower costs and attractive performance attributes relative to general-purpose GPUs from providers like NVIDIA.
While we remain constructive on Broadcom’s long-term prospects, we did trim our position earlier in the quarter at higher levels to reallocate capital toward a more favorable risk-reward opportunity. Nonetheless, Broadcom remains a core holding in our portfolio and offers an attractive margin of safety. We believe the company is well-positioned to grow intrinsic value by +20% over the intermediate term.”
9. Amazon.com, Inc. (NASDAQ:AMZN)
Number of Hedge Fund Holders as of Q4: 339
Fisher Asset Management’s Equity Stake: $9.91 Billion
Upside Potential as of April 30: 30.92%
Amazon.com, Inc. (NASDAQ:AMZN) delivered robust financial results for the first quarter of fiscal 2025, continuing the momentum it built in 2024 despite a challenging macroeconomic environment shaped by renewed U.S. trade tariffs. The company reported earnings per share (EPS) of $1.59, significantly surpassing analyst expectations of $1.36, and marking a notable increase from $0.98 per share in the same quarter last year. Revenue for the quarter reached $155.67 billion, slightly ahead of the $155 billion analysts had forecast, and up from $143 billion year-over-year. Amazon’s advertising business was a standout performer, growing 19% in Q1 2025 and exceeding analyst projections, further underscoring the company’s strength in high-margin, scalable business segments.
This performance marks the third consecutive quarter that Amazon.com, Inc. (NASDAQ:AMZN) has exceeded analyst expectations. CEO Andy Jassy expressed optimism, stating, “We’re pleased with the start to 2025, especially our pace of innovation and progress in continuing to improve customer experiences.” These figures reflect Amazon’s continued operational discipline and leadership across its core businesses, including e-commerce, cloud computing, and digital advertising.
In alignment with its long-term growth strategy, Amazon.com, Inc. (NASDAQ:AMZN) is making an aggressive push into artificial intelligence. The company has outlined plans to allocate approximately $100 billion in capital expenditures in 2025, with a significant portion directed toward expanding its AI infrastructure. Amazon executives have stated that as AI inference costs decline, the company will accelerate investments in both its cloud and retail AI capabilities.
Investor sentiment toward Amazon remains strong. Fisher Asset Management, for instance, held 45.16 million shares valued at $9.91 billion by the end of Q4 2024. Broader institutional interest has also increased, with 339 hedge funds reporting stakes in Amazon.com, Inc. (NASDAQ:AMZN), up from 286 in the previous quarter. The collective value of these positions has reached nearly $69.04 billion, highlighting enduring confidence in Amazon’s long-term potential, particularly in AI-driven innovation and logistics efficiency. With an upside potential of 30.92%, Amazon is among Ken Fisher’s technology stock picks with huge upside potential.
Alger Spectra Fund stated the following regarding Amazon.com, Inc. (NASDAQ:AMZN) in its Q1 2025 investor letter:
“Amazon.com, Inc. (NASDAQ:AMZN) is a global technology company renowned for its expansive e-commerce platform, offering a vast array of products and services to consumers worldwide. Beyond online retail, Amazon generates revenue through its cloud computing division, Amazon Web Services (AWS), which provides scalable computing solutions to businesses and governments; subscription services like Amazon Prime, offering members benefits such as streaming content and expedited shipping; and advertising services that enable brands to reach targeted audiences on its platform. During the quarter, shares detracted from performance due to concerns surrounding U.S. President Donald Trump’s impending tariffs on imported goods, raising fears about increased operational costs and weaker consumer spending. Additionally, management’s lower-than expected fiscal first-quarter sales forecast and substantial planned investments—including a $100 billion commitment to AWS and AI infrastructure in 2025—further pressured sentiment regarding near term profitability. Despite the near-term share price weakness, we believe Amazon’s fundamentals remain strong given its diversified business model, continuous innovation, and dominant positions in high-growth areas like e-commerce and cloud computing.”
8. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM)
Number of Hedge Fund Holders as of Q4: 186
Fisher Asset Management’s Equity Stake: $5.60 Billion
Upside Potential as of April 30: 33.41%
Taiwan is a global powerhouse in semiconductor manufacturing, largely due to the dominance of Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM), the world’s largest dedicated foundry. TSMC plays a critical role in the global tech supply chain, producing chips for major technology firms including Apple, AMD, and NVIDIA. Known for its technological leadership, TSMC is at the forefront of advanced chip manufacturing, with its 3-nanometer (nm) process technology already contributing significantly to its operations. As of the first quarter of 2025, 3nm chips made up 22% of TSMC’s total wafer revenue, while 5nm and 7nm accounted for 36% and 15%, respectively. Altogether, advanced technologies (7nm and below) represented a dominant 73% of total wafer revenue, underscoring the company’s technological edge.
Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) reported first quarter 2025 revenue of $25.53 billion, a 35.3% increase year-over-year, though slightly down 5.1% from the previous quarter due to typical seasonal trends in smartphone demand. The company posted strong profitability metrics with a gross margin of 58.8%, an operating margin of 48.5%, and a net profit margin of 43.1%. Net income and diluted earnings per share (EPS) rose sharply by 60.3% and 60.4%, respectively. Although revenue is expected to dip 5.5% in Q1 due to seasonality, sales are forecasted to recover mid-year, with a 38% year-over-year revenue increase projected by the end of the second quarter of 2025, driven by growing demand for 3nm and 5nm chips.
Ken Fisher’s Fisher Asset Management holds a 2.22% stake in Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM), reflecting investor confidence in the firm’s long-term prospects despite its modest portfolio weight. The stock is viewed as having substantial upside potential, with analysts projecting a possible 33.41% increase in share price. TSMC’s strong fundamentals, leadership in advanced manufacturing processes, and central position in the semiconductor value chain continue to make it a critical player in global technology infrastructure and a key investment target in the tech sector.
Middle Coast Investing stated the following regarding Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) in its Q1 2025 investor letter:
“Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is the company we own with the most obvious geopolitical risk, and we cut our position in half. I know that if Taiwan-China flares up the damage will extend much wider, but TSM would seem to be the first domino there. And it’s not as if Taiwan is having an easy time of it with the current U.S. administration.”
7. Salesforce, Inc. (NYSE:CRM)
Number of Hedge Fund Holders as of Q4: 162
Fisher Asset Management’s Equity Stake: $4.16 Billion
Upside Potential as of April 30: 35.33%
Salesforce, Inc. (NYSE:CRM), a global leader in customer relationship management (CRM) software and enterprise cloud solutions, offers a diverse portfolio including Sales Cloud, Service Cloud, Marketing Cloud, and a suite of AI-driven analytics tools. Headquartered in California, the company competes with major players like Microsoft Dynamics and Oracle by leveraging its robust platform ecosystem and innovations in artificial intelligence. Its subscription-based business model ensures predictable and sustainable revenue, fostering long-term relationships with a wide range of enterprise customers across industries.
In 2024, Salesforce, Inc. (NYSE:CRM) demonstrated solid financial performance, reporting a 9% year-over-year revenue increase to $37.9 billion. The company also reached a record high in cash flow, supported by surpassing the $60 billion milestone in Remaining Performance Obligation (RPO). Notably, its newer offerings, namely the Data Cloud and Agentforce, have joined the multibillion-dollar product lines, driving exceptional growth in annual recurring revenue (ARR), with Data Cloud and AI services growing 120% year-over-year. Reflecting this momentum, Salesforce, Inc. (NYSE:CRM) has issued a revenue guidance range of $40.5 billion to $40.9 billion for fiscal 2026, highlighting confidence in continued expansion despite macroeconomic headwinds.
Investor interest has risen significantly, with Insider Monkey’s database revealing that 162 hedge funds held positions in Salesforce, Inc. (NYSE:CRM) by the end of Q4 2024, up from 116 in the previous quarter, collectively valuing their stakes at approximately $15.04 billion. However, recent executive changes, specifically the departure of the chief operating officer and the appointment of a new chief financial officer, introduced a degree of uncertainty in the market. This, coupled with the company’s fiscal 2026 revenue forecast falling short of analyst expectations, has stirred some investor concern despite the company’s otherwise positive trajectory and robust fundamentals.
