13 High Growth Semiconductor Stocks That Are Profitable in 2024

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1. NVIDIA Corporation (NASDAQ:NVDA)

TTM P/E Ratio: 79.38

3-Yr. Average Revenue Growth rate: 54%

Number of Q4 2023 Hedge Fund Shareholders: 173

Wall Street’s AI darling NVIDIA Corporation (NASDAQ:NVDA) is the highest growth profitable semiconductor on our list. May has been an important month for the firm as not only did it team up with consumer electronics giant Dell for an ‘AI Factory’ but it also reported earnings for the first quarter. The earnings came with a revenue, EPS, and revenue guidance beat and they saw a completely transformed NVIDIA from just two years ago. During the second quarter of fiscal 2023, NVIDIA earned $3.8 billion from Data Center and $2 billion through consumer gaming chips. However, in its latest results for the second quarter of fiscal 2025, Data Center revenue jumped to a whopping $22.5 billion while Gaming grew by ~$600 million to sit at $2.6 billion.

In their 13F filings for the fourth quarter of 2023, 173 among the 933 hedge funds in Insider Monkey’s database reported a stake in NVIDIA Corporation (NASDAQ:NVDA). One of the largest stakeholders among these was Rajiv Jain’s GQG Partners which disclosed a $6.8 billion stake. If you are looking for an AI stock that is more promising than NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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