5 Best Bitcoin and Blockchain Stocks To Buy Now

2. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 175

NVIDIA Corporation (NASDAQ:NVDA) offers graphics, computing, and networking tools in the United States, Taiwan, China, and globally. The company’s Graphics Processing Units are widely used for cryptocurrency mining, making NVIDIA Corporation (NASDAQ:NVDA) one of the best bitcoin stocks to buy.

On September 25, UBS expressed confidence in NVIDIA Corporation (NASDAQ:NVDA)’s DGX cloud revenue, estimating it to be around $1 billion. Discussions with customers suggest that the company has potential to generate more than that. Analyst Timothy Arcuri, who holds a Buy rating and a $560 price target on NVIDIA Corporation (NASDAQ:NVDA), believes in the company’s ability to achieve annual revenue as high as $10 billion from this division.

According to Insider Monkey’s second quarter database, 175 hedge funds were bullish on NVIDIA Corporation (NASDAQ:NVDA), up from 132 funds in the prior quarter. Rajiv Jain’s GQG Partners held a significant position in the company, with 13.94 million shares worth $5.9 billion.

Harding Loevner Global Equity Strategy made the following comment about NVIDIA Corporation (NASDAQ:NVDA) in its Q2 2023 investor letter:

NVIDIA Corporation (NASDAQ:NVDA) has been the biggest beneficiary this year in terms of its stock run and projected revenue gains. More companies- including, perhaps, some not yet in existence-will certainly join the ranks over time.

In the meantime, NVIDIA has emerged as the unrivaled global leader in providing the technologies at the center of the Al arms race. NVIDIA’s competitive advantage is the result of investments that began two decades ago, when it recognized an early opportunity to repurpose its video-game graphics chips for the heavy-load computing done in scientific research. This led management to expand the GPU business. It also spent years and significant resources developing a free software platform that’s exclusive to its chips called CUDA that allows developers to easily program its GPUs for a variety of computationally intensive applications. Researchers then began using both NVIDIA’s chips and CUDA to train the human-brain-inspired neural networks that power Al models.

Now, due to an explosion of demand related to generative Al and LLMs from across its customer base, NVIDIA projects that data-center revenue for its fiscal second quarter ending in July will surge to US$11 billion. Not only is that more than double last quarter’s total, but the forecast also shattered the average analyst estimate that called for about US$7 billion. Taking advantage of the stock’s meteoric rise, we reduced our holding (it has risen tenfold since we first purchased in 2018)…”