5 Hot Tech Stocks to Buy Now

4. NVIDIA Corporation (NASDAQ:NVDA)

3-Month Average Volume: 50.06M

YTD Performance: 221.27%

Number of Hedge Fund Holders: 175

Founded in 1993, California-based NVIDIA Corporation (NASDAQ:NVDA) is a leading technology company focused on the design and manufacturing of accelerated computing hardware and software products. Its core businesses comprise of Gaming, Data Center, Professional Visualization, and Automotive, with Gaming and Data Center making up for more than 80% of its revenues. Its GeForce GPU is used by more than 200 million gamers and creators, making it the market leader with 80% market share in PC Gaming.

On August 23, NVIDIA Corporation (NASDAQ:NVDA) released the financial results for the quarter ended July 30, 2023. Its revenues increased by 101% y-o-y to $13.5 billion, while its net income surged by 843% y-o-y to $6.2 billion. The EPS for the quarter was recorded at $2.70, which surpassed the consensus by $0.63.

Nvidia Corporation (NASDAQ:NVDA) has had a stellar year so far with share price up more than 221% year-to-date as of November 8. Much of this can be attributed to record growth in top and bottom line figures led by increased demand for its data center products to cater to the AI-induced demand.

NVIDIA Corporation (NASDAQ:NVDA) is subject to bullish sentiment from a large number of hedge funds as 175 of the 910 hedge funds held its shares as of Q2 2023, with the total hedge fund holdings valued at $26 billion. Its largest shareholder was Rajiv Jain’s GQG Partners with ownership of 14 million shares valued at $5.9 billion.