5 5G Stocks Billionaires Are Loading Up On

1. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 132

Number of Billionaire Investors: 22

While NVIDIA Corporation (NASDAQ:NVDA)’s primary focus is not on providing 5G networking equipment, its technologies and products play a significant role in supporting the 5G ecosystem in several ways. NVIDIA Corporation (NASDAQ:NVDA)’s GPU acceleration empowers advanced computations, data processing, and machine learning algorithms, boosting the performance and intelligence of 5G networks. Additionally, NVIDIA’s data center solutions, featuring robust GPUs and data processing capabilities, play a crucial role in meeting the computational demands of 5G networks. In Q1 2023, NVIDIA Corporation (NASDAQ:NVDA) was part of 22 billionaire portfolios. 

On May 31, BofA analyst Vivek Arya raised the price target on NVIDIA Corporation (NASDAQ:NVDA) to $500 from $450 while maintaining a Buy rating on the shares. This decision follows Nvidia CEO’s keynote speech at the Computex annual computer expo in Taiwan. According to the analyst, key product announcements made at the event, including the full volume production of H100/HGX H100 servers, the unveiling of the new DGX GH200 AI supercomputer, and the introduction of the Spectrum-X networking platform focused on Ethernet-based AI cloud environments, further strengthen Nvidia’s position in the AI market. 

According to Insider Monkey’s first quarter database, 132 hedge funds were bullish on NVIDIA Corporation (NASDAQ:NVDA), up from 106 funds in the prior quarter. Billionaire Rajiv Jain’s GQG Partners held a prominent stake in the company, comprising 8.2 million shares worth $2.3 billion. 

Alger Spectra Fund made the following comment about NVIDIA Corporation (NASDAQ:NVDA) in its Q1 2023 investor letter:

“NVIDIA Corporation (NASDAQ:NVDA) is a leading supplier of graphics processing units (GPUs) for a variety of end markets, such as gaming, PCs, data centers, virtual reality and high-performance computing. The company is leading in most secular growth categories in computing, and especially artificial intelligence and super-computing parallel processing techniques for solving complex computational problems. Simply put. Nvidia’s computational power is a critical enabler of Al and therefore critical to Al adoption, in our view. As such, we believe Nvidia is a long-term high unit volume growth opportunity. During the period, NVIDIA reported fiscal fourth-quarter results that met expectations, as the company navigated. through an inventory correction associated with the broad macroeconomic slowdown. Moreover, management gave fiscal year earnings guidance that was better than analyst estimates. noting strong year-over-year growth in gaming and data centers. Management’s constructive assessment of 2023 prospects. coupled with the rapid rollout and adoption of generative Al offerings, led to positive share price performance.”

Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily enewsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below. You can also check out 10 Oil Stocks Billionaires Are Loading Up On and 10 Solar Stocks Billionaires Are Loading Up On.