12 Best Growth Stocks to Buy and Hold in 2023 According to Billionaire Rajiv Jain

In this article, we discuss 12 best growth stocks to buy and hold in 2023 according to billionaire Rajiv Jain.

Bloomberg reported on May 23 that Rajiv Jain, the billionaire CEO of GQG Partners, has increased his investment in Gautam Adani’s conglomerate by approximately 10% and plans to participate in the conglomerate’s upcoming fundraising efforts. This decision reflects Jain’s strong belief in the outstanding infrastructure assets present in India, which he considers to be the finest available. The billionaire noted that GQG’s investments in Adani were valued at approximately $3.5 billion. Jain stated in an interview with Bloomberg:

“Within five years, we would like to be one of the largest investors in Adani Group depending on the valuation, after the family. We would certainly want to be partners in any of Adani Group’s new offerings.”

Bloomberg mentioned that GQG purchased shares worth nearly $2 billion from a family trust during March, investing in four of Adani’s companies. This initial investment provided support to the struggling conglomerate after facing allegations of stock-price manipulation and corporate fraud from Hindenburg Research, a New York-based short-seller. As a result of these accusations, the Adani Group experienced a significant decline in market value, losing over $150 billion at one point.

Jain expressed his lack of concern regarding the allegations made by the short seller, which Adani has consistently denied. He characterized these accusations as commonplace in the business environment of India. Earlier this year, in an interview with Bloomberg News, Jain stated that throughout his 30-year investment career, he had not yet encountered a perfect company. He justified his counterintuitive investment by highlighting the value of Adani Group’s businesses, such as its coal mining and airport assets, which align with India’s development objectives. 

Rajiv Jain was quoted by Financial Times in April 2023, when the billionaire further explained his investment decision in Adani Group. He said: 

“Is this perfectly clean? No, it’s not. Is it fraud? No, it’s not. So the difference between the two is what we’re talking about. In the meantime, you are getting irreplaceable assets, at very attractive valuations, which have some tremendous upside.”

During the first three months of 2023, Rajiv Jain’s $38.2 billion investment portfolio consisted of several prominent growth stocks, including NVIDIA Corporation (NASDAQ:NVDA), Alphabet Inc. (NASDAQ:GOOG), and AstraZeneca PLC (NASDAQ:AZN). In this article, we discuss Jain’s top growth plays. 

Our Methodology 

This list comprises growth stocks that Rajiv Jain’s GQG Partners held during the first quarter of 2023. By growth stocks we mean companies operating in growth-oriented industries such as tech, electric vehicles, fintech, ecommerce, biotech and healthcare, and renewable energy. The list is ranked in ascending order based on the percentage of stake held by the hedge fund. We have also mentioned the hedge fund sentiment around the securities as of Q1 2023. 

Best Growth Stocks to Buy and Hold in 2023 According to Billionaire Rajiv Jain

12. Adobe Inc. (NASDAQ:ADBE)

GQG Partners’ Stake Value: $557,100,891 

Number of Hedge Fund Holders: 99

Adobe Inc. (NASDAQ:ADBE) functions as a diversified software firm on a global scale. Its operations are divided into three segments – Digital Media, Digital Experience, and Publishing and Advertising. In Q1 2023, Rajiv Jain added Adobe Inc. to his portfolio by purchasing 1.4 million shares of the company worth $557 million. It is one of the top growth stocks in the billionaire’s portfolio.

On March 28, Erste Group analyst Hans Engel raised the rating on Adobe Inc. from Hold to Buy. Adobe Inc. has provided a positive outlook for revenue and profit growth in the current fiscal year. Despite having higher return on equity and operating margin compared to its peers, the stock is valued at a significantly lower level than the average of its peer group, according to the analyst’s assessment.

According to Insider Monkey’s first quarter database, 99 hedge funds were bullish on Adobe Inc., and Ken Griffin’s Citadel Investment Group held the largest stake in the company.

Polen Focus Growth Strategy made the following comment about Adobe Inc. in its Q1 2023 investor letter:

“One area we are watching regarding Alphabet and Adobe Inc. (NASDAQ:ADBE) is AI systems and their capabilities, including generative AI. Interestingly, both Adobe and Alphabet could see benefits or threats from the emergence of generative AI and large language models (LLMs). Both companies already use generative AI to the benefit of their users in anticipating how content creators edit their work (Adobe) and in how search results are anticipated and generated (Google). At the same time, breakthrough technologies like AI can open the door to additional competition and/or impact a company’s profitability levels. We now see AI systems others are developing, including LLMs and generative AI offerings, that could be more competitive in the future. While we think it remains early days for ChatGPT and the capabilities of these types of LLMs and generative AI programs like DALL-E, the technology seems to be progressing at a fast rate and will at least require a strong response from incumbents.

As of now, we believe Alphabet and Adobe are leaders in their own right in these areas and have a clear path to improving their existing offerings with AI advancements, which would allow them to be net beneficiaries of AI. There are also significant barriers to building leading AI offerings in these areas. As a result, our position sizes in Adobe and Alphabet remain sizeable. For Adobe, the status of its pending $20 billion-plus Figma acquisition is also uncertain. There is a good chance, in our view, that it will be blocked by regulators, which would mean the future opportunity to expand its offerings to the developer community (beyond designers) may not occur.”

11. Advanced Micro Devices, Inc. (NASDAQ:AMD)

GQG Partners’ Stake Value: $627,294,285

Number of Hedge Fund Holders: 91

Advanced Micro Devices, Inc. (NASDAQ:AMD) operates as a semiconductor company worldwide. It is divided into four segments – Data Center, Client, Gaming, and Embedded segments. In Q1 2023, Rajiv Jain strengthened his hold on Advanced Micro Devices, Inc. by a whopping 98931%. He had 6.40 million shares of the company worth $627.3 million in his 13F portfolio. 

On May 3, Truist analyst William Stein raised the firm’s price target on Advanced Micro Devices, Inc. to $84 from $79 but kept a Hold rating on the shares. The analyst explained that the company’s Q2 guidance is not as strong and their increasing investments in AI are raising concerns for the firm. Despite this, Advanced Micro Devices, Inc.’s consolidated revenue exceeded expectations by 60 basis points, primarily due to better-than-anticipated performance in the Gaming and Embedded segments, according to the analyst’s research note. 

According to Insider Monkey’s first quarter database, 91 hedge funds were bullish on Advanced Micro Devices, Inc., compared to 97 funds in the earlier quarter. Philippe Laffont’s Coatue Management is a prominent stakeholder of the company, with a position worth $833.7 million. 

In addition to NVIDIA Corporation, Alphabet Inc., and AstraZeneca PLC,  Advanced Micro Devices, Inc. is one of the best growth stocks to invest in according to billionaire Rajiv Jain. 

White Falcon Capital Management made the following comment about Advanced Micro Devices, Inc. in its Q1 2023 investor letter:

“Last quarter we added Advanced Micro Devices, Inc. to the portfolio at 18x earnings and quickly made it into a top 5 position. At that time, Mr. Market was worried about earnings revisions for semiconductor stocks. In Q1 2023, it has been one of our best performing positions with the stock up 50%! In just three months, the market realized that Artificial Intelligence (AI) and related technologies require a lot of semiconductors. Mr. Market really is manic depressive but this volatility can give the enterprising investor just enough of a window to pick stocks with attractive risk rewards.”

10. ServiceNow, Inc. (NYSE:NOW)

GQG Partners’ Stake Value: $713,866,616

Number of Hedge Fund Holders: 96

ServiceNow, Inc. (NYSE:NOW) is a global provider of cloud computing solutions for enterprises. The company’s offerings encompass the organization, structuring, consolidation, management, and automation of services for businesses on a large scale. In Q1 2023, Rajiv Jain boosted his position in ServiceNow, Inc. a dramatic 63534%, holding 1.5 million shares worth $713.8 million. It is one of the best growth stocks to invest in according to the billionaire. 

On May 18, Barclays increased the price target for ServiceNow, Inc. from $551 to $559 and maintained an Overweight rating on the shares. The firm suggests that investors should reconsider their perspective on ServiceNow, Inc. after the analyst day. During the event, the management provided a compelling explanation of how the company will capitalize on the advancements in artificial intelligence. The new long-term targets presented by the company align closely with the consensus expectations, which eliminates any negative impact on the stock, according to Barclays’ research note.

According to Insider Monkey’s first quarter database, 96 hedge funds were bullish on ServiceNow, Inc., compared to 97 funds in the last quarter. Christopher Lyle’s SCGE Management is a prominent stakeholder of the company. 

Polen Global Growth Strategy made the following comment about ServiceNow, Inc. in its Q4 2022 investor letter:

“ServiceNow, Inc. is an $80 billion market cap business based in California. Its purpose is to make the world of work, work better for people. Getting a job done in an enterprise (what the company refers to as “workflow”) usually requires different people in various functions of an organization to work together. Often, they rely on different technology systems and inefficient manual processes to complete each step of the job before moving on to the next.

