5 Unstoppable Tech Stocks To Buy

4. NVIDIA Corporation (NASDAQ:NVDA)

YTD Gains as of April 4: 78.34%

Number of Hedge Fund Holders: 173

NVIDIA Corporation (NASDAQ:NVDA) is a designer and manufacturer of computer graphics processors, chipsets, and related multimedia software. In 2023, the company’s AI tech was used to power over 40,000 companies’ AI factories, NVIDIA Drive runs all 30 of the 30 biggest autonomous vehicle data centers, and over 200 million gamers and creators utilize NVIDIA GeForce GPUs.

On April 4, according to Reuters, the Indonesian communication minister announced that NVIDIA Corporation (NASDAQ:NVDA) will be co-investing $200 million with Indosat Ooredoo Hutchison to construct an AI center in Central Java in 2024.

As of April 4, NVIDIA Corporation (NASDAQ:NVDA) is up by 78.34% year-to-date. The stock was part of 173 hedge funds’ portfolios in Q4 of 2023, with a total stake value of $33.76 billion. GQG Partners is the most significant shareholder in the company and has a position worth $6.88 billion as of Q4, 2023.

Fred Alger Management stated the following regarding NVIDIA Corporation (NASDAQ:NVDA) in its fourth quarter 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. During the period, shares contributed to performance as Nvidia reported solid fiscal third quarter results well above analyst expectations, driven by strong demand from data centers. Growing Al data center workloads are driving demand for the increased interconnections and fully accelerated software stacks, thereby enabling leading application performance and fast result times.”