5 Best Edge Computing Stocks to Buy

4. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 89

NVIDIA Corporation (NASDAQ:NVDA) is at the forefront of the edge computing market. The company is a leading provider of edge computing hardware and chips. The company’s edge computing solutions leverage its graphic processing units (GPUs) to enable organizations to process large amounts of data quickly and efficiently. The NVIDIA EGX platform is designed to bring AI, machine learning, and other advanced analytics to the edge. This platform can be used in a wide range of applications, including autonomous vehicles, factory automation, and smart cities. NVIDIA Corporation (NASDAQ:NVDA) is a leader in the space and is expected to retain its position as the industry grows further. The stock is one of the best edge computing stocks to buy now.

On December 14, Deutsche Bank analyst Ross Seymore raised his price target on NVIDIA Corporation (NASDAQ:NVDA) to $170 from $150 and maintained a Hold rating on the shares.

At the close of Q3 2022, 89 hedge funds were bullish on NVIDIA Corporation (NASDAQ:NVDA). The funds disclosed positions worth $4.29 billion in the company, up from $3.31 billion in the previous quarter with 84 positions. As of September 30, Fisher Asset Management is the top investor in the company and has disclosed a position worth $1.46 billion.

Here is what ClearBridge Investments had to say about NVIDIA Corporation (NASDAQ:NVDA) in its third-quarter 2022 investor letter:

“Likewise, graphics chip maker NVIDIA Corporation (NASDAQ:NVDA) (-19.9%) has struggled through the post-COVID-19 recovery but maintains dominant positions in key secular growth markets of AI and gaming. The company has significantly underperformed the index and semiconductor peers recently due to a gaming inventory correction, a decline in aggregate cryptocurrency demand and reduction in crypto mining intensity as well as concerns around the sustainability of data center sales.

We tactically trimmed our position early in 2022 due to concerns around these cycle dynamics but remain confident in the company’s long-term prospects.”