5 Best Autonomous Vehicle Stocks To Invest In

3. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 89

NVIDIA Corporation (NASDAQ:NVDA) is a software and fabless company that creates graphic processing units, application programming interfaces for data science and high-performance computing, and system-on-a-chip units for the automotive and mobile computing sectors. Nvidia Drive automotive solutions are a collection of hardware and software components for autonomous car designers and manufacturers. In September 2022, NVIDIA Corporation (NASDAQ:NVDA) launched DRIVE Thor, a next-generation centralized computer for safe and secure autonomous automobiles.

On December 19, 2022, Rajvindra Gill, an analyst at Needham, increased his price target on NVIDIA Corporation (NASDAQ:NVDA) to $230 while keeping a Buy rating on the stock. The analyst believes NVIDIA Corporation (NASDAQ:NVDA)’s customers are upgrading to the most recent H100 architecture even though he anticipates turbulence in the entire data center industry in 2023.

According to Insider Monkey’s database, 89 hedge funds held shares of the company at the end of the third quarter of 2022. Fisher Asset Management was the most bullish fund on the company’s stock at the end of Q3 2022.

Here is what ClearBridge Investments had to say about NVIDIA Corporation (NASDAQ:NVDA) in its third-quarter 2022 investor letter:

Likewise, graphics chip maker NVIDIA Corporation (NASDAQ:NVDA) (-19.9%) has struggled through the post-COVID-19 recovery but maintains dominant positions in key secular growth markets of AI and gaming. The company has significantly underperformed the index and semiconductor peers recently due to a gaming inventory correction, a decline in aggregate cryptocurrency demand and reduction in crypto mining intensity as well as concerns around the sustainability of data center sales.

We tactically trimmed our position early in 2022 due to concerns around these cycle dynamics but remain confident in the company’s long-term prospects.