5 Best Booming Stocks to Buy Now

1. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 132      

Percentage Increase in Share Price Over Past Six Months: 145%

NVIDIA Corporation (NASDAQ:NVDA) provides graphics, computing and networking solutions. Recent reports suggest that tech giant Microsoft is stepping up investments in artificial intelligence with a deal to boost cloud computing infrastructure. The deal, worth billions, is being considered with start-up CoreWeave, an NVIDIA-backed company. 

On May 31, Bank of America analyst Vivek Arya maintained a Buy rating on NVIDIA Corporation (NASDAQ:NVDA) stock and raised the price target to $500 from $450, noting that ethernet-based AI cloud environments further bolster the AI position of the company. 

Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in NVIDIA Corporation (NASDAQ:NVDA) with 17.9 million shares worth more than $4.9 billion.  

In its Q1 2023 investor letter, Fred Alger Management, an asset management firm, highlighted a few stocks and NVIDIA Corporation (NASDAQ:NVDA) was one of them. Here is what the fund said:

“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.”

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