5 Best Computer Hardware Stocks To Buy Now

2. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 106

NVIDIA Corporation (NASDAQ:NVDA) offers graphics, computing, and networking solutions in the United States, Taiwan, China, and internationally. On April 19, BofA increased its price target on NVIDIA Corporation (NASDAQ:NVDA) from $310 to $340 and assigned a Buy rating to the company’s shares. According to BofA, the rising demand for AI workloads in cloud and enterprise data centers may lead to a shift in computing power and value towards specialized accelerators like Nvidia GPUs, away from traditional server CPUs based on x86 architecture from Intel and AMD. As a result, BofA has revised its estimate for NVIDIA Corporation (NASDAQ:NVDA)’s long-term earnings power in the calendar year 2027 to $17, up from the previous estimate of $14.

According to Insider Monkey’s fourth quarter database, NVIDIA Corporation (NASDAQ:NVDA) is one of the best computer hardware stocks to invest in. At the end of December 2022, 106 hedge funds were bullish on the stock, up from 89 funds in the prior quarter. David Goel and Paul Ferri’s Matrix Capital Management is a significant position holder in the company, with 5 million shares worth $741.3 million. 

Aristotle Atlantic Focus Growth Strategy made the following comment about NVIDIA Corporation (NASDAQ:NVDA) in its Q1 2023 investor letter:

“NVIDIA Corporation (NASDAQ:NVDA) contributed to outperformance, as the company announced better-than-expected fourth quarter earnings driven by a strong rebound in Gaming and an improving outlook for the Datacenter business due to the acceleration of Graphics Processing Unit (GPU) driven Artifical Intelligence (AI) deployment. The company also hosted its Global Technology Conference (GTC) in March where it further highlighted its leading technology being used to develop AI Large Language Models (LLM). The company announced new partnerships with hyperscalers for its AI cloud-based service while also releasing new software and hardware offerings that will support GPU-driven AI growth. Nvidia continues to see a growing addressable market for its products and services as AI uses become more prevalent.”