4. NVIDIA Corporation (NASDAQ:NVDA)
Number of Hedge Fund Holders: 132
Number of Billionaire Investors: 22
NVIDIA Corporation (NASDAQ:NVDA) is a leading technology company known for its graphics processing units (GPUs) and related technologies that are widely used in various industries, including gaming, artificial intelligence, and virtual reality. NVIDIA Corporation (NASDAQ:NVDA)’s GPUs are highly regarded for their top-notch graphics rendering capabilities, computational power, and real-time performance. These attributes are essential for delivering immersive and visually stunning experiences in the metaverse. In the first quarter of 2023, 22 billionaires were bullish on NVIDIA Corporation (NASDAQ:NVDA), including Rajiv Jain of GQG Partners.
On May 25, Morgan Stanley raised the firm’s price target on NVIDIA Corporation (NASDAQ:NVDA) to $450 from $304 and kept an Overweight rating on the shares. According to the analyst, Nvidia’s guidance for the July quarter suggests a remarkable performance that surpasses their previous expectations, reaching revenue levels that were initially anticipated for early 2025. The analyst further noted that the significant surge in AI spending is yielding positive results much earlier than anticipated.
According to Insider Monkey’s first quarter database, 132 hedge funds were bullish on NVIDIA Corporation (NASDAQ:NVDA), up from 106 funds in the earlier quarter.
Alger Spectra Fund made the following comment 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.”
