Forget AMC and Gamestop: 5 New Stocks Reddit’s WallStreetBets Is Buying

4. Nvidia Corp (NASDAQ:NVDA)

Number of Hedge Fund Investors: 180

Nvidia Corp (NASDAQ:NVDA) ranks fourth in our list of the stocks Redditors at the WallStreetBets community are bullish on. The biggest reason behind their excitement around Nvidia Corp (NASDAQ:NVDA) is, you guessed it, AI, as Nvidia Corp (NASDAQ:NVDA) is expected to see an explosive demand for its semiconductor chips due to a massive boom in the AI software industry.

Nvidia Corp’s (NASDAQ:NVDA) CEO Jensen Huang recently said Nvidia Corp (NASDAQ:NVDA) is working with the US government to ensure its chips for China are in compliance with the U.S. export restrictions, Reuters reported.

As of the end of the third quarter of 2023, 180 hedge funds tracked by Insider Monkey had stakes in Nvidia Corp (NASDAQ:NVDA) as of the end of the third quarter of 2023.

Here is what White Brook Capital has to say about NVIDIA Corporation (NASDAQ:NVDA) in its Q3 2023 investor letter:

“The magnificent seven, that underpin the S&P 500 performance, which includes NVIDIA Corporation (NASDAQ:NVDA), now comprise almost 30% of the market capitalization of the S&P500. At least three of the seven stocks have heightened downside risk and suffer from already high penetration, weakening end markets, competitive risk, and lofty valuation. They have been remarkably resilient to increased interest rates and the potential for slowing growth. Small and midcap stocks, on the other hand, have been systemically penalized by fears of recession and continue to price that eventuality even as significantly better outcomes have become more probable. Today, it’s relatively easy to find attractive investments in this segment.”