5 Best Engineering Stocks to Buy Now

4. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 106

NVIDIA Corporation (NASDAQ:NVDA) is an American technology company that is heavily dependent on engineers because of its portfolio of products such as GPUs, CPUs, chipsets, and groupware among others.

NVIDIA Corporation (NASDAQ:NVDA)’s biggest growth prospect is its market penetration in AI. The company is making AI-specific chips such as A100 graphic chips that were used to train ChatGPT and has now launched a new one, H100, which is significantly faster and better than the A100 according to NVIDIA Corporation (NASDAQ:NVDA).

NVIDIA Corporation (NASDAQ:NVDA) has been covered by 38 analysts in the last three months and 30 of them keep a Buy or Overweight rating on the stock. The average price target of the analysts is at $286.94.

Aristotle Atlantic Partners 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.”