We recently compiled a list of 14 AI Stocks on Wall Street’s Radar. In this article, we’ll take a look at where NVIDIA Corporation (NASDAQ:NVDA) stacks up to other AI stocks that are on Wall Street’s radar.

The latest reports from technology news platform TechCrunch indicate that MatX, a chip design startup focused on supporting large language models, has raised $80 million in a funding round. This follows the $25 million funding round held less than a year ago. The latest round, led by Spark Capital, values ​​the company at a pre-money valuation in the $200 million range and a post-money valuation in the low $300 million range, according to TechCrunch. MatX was co-founded two years ago by Mike Gunter and Reiner Pope, former members of the Google TPU team, who aim to address the global shortage of AI-specific chips.

Learn more about these developments by accessing 10 Best AI Data Center Stocks And 10 Hot AI Stocks According to Goldman Sachs.

The company’s chips are optimized for AI workloads of 7 to 20 billion parameters or more, delivering high performance at lower cost. MatX highlights its advanced interconnect technology, which improves the scalability of large clusters. The co-founders say their processors are designed to outperform NVIDIA GPUs, aiming to increase LLM training efficiency and deliver results. The AI ​​hardware sector is attracting growing investor interest amid growing demand for chips suitable for generative AI.

Learn more about these developments by accessing 30 The Most Important AI Stocks According to BlackRock And Beyond Tech Giants: 35 Non-Tech AI Opportunities.

For this article, we selected AI stocks by combing through news articles, stock analyzes and press releases. These stocks are also popular among hedge funds.

Why are we interested in stocks that hedge funds are piling into? The reason is simple: our research has shown that we can outperform the market by imitating the stocks selected by the best hedge funds. Our quarterly newsletter strategy selects 14 small- and large-cap stocks each quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).

A close-up of a colorful high-end graphics card plugged into a gaming computer.

NVIDIA Corporation (NASDAQ:NVDA)

Number of hedge fund holders: 193

NVIDIA Corporation (NASDAQ: NVDA) provides graphics, computing and networking solutions. On November 21, Argus analyst Jim Kelleher raised the stock’s price target from $150 to $175 and maintained a buy rating on the shares. The company once again beat aggressive consensus estimates for the fiscal third quarter, with revenue up more than 90% and non-GAAP earnings up by triple-digit percentages, the analyst told investors in a research note. The notice seeks growth beyond data centers and artificial intelligence into Nvidia’s other end markets of gaming, professional visualization and automotive.

Global NVDA ranks 3rd on our list of stocks on Wall Street’s radar. While we recognize the potential of NVDA as an investment, our belief lies in the belief that certain AI stocks hold more promise in terms of higher returns in a shorter time frame. If you’re looking for an AI stock that’s more promising than NVDA but is trading at less than 5x earnings, check out our report on cheapest AI stock.

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Disclosure: None. This article was originally published on Initiated Monkey.