The artificial intelligence (AI) revolution has not only catapulted Nvidia into the spotlight but has also paved the way for other high-growth AI stocks to deliver substantial investment gains. Soaring demand for AI technology and its ability to learn without human intervention has captivated investors, leading to astronomical market cap gains for Nvidia. However, some Wall Street analysts are now turning their attention to other hypergrowth AI stocks that may offer even greater upside potential.

One such AI stock that has caught the eye of analysts is Snowflake, the cloud-based data warehouse giant. Analyst Kash Rangan of Goldman Sachs believes Snowflake has the potential to reach $220 per share, representing a remarkable 93% gain based on its August closing price. Rangan recently added Snowflake to Goldman's "Conviction List," highlighting the company's advantageous position in the next phases of the AI revolution, where platforms and AI applications stand to benefit the most.

Snowflake's competitive advantages lie in its superior growth rate and unique infrastructure. By leveraging popular cloud infrastructure service platforms, Snowflake eliminates data-sharing constraints for its clients, offering enhanced data storage and management capabilities. The company has also adopted a pay-as-you-go model, charging clients based on their data storage and usage, which has resonated well with customers.

While Snowflake's growth rate has tempered in recent quarters, with year-over-year organic growth now below 30%, it still boasts an impressive backlog of $5.2 billion and continues to attract larger clients. However, in order to meet Rangan's price target, Snowflake will need to improve its adjusted profitability and stabilize its year-over-year sales growth in the 25% range.

Another AI stock that has the potential to outshine Nvidia, according to Loop Capital analyst Ananda Baruah, is Super Micro Computer, a specialist in rack servers and storage solutions. Baruah foresees Super Micro's shares potentially reaching $1,500, implying an extraordinary upside of 243% based on its August closing price. Super Micro's forecasted success is rooted in its strong positioning in the AI server market, capitalizing on businesses' increasing need for robust infrastructure to tap into the AI space.

Super Micro has already demonstrated robust demand, with net sales growing by a staggering 110% in fiscal year 2024. The company's fiscal year 2025 sales guidance indicates a projected revenue growth of 87%, suggesting a promising future. Interestingly, Super Micro is currently undervalued, with a forward price-to-earnings (P/E) ratio of less than 10, despite Wall Street consensus predicting earnings per share of over $45 in fiscal year 2026.

However, Super Micro's path to success is not without challenges. A recent report from short-seller Hindenburg Research alleges potential accounting manipulation, which has led to the delay in the filing of the company's annual report. While this does not validate the claims made in the report, it has ignited speculation and cast doubt on the company during a sensitive time.

As investors seek opportunities beyond Nvidia, Snowflake and Super Micro have emerged as potential winners in the AI market. While each company faces its own unique hurdles, their prospects for growth and innovation hold promise. As the AI revolution continues to reshape industries, these hypergrowth AI stocks may indeed deliver significant returns for astute investors.

Disclaimer: This article is not intended as financial advice. The mentioned stocks, Nvidia, Snowflake, and Super Micro Computer, should be thoroughly researched and analyzed before making any investment decisions.