4. NVIDIA Corporation (NASDAQ:NVDA)
Number of Hedge Fund Holders: 106
NVIDIA Corporation (NASDAQ:NVDA) is a California-based provider of graphics, computing, and networking solutions in the United States, Taiwan, China, and internationally. NVIDIA DRIVE PX2 is an open AI car computing platform that allows automakers and their tier 1 suppliers to speed up the production of autonomous vehicles. The platform can be scaled from a small, power-efficient module for AutoCruise capabilities to a high-performance AI supercomputer that can handle autonomous driving. It is one of the premier AI stocks to monitor.
On February 23, Evercore ISI analyst C.J. Muse raised the firm’s price target on NVIDIA Corporation (NASDAQ:NVDA) to $300 from $245 and reiterated an Outperform rating on the shares after the company reported better-than-expected results for the January quarter and an “even better outlook” for the April quarter. The analyst believes that NVIDIA Corporation (NASDAQ:NVDA)’s data center revenues will continue to grow throughout the entire year of 2023, which should be well-received by investors who were concerned about decelerating data center demand and the possibility of a revenue guide down for April.
According to Insider Monkey’s Q4 data, Matrix Capital Management is a significant position holder in NVIDIA Corporation (NASDAQ:NVDA), with 5 million shares worth $741.3 million. Overall, 106 hedge funds were bullish on NVIDIA Corporation (NASDAQ:NVDA), up from 89 funds in the prior quarter.
O’keefe Stevens Advisory made the following comment about NVIDIA Corporation (NASDAQ:NVDA) in its Q4 2022 investor letter:
“The market and our portfolios had a challenging year as interest rates rose, and deteriorating fundamentals cut our largest position, NVIDIA Corporation (NASDAQ:NVDA), in half. Since our initial purchase in 2013, NVDA has seen its stock decline 50% one other time, back in 2018. The best-performing businesses and stocks do not go up and to the right. Mr. Market gets moody, and even one of the highest quality companies in the world is not immune. Drawdowns of this magnitude are challenging to stomach, even though the stock is up 50x in less than ten years. While we consider ourselves old school value investors, we continue to hold this fantastic company even though, optically, it does not appear cheap. Our confidence in Jensen remains, and while gaming is no longer in hyper-growth mode, the Data Center segment continues to grow. AI, Automotive, and other small but rapidly growing industries are the next leg of the story. Chris Mayer discusses the position in greater detail with commentary from our CIO, Peter O’Keefe. Click here to read the article.”