ServiceNow believes the most effective digital transformation initiative utilizes tools that can integrate workflows across siloed systems, departments, processes, and people. The company is solving what is arguably the biggest pain point in the biggest profit pool in the world (enterprises). Consider the explosion in data growth and all the software point solutions emerging constantly. ServiceNow wrangles all this into a fully integrated dashboard on a global scale with global customers in every industry. Nearly 100% of revenues are subscription based with a 99% renewal rate, and the company currently has no direct competition, according to our research. ServiceNow started with IT workflow, and today, ~40% of net new annual contract value is in non-IT workflows. Through constant innovation, the business has continued to expand its total addressable market, and we think it can grow free cash flow (FCF) at a 20%+ annualized rate for the next three to five years. At less than 30x FCF, we thought the valuation was attractive.”

9. Meta Platforms, Inc. (NASDAQ:META)

GQG Partners’ Stake Value: $830,812,854

Number of Hedge Fund Holders: 220

Meta Platforms, Inc. (NASDAQ:META) was a new arrival in Rajiv Jain’s GQG portfolio in Q1 2023. The billionaire acquired 3.92 million shares of Meta Platforms, Inc. worth $830.8 million, representing 2.17% of the total 13F portfolio. It is one of the best growth stocks to buy in 2023 according to Rajiv Jain. 

On April 26, Meta Platforms, Inc. reported Q1 GAAP earnings per share of $2.20 and a revenue of $28.65 billion, outperforming Wall Street estimates by $0.23 and $990 million, respectively. During the first quarter of 2023, Meta’s Family of Apps segment witnessed a 26% year-over-year growth in ad impressions, while the average price per ad experienced a 17% year-over-year decline. Looking ahead to the second quarter of 2023, the company anticipates total revenue to fall within the range of $29.5 billion to $32 billion, compared to the consensus estimate of $29.47 billion.

According to Insider Monkey’s first quarter database, 220 hedge funds were long Meta Platforms, Inc., up from 194 funds in the earlier quarter. Boykin Curry’s Eagle Capital Management is a prominent stakeholder of the company, with 7.71 million shares worth $1.6 billion. 

Artisan Value Fund made the following comment about Meta Platforms, Inc. in its Q1 2023 investor letter:

“Our top contributors in Q1 were Meta Platforms, Inc., Warner Bros Discovery (WBD) and FedEx. Following sharp declines in 2022, shares of Meta Platforms have more than doubled since their early November 2022 lows. Last year’s drawdown created a highly favorable risk-reward, which we took advantage of by adding to our position. Management has wisely, in our view, recalibrated its spending plans to focus on profitability amid a weaker advertising environment, increased TikTok competition and Apple’s privacy changes. While investors got ahead of themselves back in 2021, extrapolating pandemic growth rates into the future, Meta is still a highly successful enterprise generating over $120 billion of revenue annually on a run-rate basis and has more than $40 billion in cash on its balance sheet to help it navigate its future course. Recent usage and engagement trends for Facebook and Instagram have been positive, and Reels—Meta’s answer to TikTok—is gaining traction.”

8. Eli Lilly and Company (NYSE:LLY)

GQG Partners’ Stake Value: $1,022,292,338

Number of Hedge Fund Holders: 72

Eli Lilly and Company (NYSE:LLY) is engaged in the discovery, development, and distribution of human pharmaceuticals worldwide. Securities filings for the first quarter of 2023 reveal that Rajiv Jain’s GQG Partners owned nearly 3 million shares of Eli Lilly and Company worth over $1 billion, representing 2.67% of the total holdings. The hedge fund boosted its stake in the stock by 81%.

On May 1, Eli Lilly and Company declared a quarterly dividend of $1.13 per share, in line with previous. The dividend is payable on June 9, to shareholders of record on May 15. 

According to Insider Monkey’s first quarter database, 72 hedge funds were long Eli Lilly and Company, compared to 76 funds in the prior quarter. Phill Gross and Robert Atchinson’s Adage Capital Management is a significant position holder in the company. 

Baron Health Care Fund made the following comment about Eli Lilly and Company in its Q1 2023 investor letter:

“In pharmaceuticals, our largest investment continues to be in Eli Lilly and Company. Lilly’s new diabetes drug Mounjaro is likely to be approved for obesity in 2023. Lilly has two new obesity drugs advancing into Phase 3 trials. Lilly also has a drug in late-stage development for Alzheimer’s disease. Lilly is not facing any significant near-term patent expirations, and we think the company should be able to grow revenue and earnings at attractive rates through the end of the decade and beyond.”