6. Adobe Inc. (NASDAQ:ADBE)
Number of Hedge Fund Holders as of Q4: 117
Fisher Asset Management’s Equity Stake: $2.15 Billion
Upside Potential as of April 30: 36.99%
Adobe Inc. (NASDAQ:ADBE) is a prominent American software company headquartered in San Jose, California. Renowned for its diverse portfolio of creative and digital solutions, Adobe offers a wide range of software tools for photo and video editing, vector graphics, web and print design, animation, mobile app development, and audio production. The company continues to set industry standards with its Creative Cloud suite, while also pushing boundaries in artificial intelligence and generative media.
For the first quarter of fiscal year 2025, Adobe Inc. (NASDAQ:ADBE) delivered record-breaking results, achieving revenue of $5.71 billion, a 10% year-over-year increase. The company reported GAAP diluted earnings per share of $4.14 and while operating income reached $2.16 billion. Net income was $1.81 billion. Adobe also reported strong cash flows from operations totaling $2.48 billion, and closed the quarter with Remaining Performance Obligations (RPO) of $19.69 billion, with Current RPO (cRPO) representing 67%. Additionally, the company repurchased approximately 7 million shares during the quarter, highlighting its ongoing commitment to returning value to shareholders.
Adobe Inc. (NASDAQ:ADBE) also made major strides in the field of generative AI with the launch of several new tools and upgrades to its Firefly platform. The company introduced the Firefly Image Model 4, which offers improvements in image quality, speed, and creative control, including camera angles, zoom, and stylistic precision. The model can generate high-resolution images up to 2K and has a more advanced variant, Image Model 4 Ultra, capable of rendering intricate scenes with detailed structures. These advancements are a result of significantly increased computational training, allowing for more nuanced and stylistically accurate image generation. Adobe’s generative capabilities are further enhanced by its Firefly Video Model, now publicly available after a limited beta. This tool enables users to generate 1080p video clips from text or images, customize motion elements, and manipulate shot composition and atmospheric details.
With strong financials, innovative AI tools, and strategic investments in content authenticity and generative technology, Adobe is well-positioned to maintain its leadership in creative software while expanding its influence in the rapidly evolving AI landscape. It currently has an upside potential of 36.99%, making it sixth on the list of billionaire Ken Fisher’s technology stock picks with huge upside potential.
Aristotle Value Equity Strategy stated the following regarding Adobe Inc. (NASDAQ:ADBE) in its Q1 2025 investor letter:
“Adobe Inc. (NASDAQ:ADBE), the leading provider of content creation and publishing software, was a notable detractor during the quarter. This came despite the company reporting record revenue of over $5.7 billion in the first quarter—a 10% year-over-year increase, with double-digit increases across both its Digital Media and Digital Experience segments. The disconnect between strong fundamentals and share price weakness reflects ongoing market concerns around intensifying competitive threats from generative AI and lower-cost design platforms. Market sentiment has remained cautious around the perceived disruption risk posed by new AI-driven entrants, including OpenAI’s Sora for video generation and platforms like Canva, which cater to the broader prosumer and small and medium-sized business segment. However, we continue to view these as largely non-overlapping with Adobe’s core base of creative professionals, enterprises and agencies—audiences that demand precision, control and integration within larger workflows. Canva, while expanding its feature set, remains limited in its enterprise readiness and depth. Sora, meanwhile, remains early-stage and experimental, with limited commercial application at this point. Crucially, Adobe is not standing still. The company is actively embedding generative AI across its ecosystem through Firefly, which is commercially safe (i.e., free of copyrighted sources to train its models) and integrated natively into Creative Cloud applications like Photoshop and Illustrator. Firefly has shown strong early traction, generating $125 million in annualized recurring revenue, with management expecting that figure to double by year end. While modest in size relative to Adobe’s total revenue, Firefly’s monetization strategy is still in its early innings, with further potential through upselling, usage-based pricing and expanded use cases. Beyond monetization, AI integration enhances Adobe’s long-term competitive moat through product functionality, stronger customer engagement and increased switching costs. Adobe’s unique access to proprietary data, content workflows and creative content allows it to fine-tune models that serve the high-end needs of professionals—capabilities that generic AI models lack. Strategic partnerships with Microsoft (e.g., Firefly in Microsoft 365 Copilot) and ongoing momentum in Adobe Express further extend its reach into new user segments. Ultimately, we believe Adobe has a durable competitive advantage, underpinned by a large installed base, subscription-led business model, strong brand equity and a long track record of innovation. While short-term concerns over AI disruption have weighed on the stock price, we believe Adobe is well-positioned to harness AI as a driver of value rather than being displaced by it.”
5. Alibaba Group Holding Limited (NYSE:BABA)
Number of Hedge Fund Holders as of Q4: 107
Fisher Asset Management’s Equity Stake: Million
Upside Potential as of April 30: 40.59%
Alibaba Group Holding Limited (NYSE:BABA) is a leading Chinese multinational technology conglomerate with diverse operations spanning e-commerce, cloud computing, logistics, and digital services.
In the quarter ending December 31, 2024, Alibaba Group Holding Limited (NYSE:BABA) reported strong financial performance, with revenue rising 8% year-over-year to RMB 280.15 billion ($38.38 billion). Operating income surged by 83% to RMB 41.2 billion ($5.65 billion), driven by operational efficiencies and reduced intangible asset impairments. Adjusted EBITA increased by 4% to RMB 54.85 billion ($7.52 billion), while net income attributable to shareholders soared 333% to RMB 48.95 billion ($6.71 billion), bolstered by gains on equity investments and core business strength. Earnings per ADS were RMB 20.39 ($2.79), and non-GAAP diluted EPS reached RMB 21.39 ($2.93), up 13% from the previous year.
Alibaba Cloud returned to double-digit growth, with a 13% year-over-year revenue increase, reflecting robust demand for AI-related services. Looking ahead, Alibaba has pledged RMB 380 billion ($52.4 billion) over the next three years to scale its AI and cloud capabilities. CEO Eddie Wu emphasized targeted investment in foundational models, AI-native applications, and transformation initiatives, while Chairman Joe Tsai cautioned against unsustainable AI spending trends observed in other markets.
Further solidifying its AI ambitions, Alibaba Group Holding Limited (NYSE:BABA) recently launched the Qwen3 series, the third generation of its open-source AI models. Developed by its cloud computing division, the Qwen3 family includes eight models ranging from 600 million to 235 billion parameters, offering improved performance across language processing, coding, reasoning, and mathematical tasks. Benchmark tests suggest that models like Qwen3-235B and Qwen3-4B match or exceed the capabilities of leading competitors such as OpenAI’s o1, Google’s Gemini, and DeepSeek’s R1. The models also offer enhanced multilingual support and faster processing speeds.
Notably, the Qwen3-30 B-A3 B, a smaller Mixture-of-Experts model, outperforms the previous QwQ-32B, and the compact Qwen3-4B delivers comparable results to the much larger Qwen2.5-72 B-Instruct. Alibaba Group Holding Limited (NYSE:BABA) described this advancement as a pivotal step toward artificial general intelligence and artificial superintelligence, citing gains in pre-training methods and reinforcement learning as key drivers of improved model intelligence.
4. Advanced Micro Devices, Inc. (NASDAQ:AMD)
Number of Hedge Fund Holders as of Q4: 96
Fisher Asset Management’s Equity Stake: $2.91 Billion
Upside Potential as of April 30: 44.84%
Advanced Micro Devices, Inc. (NASDAQ:AMD) is a prominent American multinational technology company headquartered in Santa Clara, California, with key operational facilities in Austin, Texas. As a fabless semiconductor firm, AMD specializes in designing and developing a broad array of high-performance computing products, including central processing units (CPUs), graphics processing units (GPUs), field-programmable gate arrays (FPGAs), system-on-chip (SoC) solutions, and other advanced computing technologies. Its diversified product portfolio serves a wide spectrum of markets, ranging from gaming and embedded systems to data centers and artificial intelligence (AI) applications.
In 2024, Advanced Micro Devices, Inc. (NASDAQ:AMD) achieved a record-breaking financial performance, reporting full-year revenue of $25.8 billion, supported by strong growth in its data center and client computing businesses. Gross margin for the year was 49%, with operating income at $1.9 billion and net income totaling $1.6 billion. On a non-GAAP basis, AMD posted a record gross margin of 53%, operating income of $6.1 billion, net income of $5.4 billion, and diluted earnings per share of $3.31. For the fourth quarter alone, AMD reported record revenue of $7.7 billion. Non-GAAP results included a gross margin of 54%, record operating income of $2.0 billion, record net income of $1.8 billion, and earnings per share of $1.09. These strong quarterly figures highlight the momentum behind AMD’s next-generation technologies and growing market demand across its segments.
