5 Best Growth Stocks to Buy According to Billionaire Ray Dalio’s Bridgewater Associates

3. NVIDIA Corporation (NASDAQ:NVDA)

Percent of Revenue Growth in Past One Year: 57.07%
Bridgewater Associates’ Q3 2023 Stake: $20.923 Million
Number of Hedge Fund Holders: 180

NVIDIA Corporation (NASDAQ:NVDA) is a technology company that designs and develops graphics and networking solutions. The company is best known for developing chips that power data centers, personal computers, and mobile devices. NVIDIA Corporation (NASDAQ:NVDA) has significantly improved its fortunes amid solid demand for graphics processing units for powering artificial intelligence solutions.

NVIDIA Corporation (NASDAQ:NVDA) is already up by more than 230% for the year, an impressive rally against record earnings and revenues. Its revenue for the 12 months ended October was up 57.07% year over year.

Here is what White Brook Capital said about NVIDIA Corporation (NASDAQ:NVDA) in its Q3 2023 investor letter:

“The magnificent seven, that underpin the S&P 500 performance, which includes NVIDIA Corporation (NASDAQ:NVDA), now comprise almost 30% of the market capitalization of the S&P500. At least three of the seven stocks have heightened downside risk and suffer from already high penetration, weakening end markets, competitive risk, and lofty valuation. They have been remarkably resilient to increased interest rates and the potential for slowing growth. Small and midcap stocks, on the other hand, have been systemically penalized by fears of recession and continue to price that eventuality even as significantly better outcomes have become more probable. Today, it’s relatively easy to find attractive investments in this segment.”

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