5 Trending Stocks This Week

3. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 102

NVIDIA Corporation (NASDAQ:NVDA) has slumped 4.65% this week after the Santa Clara, California-based inventor and leading producer of the graphic processing unit (GPU) reported preliminary revenue for Q2 2022. NVIDIA Corporation (NASDAQ:NVDA) anticipates revenue to decline 19% YoY to $6.40 billion due to weakness in the gaming business. In contrast, the analysts had expected the company to report revenue of $8.1 billion. NVIDIA Corporation (NASDAQ:NVDA) is set to announce its Q2 2022 results on August 24. In the last eight quarters, the company has outperformed revenue estimates on seven occasions.

NVIDIA Corporation (NASDAQ:NVDA) was discussed in the Q2 2022 investor letter of ClearBridge Investments. Here’s what the firm said:

“Chipmaker Nvidia (NASDAQ:NVDA) has also been pressured by multiple compression of higher growth companies and weakness in its gaming business. While Nvidia has grown into a top 10 position with its strong performance through late 2021, we have been consistently trimming the position to derisk against short-term volatility in its gaming business. The company is clearly exposed to the semiconductor cycle but also participates in the secular growth of cloud and AI adoption through its data center business. With these secular drivers intact and new products ramping up in the second half of the year, we are maintaining an overweight to the company.”

ARK Investment Management increased its stake in NVIDIA Corporation (NASDAQ:NVDA) to over $126.2 million at the end of Q1 2022.