Millennium Management is a globally recognized investment firm specializing in multi-strategy hedge fund offerings. Founded in 1989 by Israel A. Englander and Ronald Shear, the firm initially launched with $35 million in capital, including a $5 million contribution from Englander and additional investment secured from Canadian financiers, the Belzberg brothers. Despite early struggles that led to Shear’s departure just six months after its inception, Millennium evolved into one of the largest and most successful alternative asset management firms. As of late 2024, it boasts over $75.8 billion in assets under management.
Headquartered in New York, Millennium has expanded its operations globally, establishing 18 primary offices in major financial hubs including London, Dubai, Singapore, and Tokyo. The firm employs a platform-based investment approach, with approximately 330 independent investment teams operating under a decentralized model. These teams deploy a wide array of strategies across multiple asset classes, including equities, fixed income, commodities, and derivatives. Millennium’s core strategies focus on fundamental equity research, equity arbitrage, macroeconomic-driven fixed income investments, and commodity-based trades. Through this highly diversified, data-driven model, the firm aims to generate consistent, high-quality returns while managing risk effectively across global markets.
Under the leadership of Israel Englander, who remains the driving force behind the firm, Millennium has cultivated a disciplined risk management framework and continuously refined its investment strategies. A graduate of New York University who left his MBA program early to trade on the American Stock Exchange, Englander applied his market-making and derivatives trading expertise to build Millennium into an institutional powerhouse. His innovative approach emphasizes capital allocation to specialized teams rather than direct investment decisions, fostering a dynamic and competitive investment environment that attracts top talent from around the world. By 2011, Millennium was managing approximately $13 billion in assets, and in recent years, Englander has explored opportunities to sell a minority stake in the firm, signaling a move toward broader institutional ownership.
As of the fourth quarter of 2024, Millennium reported managing $204.64 billion in 13F securities, with its top ten holdings accounting for 15.5% of its portfolio. It has consistently ranked among the highest-grossing hedge funds, achieving the fourth-largest net gains of any hedge fund since inception. Millennium’s commitment to generating superior risk-adjusted returns, maintaining a diversified investment approach, and embracing strategic innovation has earned it a formidable reputation among institutional investors. With its expansive global presence, proven track record, and disciplined investment philosophy, Millennium Management continues to be a dominant force in the global hedge fund industry.
Our Methodology
For this article, we searched through Millennium Management’s Q4 2024 13F filings to identify billionaire Israel Englander’s stock picks with the highest upside potential. We compiled the equities with upside potential higher than 33% based on analyst ratings and discussed why they stood out as sound potential investments. Finally, we ranked the stocks based on the ascending order of their upside potential. To assist readers with more context, we mentioned the hedge fund sentiment around each stock using data from 1,009 hedge funds tracked by Insider Monkey in the fourth quarter of 2024.
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 363.5% since May 2014, beating its benchmark by 208 percentage points (see more details here).
NVIDIA Corporation (NVDA): Among Billionaire Israel Englander’s Stock Picks with Huge Upside Potential
NVIDIA Corporation (NASDAQ:NVDA), a global leader in GPU-accelerated computing, is widely recognized for its groundbreaking work in graphics processing units (GPUs) that power gaming, professional visualization, data centers, and the automotive industry.
For the fourth quarter of fiscal 2025, NVIDIA Corporation (NASDAQ:NVDA) reported record revenue of $39.3 billion, reflecting a 12% increase from the previous quarter and a staggering 78% year-over-year growth. This achievement was largely fueled by the company’s Data Center segment, which alone posted a record $35.6 billion in quarterly revenue, up 16% from Q3 and an impressive 93% increase compared to the previous year. GAAP earnings per diluted share for the quarter were $0.89, representing a 14% sequential rise and an 82% increase year-over-year.
NVIDIA Corporation (NASDAQ:NVDA) has encountered a major challenge in its AI business following new export restrictions imposed by the Trump administration, which now bar the company from selling its H20 AI accelerators in China—a market previously expected to generate around $16 billion in revenue. In response, CEO Jensen Huang visited China to meet with officials, including Ren Hongbin of the China Council for the Promotion of International Trade, to reaffirm NVIDIA’s commitment to the Chinese market despite the regulatory hurdles. Accompanied by DeepSeek founder Liang Wenfeng, a key customer, Huang emphasized that the company will continue its operations in China. However, NVIDIA now faces the urgent task of developing a compliant alternative product while dealing with rising competition from Chinese tech giants like Huawei, who are advancing their own AI systems that could rival NVIDIA’s latest offerings.
Despite external challenges such as energy demands, investor confidence in NVIDIA Corporation (NASDAQ:NVDA) remains robust. The stock carries a current price target of $168.49, with analysts projecting a substantial upside potential of 51.78%. This strong outlook positions NVIDIA as fourth among billionaire Israel Englander’s stock picks with the highest upside potential, reinforcing its continued appeal to investors eager to capitalize on the transformative growth of artificial intelligence and next-generation computing technologies.
Alger Spectra Fund stated the following regarding NVIDIA Corporation (NASDAQ:NVDA) in its Q4 2024 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. Shares contributed to performance during the quarter, driven by strong demand for its data center products, especially the Hopper H200 chips, which generated double-digit billions in revenue, marking the fastest product ramp in the company’s history. Management provided fiscal fourth-quarter revenue guidance above analyst estimates, along with resilient operating margins supported by robust demand and limited competition. In our view, Nvidia’s leadership in scaling AI infrastructure, including advancements in inference and test-time scaling (i.e., reasoning during inference), is driving adoption among enterprises and startups, providing continued demand for its high-performance chips and software solutions. As older-generation chips are repurposed for inference and new clusters are deployed, we believe Nvidia is well-positioned to capitalize on growing compute needs across AI applications.”
Overall, NVDA ranks 4th on our list of billionaire Israel Englander’s stock picks with huge upside potential. While we acknowledge the potential of NVDA as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. 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 that trades at less than 5 times its earnings, check out our report about this cheapest AI stock.
