5 Hot Tech Stocks to Invest in Now

4. NVIDIA Corporation (NASDAQ:NVDA)

3-Month Average Volume: 52.44M

Year-to-date Performance: 90.93%

Number of Hedge Fund Holders: 173

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.

Hedge funds are bullish about NVIDIA Corporation (NASDAQ:NVDA) shares as the number of hedge funds that own its shares has increased from 133 in Q1 to 173 in Q4 2023. These hedge funds together held shares worth $33.8 billion, the second highest on our list of 12 hot tech stocks to invest in now.

This is what Baron Funds, an investment management company, had to say about NVIDIA Corporation (NASDAQ:NVDA) in its Baron Opportunity Fund Q4 2023 investor letter:

“NVIDIA is seeing the fruits of its nearly 20-year investment in AI and accelerated computing with data center revenues growing five-fold from $3 billion in 2019 to $15 billion in 2022, and they are expected to at least triple to $45 billion in 2023. This extraordinary top-line growth drove even faster growth in earnings per share, resulting in multiple contraction despite the rapid rise in shares.”