10 Buzzing AI Stocks According to Goldman Sachs

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1.  NVIDIA Corporation (NASDAQ:NVDA

Number of Hedge Fund Holders: 179 

NVIDIA Corporation (NASDAQ:NVDA) provides graphics, computing and networking solutions. The CEO of the firm, Jensen Huang, spoke at the Goldman Sachs 2024 Communacopia and Technology Conference earlier this month, highlighting the importance of NVIDIA to the AI revolution and asserting that the hardware the company made was translating into fantastic returns for companies that were using it. Huang said that the infrastructure players like his firm and all the cloud service providers put the AI infrastructure in the cloud so that developers could use the machines to train and fine-tune their AI models. He noted that for every dollar a cloud service provider spent with NVIDIA, it translated to $5 worth of rentals.

Huang also stressed that the days of every line of code being written by software engineers were completely over. He instead forecast a future where every NVIDIA Corporation (NASDAQ:NVDA) employee – the firm presently has around 32,000 employees – would be supplemented by 100x more digital engineers. He claimed that the first trillion dollars of data centers was going to get accelerated and invent this new type of software called generative AI, which was not just a tool but a skill.

While we acknowledge the potential of NVIDIA Corporation (NASDAQ: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 timeframe. If you are looking for an AI stock that is more promising than NVIDIA Corporation (NASDAQ:NVDA) but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: Michael Burry Is Selling These Stocks and Jim Cramer is Recommending These Stocks.

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