10 Best Stocks To Invest In According to Billionaires

5. NVIDIA Corporation (NASDAQ:NVDA)

Number of Billionaire Investors: 29

NVIDIA Corporation (NASDAQ:NVDA) is a top choice for investors looking to capitalize on the rapidly growing artificial intelligence sector. The company provides advanced graphics computing and networking solutions, and strong demand for its GPUs, particularly in gaming and AI models, has driven NVIDIA Corporation (NASDAQ:NVDA) to a trillion-dollar valuation.

NVIDIA’s impressive rally continues to heavily influence the S&P 500, raising concerns that a downturn in the chipmaker’s fortunes could impact broader market performance. The stock’s 140% increase in 2024 alone has contributed to about a quarter of the S&P 500’s 17% gain this year.

At NVIDIA’s GPU Technology Conference in March 2024, CEO Jensen Huang estimated annual spending on data center infrastructure at $250 billion, which could total between $1 trillion and $2 trillion over the next decade if investment trends persist.

According to Insider Monkey, 29 billionaires held stakes in NVIDIA Corporation (NASDAQ:NVDA) at the end of Q2 2024, with notable investors including Rajiv Jain, Ken Fisher, Israel Englander, and Ken Griffin.

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.”