10 Best Tech Stocks to Buy According to Brad Gerstner

4. NVIDIA Corporation (NASDAQ:NVDA)

Altimeter Capital’s Stake Value: $716,654,096

Number of Hedge Fund Holders: 186  

NVIDIA Corporation (NASDAQ:NVDA) ranks fourth on our list of the best tech stocks to buy according to Brad Gerstner. The company now calls itself the “Engine of AI” as it pioneers the hardware and software for AI. The company is a prominent chip provider to almost 80% of the market. It also designs and produces graphics processing units (GPUs) and provides cloud products to enterprises. NVIDIA Corporation (NASDAQ:NVDA reported $22.6 billion in data center revenue in Q1 2024, up by 23% from the previous quarter and 427% from a year ago. Compute and networking revenue drove data center revenue, growing by 5x and 3x than the previous year.

The company is expanding its footprint in the AI industry by forming strategic partnerships with other tech giants. In the first quarter of 2024, the company launched optimizations across NVIDIA’s data center and PC AI platforms for Gemma, in collaboration with Google. Gemma is Google’s family of open-source generative AI models for researchers and developers. Developers can now use Gemma on NVIDIA GPUs in the cloud and benefit from a range of features in the NVIDIA AI Enterprise platform.

Back in May 2023, Gerstner talked about Nvidia in an interview on CNBC. The hedge fund manager likes Nvidia for its dominant position in AI computing and he is also bullish on the stock. He said that the complete integration of AI demands solid hardware and software models, that Nvidia happens to own. Gerstner likes Nvidia and sees it as a dominant player in AI computing due to the company’s capabilities in producing effective models. Overall, 186 investors were bullish on the stock at the close of Q1 2024, with total stakes amounting to $48.3 billion.