13 Best QQQ Stocks to Buy According to Hedge Funds

5. Apple Inc. (NASDAQ:AAPL)

Number of Hedge Fund Holders: 159

Apple Inc. (NASDAQ:AAPL) is one of the best QQQ stocks to buy according to hedge funds. On June 18, Reuters reported that Apple’s Senior Vice President of Hardware Technologies, Johny Srouji, presented a speech at the ITF World Conference in Belgium last month, where he mentioned that Apple is exploring the use of GenAI to accelerate and streamline the design of its custom chips. The chips power the company’s range of devices, such as iPhones, iPads, Mac computers, and the Vision Pro AR headset.

During his speech, Johny Srouji emphasized the role of cutting-edge tools in chip design and highlighted that EDA/electronic design automation companies are critical in supporting Apple’s chip design complexities. He noted the potential of GenAI and stated that GenAI techniques have a high potential in getting more design work done in less time, which can be a huge productivity boost.

Apple has a history of utilizing AI in its chip design workflows for years and has often relied on third-party EDA firms like Cadence Design Systems Inc. (NASDAQ:CDNS) and Synopsys Inc. (NASDAQ:SNPS). These firms have been actively integrating AI and ML into their offerings. For instance, Synopsys has publicly stated that GenAI can facilitate new methods for chip design.

Apple Inc. (NASDAQ:AAPL) designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide.