10 Best Stocks to Buy According to Billionaire Ken Fisher

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3. NVIDIA Corporation (NASDAQ:NVDA)

Total Number of Shares Owned: 93,437,327

Total Value of Shares Owned: $11,543,247,605

Number of Hedge Fund Investors: 179

NVIDIA Corporation (NASDAQ:NVDA) is a powerhouse in GPUs and AI technology, driving advancements across gaming, AI, and autonomous vehicles. The company’s positive outlook is bolstered by its leadership in the AI and machine learning sectors, where its GPUs are crucial for powering advanced applications, positioning NVIDIA to capitalize on the growing adoption of AI solutions across industries.

NVIDIA Corporation (NASDAQ:NVDA)’s data center segment is also experiencing rapid growth, fueled by the rise in AI and cloud computing as organizations migrate to these services, placing NVIDIA to capture a significant share of this expanding market. With a strong financial foundation, NVIDIA continues to invest heavily in research and development, ensuring it remains at the forefront of innovation. Its robust cash flow further enables strategic acquisitions and partnerships to drive accelerated growth.

In Q3 2024, NVIDIA Corporation (NASDAQ:NVDA) surpassed estimates, reporting a normalized EPS of $0.68, beating projections by $0.04, with revenue of $30.04 billion, exceeding forecasts by $1.29 billion. As NVIDIA approaches its Q4 earnings report on November 20, 2024, analysts project a normalized EPS of $0.74 and revenue of $32.94 billion. Over the last 90 days, NVIDIA Corporation (NASDAQ:NVDA) has received 32 upward EPS revisions, reflecting strong investor confidence in its sustained momentum and leadership within the semiconductor industry.

ClearBridge Large Cap Growth Strategy stated the following regarding NVIDIA Corporation (NASDAQ:NVDA) in its Q3 2024 investor letter:

“This focus on consistency also guides our regular trimming of strong performers to manage stock-specific and overall portfolio risk. The quarter saw us continue to trim NVIDIA Corporation (NASDAQ:NVDA), reducing the GPU chipmaker from an active weight in the portfolio to an underweight versus the benchmark. We continue to believe in Nvidia’s 10-year trajectory as hyperscaler and enterprise customers invest in GPU architecture. However, we have reduced our Nvidia position as its valuation now more fully reflects the company’s robust growth path and as estimates have risen to levels that require a very steep growth trajectory to drive further stock appreciation.”

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