Bill Gates’ 10 Stock Positions with Huge Upside Potential

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1. On Holding AG (NYSE:ONON)

Analyst Upside: 53.31%

No. of Hedge Fund Holders: 49

On Holding AG (NYSE:ONON) is a Swiss-based company engaged in the athletic sports accessories industry. The company offers footwear and sports apparel. The company develops and distributes performance sports products through global distributors and independent retailers. The company also operates through its e-commerce platform and its stores.

Recently, Anna Andreeva from Piper Sandler reduced the price target on ONON shares from $62 to $55, while keeping an Overweight rating on the shares. Andreeva remains optimistic regarding On Holding despite the price target reduction. The analyst highlighted that the company’s performance has been consistent, with year-to-date trends similar to the second half of 2024. The company is seeing strong momentum in both sell-in and sell-through, as well as its direct-to-consumer operations. The company expects to outperform expectations in the second half of 2025. Andreeva emphasized that On Holding’s premium market positioning notably differentiates it from major competitors like Nike. Moreover, the company is focusing on its unique portfolio approach, helping it to avoid demand dislocation.

While we acknowledge the potential of ONON to grow, 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 has gone up since the beginning of 2025, while popular AI stocks have lost around 25%. If you are looking for an AI stock that is more promising than ONON but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks To Invest In According to Billionaires.

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