10 Best Tech Stocks For Long Term Investment

5. NVIDIA Corp. (NASDAQ:NVDA)

Number of Hedge Fund Holders: 193

NVIDIA Corp. (NASDAQ:NVDA) is a global leader in GPU technology and is at the forefront of innovation across diverse sectors, including AI, gaming, and autonomous vehicles. It’s particularly known as a driving force in the AI revolution.

Toward the end of October, the company introduced Enterprise Reference Architectures (Enterprise RAs), designed to assist partners in building high-performance, scalable AI factories. These blueprints provide hardware and software recommendations, ensuring that organizations can efficiently deploy AI infrastructure while avoiding common pitfalls associated with such setups. The Enterprise RAs are tailored to streamline the construction of AI-oriented data centers, making it easier for businesses to meet the growing demands of AI workloads.

Following this announcement, NVIDIA Corp. (NASDAQ:NVDA) further demonstrated its commitment to advancing AI research by partnering with Hugging Face in November. This collaboration aims to fuel open-source AI robotics research and development. It also launched AI agents within its RTX AI platform, which are designed to tackle complex problems and enhance accessibility to advanced AI technologies.

A lot of the company’s growth is attributed to the escalating need for AI solutions across various industries. Such demand underscores NVIDIA Corp.’s (NASDAQ:NVDA) influential position in shaping the future of AI technology and infrastructure.

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.”