5 Best AI Stocks to Buy for 2021 and Beyond

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In this article, we discuss the 5 best AI stocks to buy for 2021 and beyond. If you want to read our detailed analysis of the AI industry, go directly to read the The Best AI Stocks to Buy for 2021 and Beyond

5. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 86

NVIDIA Corporation (NASDAQ:NVDA) ranks fifth on our list of the best AI stocks to buy for 2021 and beyond. It is an American technology company that mainly designs GPU for gaming and professional markets. The company’s DGX systems provide data scientists with the most powerful tools for AI exploration.

In August, NVIDIA Corporation (NASDAQ:NVDA) launched its AI enterprise software suite for AI tools and frameworks, through which the companies can virtualize AI workloads on NVIDIA-certified systems. In Q2 2021, NVIDIA Corporation (NASDAQ:NVDA) posted an EPS of $1.04, beating the market consensus by $0.02. The company’s revenue of $6.51 billion presented a 68.2% year-over-year growth. For the third quarter, the company expects revenue to reach $6.8 billion versus the estimates of $6.53 billion. Recently, BofA raised its price target on NVIDIA Corporation (NASDAQ:NVDA) to $275, while keeping a ‘Buy’ rating on the shares.

Of the 873 hedge funds tracked by Insider Monkey, 86 hedge funds have positions in NVIDIA Corporation (NASDAQ:NVDA) in Q2 2021, up from 80 in the previous quarter. These stakes are valued at over $9.09 billion.

Harding Loevner mentioned NVIDIA Corporation (NASDAQ:NVDA) in its second-quarter 2021 investor letter. Here is what the firm has to say:

“Within IT, shares of US-based computer chip developer NVIDIA continued their climb as rising demand across segments-from work-from-home laptops to data centers to cryptocurrency mining rigs-led to shortages that translated into surging prices for its chips. Such was the windfall that NVIDIA even made technical changes to some of its products to make them towards waht it believes are more sustainable uses. Less attractive to cryptocurrency miners, to steer scarce supply viewed by geography, the lion’s share of excess returns came from good stock performance in the US. In addition to the contributions from NVIDIA and our health care holdings, a pair of IT software and service providers also aided relative returns.”

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