Hedge fund manager Eric Jackson says Nvidia is still cheap, likes this other AI beneficiary

EMG Capital's Eric Jackson says Nvidia is cheap and he believes there isn't an artificial intelligence bubble in sight.

Nvidia is still inexpensive even as it rose to a new record on Wednesday because of the rapid pace of its earnings growth, according to EMG Capital's Eric Jackson. And the hedge fund manger believes there isn't an artificial intelligence bubble in sight. "They've been cheap, because people haven't trusted that these massive quarters are going to continue," the firm's founder and president told CNBC's " Money Movers .

"What we've seen, especially in the last couple of weeks when you look to HPE's results or Dell's results, Nvidia is really just sucking up the profits and the gross margins in this space to the tune of something like 75%," he said. "Others are happy to come along for the ride, hoping to sell other services afterwards, but they are getting the dominant shares, so don't mess with success with Nvidia.

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