10 Best Growth Stocks To Invest In Now

5. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 193

NVIDIA Corporation (NASDAQ:NVDA) is a leading GPU maker driving innovation in artificial intelligence, gaming, creative design, autonomous vehicles, and robotics. In the third quarter of 2024, the company generated revenue worth $35.1 billion, up by 17% sequentially and 94% year-over-year. Most of the demand was propelled by the market’s growing AI needs in hardware especially. The company’s growing demand for its data center services and its Blackwell AI chip has ramped up expectations for the coming year.

NVIDIA Corporation (NASDAQ:NVDA) has been lagging compared to its record close last month. However, despite that analysts remain bullish on the stock, tying great expectations to its growth potential. On November 21, CFRA Research senior equity analyst, Angelo Zino, joined Yahoo Finance where he discussed his thesis on the stock. Zino shared that the stock has enormous cash flow potential, given the demand projections for its Blackwell AI chip and data center services. He also added that the stock has solid financials and will continue to exceed expectations in the coming year. Zino emphasized that investors must not read “too much” into the guidance especially because making a complex technology demands time. Overall, analysts are also bullish on NVDA and their median price target of $175 points to an upside of nearly 35%.

Ithaka Group’s Ithaka US Growth Strategy stated the following regarding NVIDIA Corporation (NASDAQ:NVDA) in its Q2 2024 investor letter:

“NVIDIA Corporation (NASDAQ:NVDA) is the market leader in visual computing through the production of high-performance graphics processing units (GPUs). The company targets four large and growing markets: Gaming, Professional Visualization, Data Center, and Automotive. NVIDIA’s products have the potential to lead and disrupt some of the most exciting areas of computing, including: data center acceleration, artifi cial intelligence (AI), machine learning, and autonomous driving. The reason for the stock’s appreciation in the quarter was twofold: First, the stock benefi ted from tremendous excitement surrounding the further development of generative AI and the likelihood this would necessitate the purchase of a large number of Nvidia’s products far into the future; Second, Nvidia posted another strong beat[1]and-raise quarter, where the company upped its F2Q25 revenue guidance above Street estimates, showcasing its dominant position in the buildout of today’s accelerated computing infrastructure.”