7. Visa Inc. (NYSE:V)

GQG Partners’ Stake Value: $1,183,340,369

Number of Hedge Fund Holders: 173

Visa Inc. (NYSE:V) is one of the best growth stocks to invest in according to GQG Partners’ Rajiv Jain. In the first quarter of 2023, Jain increased his holdings in Visa Inc. by 32%. He owns 5.2 million shares of the company as of March 31, valued at $1.18 billion, which accounts for approximately 3.09% of his total 13F portfolio.

On April 25, Visa Inc. declared a $0.45 per share quarterly dividend, in line with previous. The dividend is distributable on June 1, to shareholders of record on May 12. 

Barclays analyst Ramsey El-Assal on May 1 raised the firm’s price target on Visa Inc. to $272 from $270 and reiterated an Overweight rating on the shares.

According to Insider Monkey’s first quarter database, 173 hedge funds were bullish on Visa Inc., compared to 177 funds in the preceding quarter. Chris Hohn’s TCI Fund Management is the biggest stakeholder of the company, with 19.3 million shares worth $4.3 billion.

Polen Global Growth Strategy made the following comment about Visa Inc. in its Q1 2023 investor letter:

“We trimmed Mastercard and Visa Inc. to equal weights of the Portfolio. Mastercard and Visa operate as a duopoly in a large and growing market. Over the last 50 years, global personal consumer expenditures (PCE) has grown 7-9% annualized. We expect 4-5% long-term PCE growth going forward. Additionally, the shift from cash to credit continues unabated, with a total credit penetration of only approximately 50% globally.3 This shift provides Visa and Mastercard with another ~4-6% of growth. When combined with PCE, this gives both companies high-single-digit to low-double[1]digit revenue growth opportunities. This growth estimate is before accounting for growth amplifiers like the acceleration of ecommerce, the shift from offline to online, and additional services. Both companies enjoy extremely strong network effects that provide strong competitive advantages.

We have trimmed Visa and Mastercard because their combined weight grew to over 12% of the Global Growth Portfolio because of their recent performance and to fund our increase in Amazon’s position size. We added to both positions when their prices were depressed due to cross-border transactions deteriorating materially from the pandemic. Cross-border volumes came roaring back when travel corridors reopened, and although we are several quarters removed from the cross-border nadir, Visa still grew volumes >30% in 1Q23. Total cross-border volumes are now 132% of 2019 levels. At 4.5% each, both companies remain high conviction positions for Global Growth.”

6. Microsoft Corporation (NASDAQ:MSFT)

GQG Partners’ Stake Value: $1,244,489,042

Number of Hedge Fund Holders: 289

Rajiv Jain has included Microsoft Corporation (NASDAQ:MSFT) in his portfolio consistently since the fourth quarter of 2016. In the first quarter of 2023, Jain significantly increased his investment in Microsoft, raising his stake by 643%. He now holds 4.3 million shares of the company as of March, valued at $1.24 billion, which accounts for approximately 3.25% of his overall portfolio.

On May 11, Wedbush increased its price target on Microsoft Corporation from $325 to $340 and maintained an Outperform rating on the shares. The firm’s positive stance is driven by stable cloud deal flow and the potential for monetization through artificial intelligence. Wedbush emphasized that Microsoft Corporation is firmly listed as one of its Best Ideas. 

According to Insider Monkey’s first quarter database, 289 hedge funds were bullish on Microsoft Corporation, compared to 259 funds in the prior quarter. Bill & Melinda Gates Foundation Trust is the biggest stakeholder of the company, with a position worth $11.3 billion. 

Like NVIDIA Corporation, Alphabet Inc., and AstraZeneca PLC, Microsoft Corporation is one of the top growth stock picks of Rajiv Jain. 

