5 Stocks ChatGPT Said Will Make Me Rich in 10 Years

1. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 175

Returns Since March 16: 70.3%

Raymond James analyst Chris Caso holds a Strong Buy rating and a $500 price target on NVIDIA Corporation (NASDAQ:NVDA) shares as of August 16.

In total, 175 hedge funds were long NVIDIA Corporation (NASDAQ:NVDA) in the second quarter. Their total stake value was $25.9 billion.

NVIDIA Corporation (NASDAQ:NVDA) is a semiconductor company, most notably known for its AI chips and their application in generative AI. It is based in Santa Clara, California.

Polen Capital said the following about NVIDIA Corporation (NASDAQ:NVDA) in its second-quarter 2023 investor letter:

NVIDIA Corporation (NASDAQ:NVDA) was the largest relative headwind to the Portfolio as we do not own this “AI darling.” NVIDIA shares rose more than 50% in the second quarter alone, following a 90% increase in the share price in the first quarter of 2023. NVIDIA supplies GPUs (graphics processing units), the preferred (often necessary) semiconductors for machine learning and AI. On their recent earnings call, NVIDIA management announced that they expect a significant increase in demand for the GPUs for datacenter customers beginning this quarter and lasting at least through the end of this year. NVIDIA’s datacenter business, which was almost non-existent from a revenue perspective eight years ago, is now the company’s largest and fastest-growing business.

We find NVIDIA’s competitive advantages to be quite large around its technology, but even more importantly around its full-stack solutions, including highly integrated hardware, software, and networking equipment and a robust developer ecosystem. It would be difficult to disrupt these competitive advantages in our view. That said, with a greater than $1 trillion valuation on the back of what feels like peak-level AI exuberance since OpenAI’s breakthrough with ChatGPT, we believe virtually all the upside opportunities we can currently see for the company are already priced in…” (Click here to read the full text)

See also 11 Most Popular ChatGPT Apps for Smartphones and Top 10 AI Tools Cooler Than ChatGPT.