With an upside potential of 44.84%, Advanced Micro Devices, Inc. (NASDAQ:AMD) is fourth among the ten technology stocks with huge upside potential in Ken Fisher’s portfolio. As of Q4 2024, Fisher Asset Management increased its position in the company to over 24 million shares, marking a 2% rise from 23.8 million shares in Q3. The fund’s stake in Advanced Micro Devices, Inc. (NASDAQ:AMD) is now valued at approximately $2.91 billion. This surge in institutional interest underscores strong confidence in the stock’s long-term growth and suggests optimism about the company to maintain profitability in a competitive industry.
3. NVIDIA Corporation (NASDAQ:NVDA)
Number of Hedge Fund Holders as of Q4: 223
Fisher Asset Management’s Equity Stake: Million
Upside Potential as of April 30: 53.27%
NVIDIA Corporation (NASDAQ:NVDA), a global leader in GPU-accelerated computing, continues to revolutionize the tech industry with its high-performance graphics processing units, powering innovations across gaming, professional visualization, data centers, and automotive sectors.
In the fourth quarter of fiscal year 2025, NVIDIA Corporation (NASDAQ:NVDA) reported a record-breaking revenue of $39.3 billion, demonstrating a staggering 78% year-over-year growth. GAAP earnings per diluted share climbed to $0.89, reflecting strong operational performance and expanding demand for NVIDIA’s AI and data center technologies.
At the same time, NVIDIA Corporation (NASDAQ:NVDA) finds itself at the heart of escalating US-China tensions over advanced technology exports, particularly as Washington tightens restrictions on the sale of AI chips to Chinese firms. In response to new U.S. Commerce Department rules, NVIDIA must now obtain export licenses for its H20 AI chip, a model originally designed to comply with earlier export controls. Despite the setback, NVIDIA remains a pivotal player in the generative AI race, with its chips underpinning platforms such as ChatGPT. The restrictions are part of a broader U.S. strategy to curb China’s access to advanced AI technology, while simultaneously boosting domestic chip production—evidenced by NVIDIA’s recent $500 billion AI server investment plan in the U.S., and TSMC’s additional $100 billion investment in its Arizona facilities.
To safeguard its interests in China, which accounted for 13% of its total sales last year, NVIDIA CEO Jensen Huang recently visited Beijing, where he met with senior officials and business leaders, including DeepSeek’s founder. Huang reaffirmed the company’s commitment to the Chinese market, emphasizing continued collaboration despite geopolitical headwinds. The visit coincided with increased scrutiny of the global semiconductor supply chain and a growing divide between U.S.- and China-led tech ecosystems.
Nonetheless, investor sentiment surrounding NVIDIA Corporation (NASDAQ:NVDA) remains strong. The stock holds a price target of $167.09, representing a projected upside of 53.27%, placing it among the huge upside potential stock picks of billionaire Ken Fisher. This optimism highlights NVIDIA’s strategic importance in the future of AI and next-generation computing, reinforcing its appeal to investors who view it as a cornerstone of technological advancement in an increasingly polarized global tech landscape.
Alger Spectra Fund stated the following regarding NVIDIA Corporation (NASDAQ:NVDA) in its Q4 2024 investor letter:
“NVIDIA Corporation (NASDAQ:NVDA) is a leading supplier of graphics processing units (GPUs) for a variety of end markets, such as gaming, PCs, data centers, virtual reality, and high-performance computing. The company is leading in most secular growth categories in computing, and especially artificial intelligence and super-computing parallel processing techniques for solving complex computational problems. In our view, Nvidia’s computational power is a critical enabler of AI and therefore essential to AI adoption. Shares contributed to performance during the quarter, driven by strong demand for its data center products, especially the Hopper H200 chips, which generated double-digit billions in revenue, marking the fastest product ramp in the company’s history. Management provided fiscal fourth-quarter revenue guidance above analyst estimates, along with resilient operating margins supported by robust demand and limited competition. In our view, Nvidia’s leadership in scaling AI infrastructure, including advancements in inference and test-time scaling (i.e., reasoning during inference), is driving adoption among enterprises and startups, providing continued demand for its high-performance chips and software solutions. As older-generation chips are repurposed for inference and new clusters are deployed, we believe Nvidia is well-positioned to capitalize on growing compute needs across AI applications.”
