Is NVIDIA (NVDA) One of the Top High-Conviction Stocks to Buy According to Hedge Funds?

NVIDIA Corporation (NASDAQ:NVDA) is one of the top high-conviction stocks to buy according to hedge funds. Reuters reported on June 8 that NVIDIA Corporation (NASDAQ:NVDA) announced a series of deals in South Korea with tech giants, which included SK Hynix ‌and Naver, building on its attempts to secure crucial memory chips for powering its AI ambitions. The agreement announcement came during Nvidia CEO Jensen Huang’s high-profile trip to South Korea. Reuters further stated that the value of the deals was not disclosed by NVIDIA Corporation (NASDAQ:NVDA) and its partners, which also included SK Telecom and conglomerate Doosan Group.

Analyst Explains How NVIDIA (NVDA) Can Reach $8 Trillion Market Cap

In a separate development, Reuters reported on June 1 that NVIDIA Corporation (NASDAQ:NVDA) unveiled a new chip that incorporates AI capabilities directly into desktop computers and laptops. CEO Jensen Huang stated that the RTX Spark PC chip is part of the company’s endeavors with Microsoft to “reinvent the PC” for the AI era, following three years of collaboration between the companies. It added that the chip is developed with Taiwan’s MediaTek, and is set to debut in laptops and compact desktops this fall from Dell, HP, Lenovo, ASUS, Microsoft Surface, and MSI, with models from Acer and GIGABYTE to follow.

NVIDIA Corporation (NASDAQ:NVDA) designs and manufactures computer graphics processors, chipsets, and other multimedia software. It operates in the Compute & Networking and Graphics Processing Unit (GPU) segments.

While we acknowledge the risk and potential of NVDA as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than NVDA and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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