5 Best Growth Stocks To Buy According To Ray Dalio

2. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 86   

NVIDIA Corporation (NASDAQ:NVDA) is ranked second on our list of 11 best growth stocks to buy according to Ray Dalio. The company operates as a visual computing firm and is headquartered in California. According to securities filings, Bridgewater Associates owned 21,098 shares in the company at the end of June 2021 worth $16.8 million, representing 0.1% of the portfolio. 

On September 17, investment advisory Bank of America reiterated a Buy rating on NVIDIA Corporation (NASDAQ:NVDA) stock and raised the price target to $275 from $260, underlining the critical role of semiconductor firms in the digital economy. 

At the end of the second quarter of 2021, 86 hedge funds in the database of Insider Monkey held stakes worth $9 billion in NVIDIA Corporation (NASDAQ:NVDA), up from 80 the preceding quarter worth $6 billion.

In its Q1 2021 investor letter, Vulcan Value Partners, an asset management firm, highlighted a few stocks and NVIDIA Corporation (NASDAQ:NVDA) was one of them. Here is what the fund said:

“NVIDIA Corp. is the dominant supplier of Graphics Processing Units (GPUs) worldwide. NVIDIA’s GPUs are at the intersection of a number of important computing trends including the movement to the Cloud, artificial intelligence, autonomous vehicles, edge computing, gaming, and more. We previously owned NVIDIA and sold it in the third quarter of 2020 as the price to value gap closed and our margin of safety was reduced. As with all our MVP companies, we continued to follow NVIDIA closely. Since that time, NVIDIA reported excellent results and its value has compounded rapidly. The technology selloff at the beginning of the year negatively affected the stock price while our estimate of NVIDIA’s value per share increased. This happy combination of events created a margin of safety and an opportunity to once again add NVIDIA to the portfolio.”