5 Best American Stocks To Buy Heading into 2024

In this article, we will be taking a look at the 5 best American stocks to buy heading into 2024. To read our detailed analysis of current US market news, you can go directly to see the 14 Best American Stocks To Buy Heading into 2024.

5. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 175

NVIDIA Corporation (NASDAQ:NVDA) is a semiconductor company. It is based in Santa Clara, California.

An Overweight rating and a $650 price target were maintained on NVIDIA Corporation (NASDAQ:NVDA) on October 20 by John Vinh at Keybanc.

NVIDIA Corporation (NASDAQ:NVDA) had 175 hedge funds long its stock in the second quarter, with a total stake value of $25.9 billion.

This is what Artisan Partners said about NVIDIA Corporation (NASDAQ:NVDA) in its third-quarter 2023 investor letter:

“Our focus on scalable business models has its roots in our economic framework. As potential output moderated in most emerging countries, it became clear to us affordability was not improving and that low penetration was necessary but not sufficient for value creation. We eliminated companies from the portfolio that were struggling to generate revenue significantly in excess of fixed costs, often replacing them with passport companies such as NVIDIA Corporation (NASDAQ:NVDA) and Airbnb that were economically tied to emerging markets. Over a period of time, we have been successful in redefining the emerging markets opportunity set around real per capita GDP increases, growth in the middle class, revenue velocity and demand fulfilment. Combined with changes in the market backdrop that have resulted in privileged competitive positions for companies with financial strength and access to capital, we find our opportunity set expanding anew to include companies that are both based in emerging markets and conducive to value creation.”