NVIDIA Corporation (NVDA): Among Billionaire Cliff Asness' Stock Picks with Huge Upside Potential

We recently published a list of Billionaire Cliff Asness’ 10 Stock Picks with Huge Upside Potential. In this article, we are going to take a look at where NVIDIA Corporation (NASDAQ:NVDA) stands against other billionaire Cliff Asness’ stock picks with huge upside potential.

Cliff Asness, the founder, managing principal, and chief investment officer of AQR Capital Management, is a well-known figure in the world of finance. Starting with a $10 million commitment from a small group of investors in 1995, Asness was able to boost the Goldman Sachs Global Alpha Fund’s assets to more than $100 million in just a handful of months. Cliff Asness’ investment strategies, which focus on value and momentum, have delivered exceptional returns for AQR, setting him apart from his fellow hedge fund managers. As a testament, the fund has produced positive returns over the last three years, with its greatest year in 2022, when it returned 43.5%.

The first quarter of 2025 continued that momentum. As Wall Street grappled with increased volatility resulting from President Donald Trump’s unpredictable tariff policy, AQR Capital Management outperformed the market by 9%. The firm’s Apex strategy, a $3 billion multi-strategy fund that includes equities, macro, and arbitrage trades, rose 3.4% in March, adding to its strong quarterly performance. Meanwhile, AQR’s Delphi Long-Short Equity Strategy returned 9.7%, while its trend-following Helix strategy gained 3% during the same period.

Cliff Asness has repeatedly stated that he is not an admirer of Bitcoin. In a recent CNBC interview, the hedge fund manager voiced pessimism about Bitcoin, claiming that it had no realistic use case, although he did not rule out the possibility that the leading cryptocurrency has formed a bubble. Back in February, the billionaire stated that Bitcoin and the S&P 500, were basically “the same thing” with varying amounts of volatility. Asness has also questioned the notion that Bitcoin must be seen as a store of value simply because it has a limited supply.

The billionaire seemed even more critical of the idea of a cryptocurrency reserve, a stance that sharply contrasts with President Donald Trump’s. In a piece written for The Free Press, the money manager stated his thoughts about the President’s executive order:

“I’ve been managing money for 33 years now with some modest success. While there are some worthy competitors, it’s hard for me to remember a much worse idea than the U.S. launching a “strategic cryptocurrency reserve.” Nevertheless, on Thursday, President Donald Trump issued an executive order calling for just such a fund. David Sacks—Trump’s crypto czar—tweeted that the reserve would be “like a digital Fort Knox,” perhaps forgetting that the U.S. has been off the gold standard since 1933. In any case, his words do not diminish my scorn for this dangerous boondoggle, as I will explain below.

A sovereign wealth fund for the U.S., which President Trump has also begun planning, is inappropriate, unneeded, likely harmful, and potentially quite corrupt. But a strategic cryptocurrency reserve looks at a “normal” sovereign wealth fund and says, “Hold my beer,” as we are going to plaid.”

Our Methodology

For this article, we examined AQR Capital Management’s Q4 2024 13F filings to list down billionaire Cliff Asness’ stock picks with the highest upside potential. We ranked the companies in ascending order of their upside potential. These equities are also popular among elite hedge funds.

Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).

NVIDIA Corporation (NASDAQ:NVDA)

AQR Capital Management’s Q4 Stake: $2.19 billion

Upside Potential as of April 26: 53.67%

Number of Hedge Fund Holders: 223

NVIDIA Corporation (NASDAQ:NVDA), a global leader in graphics processing and networking, leverages its GPUs to dominate the gaming and artificial intelligence industries, leading to its more than trillion-dollar valuation.

NVIDIA Corporation (NASDAQ:NVDA) reported a record full-year revenue of $130.5 billion for fiscal 2025, up 114% from the previous year. Non-GAAP diluted EPS was $2.99, a 130% increase from the year prior. Fiscal Q4 2025 was another record quarter for the company, with revenues of $39.3 billion, up 12% sequentially and 78% year-over-year.

On April 16, Stifel analysts reaffirmed their Buy rating on NVIDIA Corporation (NASDAQ:NVDA) with a $180 price target, despite the company’s massive charge due to new US export limitations. NVIDIA revealed that it will suffer a $5.5 billion inventory charge due to the requirement for an indefinite license to export H20 processors to China, which encompasses Hong Kong, Macau, and D:5 nations, as well as corporations with headquarters or parent companies in those areas. The new developments have added to the uncertainty in an already volatile market. However, Stifel analysts feel that NVIDIA’s long-term future outlook remains solid.

Alger Spectra Fund stated the following regarding NVIDIA Corporation (NASDAQ:NVDA) in its Q1 2025 investor letter:

“NVIDIA Corporation (NASDAQ:NVDA) is a leading supplier of graphics processing units (GPUs) for a variety of end markets, such as gaming, PCs, data centers, virtual reality, and high-performance computing. The company is leading in most secular growth categories in computing, and especially artificial intelligence and super-computing parallel processing techniques for solving complex computational problems. In our view, Nvidia’s computational power is a critical enabler of AI and therefore essential to AI adoption. During the quarter, shares detracted from performance due to several factors. In January 2025, investor concerns grew regarding the emergence of advanced AI models from China, reportedly developed at lower costs and with reduced computing requirements, raising doubts about Nvidia’s market dominance. Additionally, U.S. President Donald Trump’s announcement of new tariffs targeting industries increased worries about higher operational costs. Despite these headwinds, Nvidia reported robust fiscal fourth-quarter results, highlighted by significant revenue growth driven by its data center segment. On the earnings call, CEO Jensen Huang emphasized the increasing computational requirements of future AI models, noting, “The more computation, the more the model thinks, the smarter the answer,” and adding that future reasoning models could demand substantially more compute resources. We believe Nvidia’s leadership in scaling AI infrastructure—including advancements in inference and reasoning during inference—continues to drive adoption among enterprises and startups, ensuring sustained demand for its high performance chips and software solutions. As older-generation chips are repurposed and new clusters deployed, we see Nvidia as well-positioned to capitalize on rising computational needs across AI applications.”

Overall, NVDA ranks 1st on our list of billionaire Cliff Asness’ stock picks with huge upside potential. While we acknowledge the potential for 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 time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%.  If you are looking for an AI stock that is more promising than NVDA but 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 Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.