Alger Spectra Fund made the following comment about Microsoft Corporation in its Q1 2023 investor letter:

“Microsoft Corporation is a beneficiary of corporate America’s transformative digitization. Microsoft’s CEO expects technology spending as a percent of Gross Domestic Product (GDP) to jump from about 5% now to 10% in 10 years and that Microsoft will continue to capture market share within the technology sector. The company operates through three segments: Productivity and Business Processes (Office. LinkedIn, and Dynamics), Intelligent Cloud (Server Products and Cloud Services. Azure, and Enterprise Services), and More Personal Computing (Windows Devices, Gaming, and Search). While the company reported decent fiscal second quarter results, their investment in OpenAl’s ChatGPT captured the attention of investors. contributing to positive performance. Throughout the quarter. Microsoft surprised investors with continual rollouts of new Al capabilities across the company’s portfolio (e.g., Bing, GitHub. Teams, Office 365). Furthermore, the company announced Microsoft 365 Copilot, which leverages GPT-4, a large language model, combined with the Microsoft Graph of data to provide Al virtual assistance. We believe Microsoft’s investment in OpenAl provides a first-mover advantage in the Al transformer model space. Despite challenges in the early days of Al-powered applications, the pace of Al innovation is faster than any other enterprise technology previously observed, in our view.”

5. Apple Inc. (NASDAQ:AAPL)

GQG Partners’ Stake Value: $1,327,775,955

Number of Hedge Fund Holders: 131

Rajiv Jain recently added Apple Inc. (NASDAQ:AAPL) to his portfolio, purchasing the stock for the first time in the third quarter of 2022. In the first quarter of 2023, he significantly increased his investment in Apple, raising his stake by an impressive 32,822%. He now holds a position in Apple worth $1.32 billion.

On May 5, Canaccord analyst T. Michael Walkley raised the firm’s price target on Apple Inc. to $185 from $180 and assigned a Buy rating to the shares. As per the analyst, Apple’s strong performance indicates its success in capturing market share in the higher-end segment and its ability to maintain a resilient consumer base even in challenging economic conditions.

According to Insider Monkey’s first quarter database, 131 hedge funds were bullish on Apple Inc., compared to 135 funds in the earlier quarter. Warren Buffett’s Berkshire Hathaway is the largest stakeholder of the company, with 915.5 million shares worth approximately $151 billion. 

Alger Spectra Fund made the following comment about Apple Inc. in its Q1 2023 investor letter:

“Apple Inc. is a leading technology provider in telecommunications, computing, and services. Apple’s iOS operating system is the company’s unique intellectual property and competitive strength. This software drives particularly tight engagement with consumers and enterprises, which is fostering the growing purchase of high margin services like music, apps, and Apple Pay. While iPhone sales were down year-over-year (YoY). services revenues grew 7% YoY which was slightly above analyst estimates. Company earnings were also better-than-anticipated due to lower input costs, such as memory chips and cost control initiatives. Aside from production disruptions, negative sentiment had also weighed on shares as investors questioned how an economic slowdown would affect consumer demand for Apple products in 2023. However, management projected an acceleration in earnings for the fiscal first quarter, where they noted that iPhone and services growth should remain strong, along with encouraging impacts around product mix, lower input costs, and continued cost controls.”

4. AstraZeneca PLC (NASDAQ:AZN)

GQG Partners’ Stake Value: $1,495,465,291

Number of Hedge Fund Holders: 39

AstraZeneca PLC is a biopharmaceutical company that concentrates on the exploration, advancement, production, and distribution of prescription medications. Securities filings for the first quarter of 2023 reveal that Rajiv Jain owns 21.5 million shares of AstraZeneca PLC worth $1.5 billion, representing 3.91% of the total portfolio. The billionaire raised his stake in the company by 26% in Q1. 

On May 9, Berenberg raised the firm’s price target on AstraZeneca PLC to 135 GBp from 124 GBp and maintained a Buy rating on the shares.

According to Insider Monkey’s first quarter database, 39 hedge funds were bullish on AstraZeneca PLC, compared to 42 funds in the prior quarter. Thomas Steyer’s Farallon Capital is a prominent stakeholder of the company. 

Baron Health Care Fund made the following comment about AstraZeneca PLC in its Q1 2023 investor letter:

“We reduced our position in AstraZeneca PLC ahead of a clinical data read-out of a competitor drug that would compete with one of the company’s important drugs.”

3. Enbridge Inc. (NYSE:ENB)

GQG Partners’ Stake Value: $2,059,757,161

Number of Hedge Fund Holders: 25

Enbridge Inc. (NYSE:ENB) is an energy infrastructure company that operates through five segments – Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services. In Q1 2023, Rajiv Jain’s GQG Partners owned 54 million shares of Enbridge Inc. worth $2.05 billion, representing 5.39% of the total holdings. 

On May 3, Enbridge Inc. declared a C$0.8875 per share quarterly dividend, in line with previous. The dividend is payable on June 1, to shareholders of record on May 15. 

Credit Suisse on May 15 raised the firm’s price target on Enbridge Inc. to C$58 from C$53 and reiterated a Neutral rating on the shares.

