10 Best NASDAQ Stocks To Invest In Right Now

5. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 179

NVIDIA Corporation (NASDAQ:NVDA) is a software and fabless company headquartered in Santa Clara, California, that provides graphics computing and networking solutions. It is one of the best NASDAQ stocks to invest in right now, with its share price having grown by over 2000% in the last five years, driven by strong demand for its graphics processing units (GPU) and AI models.

It remains the go-to company for cloud computing firms – including tech giants – looking to procure graphics processing units (GPUs) and semiconductors as they increase investments in artificial intelligence. This has been the catalyst behind NVIDIA Corporation (NASDAQ:NVDA)’s financial growth in the last few years.

The results continue to be strong. During Q2 FY25, the company generated a revenue of $30 billion, increasing 122% year-over-year, and 15% sequentially, fueled by surging demand for data center chips. It was well above the outlook of $28 billion. Net income for the quarter totaled $16.6 billion, resulting in EPS of $0.68, beating expectations of $0.645. For Q3, the company expects total revenue to be $32.5 billion, with gross margins between 74.4% to 75%. NVIDIA Corporation (NASDAQ:NVDA) also anticipates continued growth for Hopper Architecture and Blackwell products during the second half of the year.

There is consensus among Street analysts on the stock’s Strong Buy rating, with its share price projected for a further 24% growth in the coming months. Investors also remain bullish on the stock. 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, artificial intelligence (AI), machine learning, and autonomous driving. The reason for the stock’s appreciation in the quarter was twofold: First, the stock benefited 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.

According to Insider Monkey, 179 hedge funds had a stake in the company as of Q2 2024.