2. JD.com, Inc. (NASDAQ:JD)
Number of Hedge Fund Holders as of Q4: 78
Fisher Asset Management’s Equity Stake: Million
Upside Potential as of April 30: 54.41%
JD.com, Inc. (NASDAQ:JD) is a Beijing-based e-commerce powerhouse and China’s largest retailer by revenue. The company has evolved into a technology-driven conglomerate, expanding its footprint into logistics, healthcare, and property development alongside its core e-commerce operations. With a reputation for innovation and operational excellence, JD.com has strategically diversified into high-growth sectors that complement and enhance its retail business, reinforcing its dominant position in China’s competitive digital economy.
On March 6, 2025, JD.com, Inc. (NASDAQ:JD) released its financial results for the fourth quarter and full year ended December 31, 2024, revealing robust year-over-year performance across multiple key metrics. The company posted Q4 net revenues of RMB347.0 billion ($147.5 billion), a 13.4% increase over the same period in 2023. Full-year net revenues climbed to RMB1,158.8 billion ($158.8 billion), up 6.8% from the previous year. Operational profitability surged, with Q4 income from operations rising to RMB8.5 billion ($1.2 billion), up significantly from RMB2.0 billion in Q4 2023. The operating margin improved from 0.7% to 2.4%, while non-GAAP income from operations increased to RMB10.5 billion ($1.4 billion), reflecting a non-GAAP operating margin of 3.0%, up from 2.5% the year before.
JD.com, Inc. (NASDAQ:JD) CEO Sandy Xu noted that double-digit year-on-year growth in both topline revenue and bottom-line profitability reflected strong momentum across most product categories. She also emphasized significant increases in quarterly active users and shopping frequency, underscoring rising consumer engagement and loyalty. Looking ahead to 2025, Xu affirmed the company’s optimistic outlook amid recovering consumer sentiment and a continued focus on high-quality growth.
1. Marvell Technology, Inc. (NASDAQ:MRVL)
Number of Hedge Fund Holders as of Q4: 105
Fisher Asset Management’s Equity Stake: Million
Upside Potential as of April 30: 77.62%
Marvell Technology, Inc. (NASDAQ:MRVL), headquartered in Santa Clara, California, is a prominent semiconductor company specializing in AI-accelerated compute, connectivity, and storage solutions. Since its founding in 1995 by Dr. Sehat Sutardja, Weili Dai, and Pantas Sutardja, the company has evolved from its initial focus on CMOS-based read channel technology for disk drives into a global leader in advanced data infrastructure. Its first major breakthrough came when Seagate Technology became an early customer, paving the way for rapid growth. Today, Marvell serves a diverse range of industries, including data centers, automotive, enterprise, and carrier networks. By embedding artificial intelligence into its solutions, Marvell is reshaping cloud and network architectures to optimize speed, performance, and accessibility. The company now employs over 6,500 people, holds more than 10,000 patents, and reported $5.5 billion in revenue for fiscal 2024, underscoring its position at the forefront of semiconductor innovation.
Marvell Technology, Inc. (NASDAQ:MRVL) announced its financial results for the fourth quarter and full fiscal year ended February 1, 2025, demonstrating significant growth momentum. The company reported net revenue of $1.817 billion for Q4 FY2025, exceeding guidance by $17 million. This marked a 20% sequential and 27% year-over-year increase, driven largely by exceptional growth in the data center segment, where revenue rose 78% compared to the same period last year. Net income for the quarter was $200.2 million, or $0.23 per diluted share. The company also generated $514 million in operating cash flow for the quarter, reflecting healthy financial management.
For the full fiscal year 2025, Marvell Technology, Inc. (NASDAQ:MRVL) posted net revenue of $5.767 billion. The company delivered a record $1.68 billion in operating cash flow for the year and returned $933 million to shareholders through dividends and share repurchases. CEO Matt Murphy emphasized that Marvell ended the fiscal year on a strong note, highlighting the success of its custom AI silicon programs, which have now entered volume production, and the continued momentum in its interconnect product lines. Murphy also pointed to multiple new design wins, including several custom silicon projects, that position the company for sustained long-term growth.
Overall, MRVL ranks first among Billionaire Ken Fisher’s 10 technology stock picks with huge upside potential. While we acknowledge the potential of these stock picks, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than MRVL but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock.
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