According to Insider Monkey’s first quarter database, 25 hedge funds were bullish on Enbridge Inc., compared to 21 funds in the earlier quarter. Ken Griffin’s Citadel Investment Group is a prominent position holder in the company. 

Here is what ClearBridge Investments Dividend Strategy has to say about Enbridge Inc. in its Q3 2021 investor letter:

“We are meaningfully overweight energy, particularly within North American energy infrastructure. Enbridge and Williams, our two infrastructure holdings, possess crown jewel infrastructure assets. They each deliver meaningful proportions of the overall energy produced and consumed in North America. Their revenues are backed by long-term contracts with high-quality counterparties and have little direct commodity price exposure. Their growth has been driven by the increasing production of North American energy. The advent of unconventional oil and gas production (oil sand and shale) has made North America a low-cost competitor on a global basis. We expect strong North American production to be an enduring feature of global energy supply for decades to come.”

2. Alphabet Inc. (NASDAQ:GOOG)

GQG Partners’ Stake Value: $2,170,023,752

Number of Hedge Fund Holders: 155

Alphabet Inc. is one of the best growth stocks to invest in according to billionaire Rajiv Jain. In the first quarter of 2023, Jain added Alphabet Inc. to his GQG Portfolio, purchasing 20.86 million shares valued at $2.17 billion. The stock accounts for 5.67% of his overall holdings.

Jefferies analyst Brent Thill described Google I/O developer conference as highly significant and marked a redemption for the company following a disappointing event in Paris earlier this year. Thill highlighted that Google showcased updates in various areas, including consumer and business applications, as well as advancements in core areas like Search, Workspace, Google Cloud, and Android. The analyst believes that Google effectively communicated its generative AI strategy and launched a comprehensive AI initiative at I/O. Thill expects the momentum to accelerate and foresees monetization before the end of the year. Jefferies maintained a Buy rating on shares of Google’s parent company, Alphabet Inc., with a price target of $130 on May 11.

According to Insider Monkey’s first quarter database, 155 hedge funds were bullish on Alphabet Inc., compared to 152 funds in the prior quarter. Harris Associates held the largest position in the company, worth $3.8 billion. 

Diamond Hill Large Cap Strategy made the following comment about Alphabet Inc. in its Q1 2023 investor letter:

“We did have several strong performing stocks this quarter. Our top contributors to return included NVR, Amazon, Alphabet Inc., Microsoft and Booking Holdings, all of which posted double-digit gains. Shares of media and technology giant Alphabet outperformed as the company announced expense discipline while continuing to invest in its core products of Google Search, YouTube and Google Cloud.”

1. NVIDIA Corporation (NASDAQ:NVDA)

GQG Partners’ Stake Value: $2,290,855,576

Number of Hedge Fund Holders: 132

NVIDIA Corporation is the largest holding of Rajiv Jain’s hedge fund. The billionaire added this growth stock to his portfolio by purchasing 8.2 million shares of the company worth $2.29 billion. NVIDIA Corporation was a new addition to the hedge fund in Q1 2023. 

On May 18, Oppenheimer analyst Rick Schafer increased the price target for NVIDIA Corporation, raising it from $300 to $350, while maintaining an Outperform rating on the shares in anticipation of the Q1 results. The firm is optimistic about both the current financial report and future prospects. 

According to Insider Monkey’s first quarter database, 132 hedge funds were bullish on NVIDIA Corporation, compared to 106 funds in the prior quarter. Matrix Capital Management is a prominent stakeholder of the company, with a position worth $1.50 billion. 

Alger Spectra Fund made the following comment about NVIDIA Corporation in its Q1 2023 investor letter:

“NVIDIA Corporation 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. Simply put. Nvidia’s computational power is a critical enabler of Al and therefore critical to Al adoption, in our view. As such, we believe Nvidia is a long-term high unit volume growth opportunity. During the period, NVIDIA reported fiscal fourth-quarter results that met expectations, as the company navigated. through an inventory correction associated with the broad macroeconomic slowdown. Moreover, management gave fiscal year earnings guidance that was better than analyst estimates. noting strong year-over-year growth in gaming and data centers. Management’s constructive assessment of 2023 prospects. coupled with the rapid rollout and adoption of generative Al offerings, led to positive share price performance.”

Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily enewsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below. You can also check out Billionaire David Tepper’s 2023 Portfolio: Top 15 Stock Picks and 10 Stocks to Sell in 2023 According to Billionaire Steve Cohen.

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originally published on Insider Monkey.