NVIDIA (NASDAQ:NVDA) has been one of the hottest stocks on the market in recent years. Backed by billionaire investors like Stanley Druckenmiller, Ken Griffin and Israel Englander, the stock rose 1,164% from its 2022 lows to today.

Unfortunately, NVIDIA's billionaire backers are starting to sour on the stock. Trading at 30 times sales with revenue growth slowing down, NVDA is no bargain. All three investors mentioned in the opening paragraph have sold at least some of their NVIDIA shares, and they've been joined by the company's chief executive officer (CEO), Jensen Huang.

NVIDIA may or may not rise in the future. However, there is one TSX stock that is just now starting to see its rise in billionaire adoption. Having been picked up by U.S. hedge funds in recent quarters, its star is shining. In this article, I will explore that TSX stock and its billionaire admirers.

Brookfield

Brookfield Corp (TSX:BN) made headlines this year when billionaire Bill Ackman took a position in it. Brookfield had long had a cult following among Canadian fund managers and retail investors, but it had mostly gone unnoticed by big U.S. investors until Ackman's buy this past Summer. Initially, Brookfield was only a small position for Ackman's Pershing Square Capital, but the firm's most recent 13f filing showed that Ackman had increased the position substantially. This past Saturday, Ackman's business partner Chris Korn said that he expected the stock to appreciate by 100%.

Before going any further, I should clarify what I mean by "billionaires are selling NVIDIA and buying Brookfield." I do not mean that Bill Ackman himself or any of Brookfield's recent big buyers had sold NVIDIA stock before buying BN. Ackman, Flatt, and Brookfield's other billionaire backers did not personally hold NVIDIA. However, the trend among multi-billion-dollar asset managers as a whole lately has been to exit or reduce exposure to NVIDIA, while upping investments in Brookfield. This is a trend worth investigating.

What billionaires are seeing in Brookfield

It's one thing to note that billionaires are bullish on Brookfield, but quite another to prove that they're right. Financial matters are complex. Still, it's evident from a cursory glance at Brookfield's recent history that it is doing big things.

• In May, Brookfield's renewables subsidiary scored the biggest green energy deal in history, supplying Microsoft with 10.5 gigawatts of renewable power over several years.
• That same month, the company's asset management subsidiary signed a deal to invest money for Qatar.
• In the last 12 months, the asset manager raised $135 billion from investors.

These are some big milestones, and if Korn's statement about Brookfield sounds pie in the sky, it's not inconsistent with the company's operational results. Now, of course, operational success is not the same thing as profit. Brookfield manages a lot of money for external stakeholders and partners, and it's sometimes hard to ascertain exactly how much of this money will flow through to BN shareholders. However, the operational success Brookfield sees clearly provides the potential for future profit, the potential that will be actualized if the company remains disciplined in its investing and debt management.