5 Best American Stocks To Buy In 2024

In this article, we discuss 5 best American stocks to buy. If you want to read our discussion on the US stock market trends and outlook, head directly to 12 Best American Stocks To Buy In 2024. 

5. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 173

NVIDIA Corporation (NASDAQ:NVDA) is a global provider of graphics, compute, and networking solutions. It ranks 4th on our list of the best American stocks. NVIDIA Corporation (NASDAQ:NVDA) is experiencing significant growth in the data center sector, with over 85% of total sales expected to come from this space, a substantial increase from the 25% five years ago. In the fourth quarter of 2023, GPU silicon unit sales surpassed 900,000, more than doubling the previous year’s figure. Nvidia holds a dominant 95% market share, with its Hopper, H100/HGX platform contributing significantly to data center revenue. Bank of America analyst Vivek Arya reiterated a Buy rating on February 28, anticipating further growth in the nearly $90 billion accelerator market.

According to Insider Monkey’s fourth quarter database, 173 hedge funds were long NVIDIA Corporation (NASDAQ:NVDA), compared to 180 funds in the prior quarter. Rajiv Jain’s GQG Partners is a significant position holder in the company, with 13.90 million shares worth $6.8 billion. 

Alger Spectra Fund stated the following regarding NVIDIA Corporation (NASDAQ:NVDA) in its fourth quarter 2023 investor letter:

“NVIDIA Corporation (NASDAQ:NVDA) 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. During the period, shares contributed to performance as Nvidia reported solid fiscal third quarter results well above analyst expectations, driven by strong demand from data centers. Growing Al data center workloads are driving demand for the increased interconnections and fully accelerated software stacks, thereby enabling leading application performance and fast result times.”