10 Best Stocks to Buy For Long Term Growth

5. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 193

NVIDIA Corporation (NASDAQ:NVDA) ranks fifth on our list of the best stocks to buy for long term growth. NVIDIA is a leading GPU maker driving innovation in artificial intelligence, gaming, creative design, autonomous vehicles, and robotics. The company is also an AI powerhouse and is commonly referred to as the AI Star.

There is no doubt about NVIDIA’s position in the technology and AI sector. As part of its recent updates, on October 29, the company revealed Enterprise Reference Architectures that will help the company’s partners and customers build AI factories. More recently, on November 6, NVIDIA Corporation (NASDAQ:NVDA) partnered with Hugging Face to fuel open-source AI robotics research and development. Aligning with the trend, on November 27, the company launched AI agents in RTX AI to help solve complex problems, an incredible feat in making the technology more accessible.

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 growing AI needs of the market. In addition to that, the demand for Hopper and the much-awaited Blackwell is immense, contributing to NVDA’s influence over the market.

Overall, NVIDIA Corporation (NASDAQ:NVDA) is on our list because of its resources and expertise in scalable AI hardware and software solutions. At the end of Q3 2024, 193 hedge funds were bullish on the stock, according to Insider Monkey’s database.

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.”