10 Best Stocks to Buy According to Billionaire Steve Cohen

3. NVIDIA Corporation (NASDAQ:NVDA)

Point72 Asset Management’s Q4 Stake: $562.5 million

Number of Hedge Fund Holders: 223

NVIDIA Corporation (NASDAQ:NVDA) is a global leader in the design and sale of Graphics Processing Units (GPUs), a market that has expanded dramatically in response to rising demand for artificial intelligence models. Despite rising competition in the IT industry, NVIDIA remains a Wall Street favorite.

On March 21, UBS analyst Timothy Arcuri reiterated a Buy rating on NVIDIA Corporation (NASDAQ:NVDA), with a $185 price target. The endorsement came after the conclusion of the Global Technology Conference (GTC), during which NVIDIA’s Sovereign AI Summit included experts from both the public and commercial sectors from across the world addressing the future of artificial intelligence infrastructure. The analyst also stated that, while certain AI infrastructure initiatives are in collaboration with significant U.S. cloud service providers (CSPs), the majority of spending is independent of CSP capital expenditures, which are frequently used to estimate AI infrastructure demand.

Manole Capital Management stated the following regarding NVIDIA Corporation (NASDAQ:NVDA) in its Q3 2024 investor letter:

“As of this publication, Nvidia is up roughly 150% year-to-date. NVIDIA Corporation (NASDAQ:NVDA) was the largest gainer in the S&P 500 last year and has more than tripled in value over the last year. It hit an eye-opening market capitalization of $3 trillion in June, less than four months after it eclipsed the $2 trillion mark. Enthusiasm for everything AI-related, especially for the primary chip maker whose products are essential to powering AI technology, continues to fuel the market. Last quarter, and for the fifth consecutive quarter, Nvidia reported sales and profits that blew past Wall Street expectations. The stock rose +37% in the second quarter alone.”