5 Best Long-Term Tech Stocks To Buy

2. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 180

NVIDIA Corporation (NASDAQ:NVDA) is an American multinational technology company incorporated in Delaware. Recognized for its expertise in integrated circuit development, NVIDIA’s capabilities span a diverse range of devices, from electronic game consoles to personal computers (PCs).

On November 21, NVIDIA Corporation (NASDAQ:NVDA) disclosed its financial results for the third quarter, concluding on October 29, 2023. The company reported a revenue of $18.12 billion, signifying a significant increase of 206% compared to the corresponding period last year and a notable 34% rise from the previous quarter. The quarter recorded GAAP earnings per diluted share at $3.71, reflecting a more than 12-fold increase from a year ago and a 50% uptick from the previous quarter. Non-GAAP earnings per diluted share were $4.02, indicating an almost 6-fold rise from a year ago and a 49% increase from the previous quarter.

Insider Monkey’s analysis of hedge fund portfolios for Q3 2023 revealed that 180 hedge funds held a stake in NVIDIA Corporation (NASDAQ:NVDA). Citadel Investment Group emerged as its largest stakeholder, holding approximately 21.85 million shares valued at about $9.5 billion in NVIDIA Corporation (NASDAQ:NVDA).

Baron Opportunity Fund made the following comment about NVIDIA Corporation (NASDAQ:NVDA) in its Q3 2023 investor letter:

“NVIDIA Corporation (NASDAQ:NVDA) is a leading semiconductor company that sells chips and software for accelerated computing and gaming. Shares have nearly tripled year-to-date, as the company continues reporting unprecedented growth because of the acceleration in demand for its data center chips. After reporting revenue of $7 billion in the first quarter and providing guidance of $11 billion for the second quarter, NVIDIA reported second quarter revenue of $13.5 billion and guided for another step up in the third quarter to $16 billion, with its CFO declaring “[d]emand for our Data Center platform for AI is tremendous and broad-based across industries and customers.” We are at the tipping point of a new era of computing with NVIDIA at its epicenter. This is how CEO and founder Jensen Huang put it (during the company’s August 23 earnings call):

“[T]he easiest way to think about the demand is the world is transitioning from general purpose computing to accelerated computing…[W]hat you’re seeing companies do now is recognizing this…tipping point…recognizing the beginning of this transition, and diverting their capital investment to accelerated computing and generative AI…This isn’t a singular application that is driving the demand, but this is a new computing platform…a new computing transitioning that’s happening…A new computing era has begun. The simultaneously going through two platform transitions, accelerated computing and generative AI.””