10 AI Stocks That Will Skyrocket

4. NVIDIA Corporation (NASDAQ:NVDA)

Street High Upside as of December 3, 2024: 59%

Number of Hedge Fund Holders: 193

NVIDIA Corporation (NASDAQ:NVDA) is a leading GPU maker driving innovation in artificial intelligence, gaming, creative design, autonomous vehicles, and robotics. There is no doubt about NVIDIA’s position in the technology and AI sector. In the third quarter of 2024, the company generated revenue worth $35.1 billion, up by 17% sequentially and 94% year-over-year. Most of the demand was propelled by the growing AI needs of the market.

On November 6, the company established a partnership with Hugging Face to fuel research and development in open-source AI robotics. More recently, on December 3, NVIDIA Corporation (NASDAQ:NVDA) enhanced physical AI to allow for advancements in robotics simulation in AWS and accelerated AI model training. On the same day, the company announced that its Cloud AI computing platform is available in AWS, fueling advancements in enterprise development. Overall, NVIDIA Corporation (NASDAQ:NVDA) is an important stakeholder in the AI industry explaining why 193 hedge funds were bullish on the stock at the close of Q3 2024.

Ithaka Group’s Ithaka US Growth Strategy stated the following regarding NVIDIA Corporation (NASDAQ:NVDA) in its Q2 2024 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 (AI), machine learning, and autonomous driving. The reason for the stock’s appreciation in the quarter was twofold: First, the stock benefi ted from tremendous excitement surrounding the further development of generative AI and the likelihood this would necessitate the purchase of a large number of Nvidia’s products far into the future; Second, Nvidia posted another strong beat[1]and-raise quarter, where the company upped its F2Q25 revenue guidance above Street estimates, showcasing its dominant position in the buildout of today’s accelerated computing infrastructure.”