5 Internet of Things (IoT) Stocks Billionaires Are Loading Up On

In this piece, we will take a look at the five internet of things (IoT) stocks billionaires are loading on. For more IoT stocks, head on over to 10 Internet of Things (IoT) Stocks Billionaires Are Loading Up On.

5. Broadcom Inc. (NASDAQ:AVGO)

Number of Billionaire Investors: 9

Where there’s connectivity, there’s Broadcom Inc. (NASDAQ:AVGO). The firm provides a centralized platform that enables users to monitor their IoT devices, collect and analyze data, and generate analytical insights from millions of data points.

After digging through 943 hedge funds for their first quarter of 2023 investments, Insider Monkey discovered that 72 had held a stake in Broadcom Inc. (NASDAQ:AVGO). Out of these, the firm’s largest shareholder is billionaire Ken Fisher’s Fisher Asset Management with a $766 million investment.

4. QUALCOMM Incorporated (NASDAQ:QCOM)

Number of Billionaire Investors: 10

QUALCOMM Incorporated (NASDAQ:QCOM) is one of the world’s largest connectivity product providers. Its semiconductors, such as modems and signals processors, are designed to be used in nearly every IoT device – particularly those utilizing 5G networks. The firm was set up in 1985 and is headquartered in San Diego, California.

Insider Monkey’s first quarter of 2023 survey covering 943 hedge funds outlined that 69 had invested in the chip designer. QUALCOMM Incorporated (NASDAQ:QCOM)’s largest hedge fund investor in our database is Panayotis Takis Sparaggis’s Alkeon Capital Management since it owns 2.5 million shares that are worth $325 million.

3. NXP Semiconductors N.V. (NASDAQ:NXPI)

Number of Billionaire Investors: 11

NXP Semiconductors N.V. (NASDAQ:NXPI) is another semiconductor design company. It designs and sells systems on chips (SoCs), connectivity chips, and other products that are used in IoT devices. Additionally, NXP Semiconductors N.V. (NASDAQ:NXPI) also provides IoT development and data security solutions.

53 of the 943 hedge funds profiled by Insider Monkey for their March quarter of 2023 shareholdings had held a stake in NXP Semiconductors N.V. (NASDAQ:NXPI). Its largest shareholder is billionaire Ken Griffin’s Citadel Investment Group with a $171 million investment.

2. DexCom, Inc. (NASDAQ:DXCM)

Number of Billionaire Investors: 11

DexCom, Inc. (NASDAQ:DXCM) is a healthcare device manufacturer headquartered in San Diego, California. It is targeting the medical industry with its IoT devices that primarily serve the needs of diabetics by enabling continuous glucose monitoring and enabling patients to connect their devices with a smartphone or a smartwatch to ensure no untoward event.

As of Q1 2023, 66 of the 943 hedge funds part of Insider Monkey’s database had bought the firm’s shares. DexCom, Inc. (NASDAQ:DXCM)’s largest hedge fund investor is Ken Griffin’s Citadel Investment Group with a $469 million stake.

1. Acuity Brands, Inc. (NYSE:AYI)

Number of Billionaire Investors: 11

Acuity Brands, Inc. (NYSE:AYI) is an industrial products company that sells a variety of IoT products. These include lighting for different use cases such as architectural and healthcare use. At the same time, it also provides connected building management platforms.

As of March 2023, 34 of the 943 hedge funds profiled by Insider Monkey had invested in the company. Acuity Brands, Inc. (NYSE:AYI)’s largest investor is billionaire Cliff Asness’s AQR Capital Management with a $62 million investment.

Disclosure: None. You can also take a look at 10 Stocks Jim Cramer Thinks Can Weather a Debt Default and 12 Biggest Health Insurance Companies in the World.

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