5 Best Blockchain Stocks To Buy Now

3. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 89

NVIDIA Corporation (NASDAQ:NVDA) provides graphics, semiconductor, and networking solutions worldwide. GPUs and computer components are essential for crypto mining and blockchains, which makes NVIDIA Corporation (NASDAQ:NVDA) one of the premier blockchain stocks to look out for. 

On November 17, Needham analyst Rajvindra Gill raised the price target on NVIDIA Corporation (NASDAQ:NVDA) to $200 from $155 and reiterated a Buy rating on the shares. The company’s Q3 results were “solid” with data center revenue outlook slightly higher despite soft China data center sales and H100 adoption accelerating, the analyst told investors. The analyst added that while China continues to pressure overall results, NVIDIA Corporation (NASDAQ:NVDA) is executing well in the face of these headwinds.

According to Insider Monkey’s data, 89 hedge funds were bullish on NVIDIA Corporation (NASDAQ:NVDA) at the end of September 2022, compared to 84 funds in the prior quarter. Ken Fisher’s Fisher Asset Management is a notable stakeholder of the company, with more than 12 million shares worth $1.5 billion. 

Vulcan Value Partners made the following comment about NVIDIA Corporation (NASDAQ:NVDA) in its Q3 2022 investor letter:

“We also sold NVIDIA Corporation (NASDAQ:NVDA) during the quarter to allocate capital to new purchases and to add to existing positions in the portfolio. NVIDIA is facing multiple headwinds. Data center revenue growth is slowing, gaming revenue growth is declining, and the United States has issued new export controls to China that impact NVDIA’s products. We believe NVDIA’s competitive advantages are intact, and it remains on our MVP list. In the right circumstances we would be delighted to own it in the future.”