5 Most Popular Stocks on Robinhood in 2024

4. Nvidia Corp (NASDAQ:NVDA)

Number of Hedge Fund Investors: 173

Retail investors and hedge funds are piling into Nvidia Corp (NASDAQ:NVDA) to ride the AI wave. While the stock has pulled back recently, analysts believe it has more room to grow as companies continue to purchase Nvidia Corp’s (NASDAQ:NVDA) AI-focused chips to power their AI software. Nvidia Corp (NASDAQ:NVDA) is expected to launch new chips in the industry to meet demand.

Of the 933 funds tracked by Insider Monkey, 173 hedge funds tracked by Insider Monkey reported owning stakes in Nvidia Corp (NASDAQ:NVDA).

ClearBridge Small Cap Growth Strategy stated the following regarding NVIDIA Corporation (NASDAQ:NVDA) in its first quarter 2024 investor letter:

“While large cap benchmarks get a lot of attention for a handful of mega cap stocks driving the lion’s share of performance, we would highlight even more extreme and unprecedented concentration in small cap benchmarks. Year to date, one stock, Super Micro Computer has driven 37% of the return of the benchmark, closely followed by MicroStrategy, a unique stock that is largely considered a bitcoin proxy. Together, they accounted for over half of the benchmark’s first quarter return. This compares to NVIDIA Corporation (NASDAQ:NVDA), which accounted for 24% of the return of the S&P 500 Index. The 32 top-performing stocks in the Russell 2000 Growth Index accounted for 100% of its return, versus 81 names driving the S&P 500’s performance this quarter.”