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4. NVIDIA Corporation (NASDAQ:NVDA)

No of Hedge Fund Holders: 132

NVIDIA Corporation (NASDAQ:NVDA) is a California, United States-based software company known for providing advanced artificial intelligence solutions.

At the end of Q1 2023, 132 hedge funds reported owning a stake in NVIDIA Corporation (NASDAQ:NVDA), up from 106 in the preceding quarter. GQG Partners held a stake worth over $2.29 billion in the company during the first quarter of the year.

Here’s what Fred Alger Management said about NVIDIA Corporation (NASDAQ:NVDA) in its Q1 2023 investor letter:

“NVIDIA Corporation (NASDAQ:NVDA) is a leading supplier of graphics processing units (GPUs) for a variety of end markets, such as gaming, PCs, data centers, virtual reality and high-performance computing. The company is leading in most secular growth categories in computing, and especially artificial intelligence and super-computing parallel processing techniques for solving complex computational problems. Simply put. Nvidia’s computational power is a critical enabler of Al and therefore critical to Al adoption, in our view. As such, we believe Nvidia is a long-term high unit volume growth opportunity. During the period, NVIDIA reported fiscal fourth-quarter results that met expectations, as the company navigated. through an inventory correction associated with the broad macroeconomic slowdown. Moreover, management gave fiscal year earnings guidance that was better than analyst estimates. noting strong year-over-year growth in gaming and data centers. Management’s constructive assessment of 2023 prospects. coupled with the rapid rollout and adoption of generative Al offerings, led to positive share price performance.”