5 Best Crypto Stocks To Buy Now

4. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 83

NVIDIA Corporation (NASDAQ:NVDA) is another chip stock that is very important for the crypto industry. In the past year, due to a shortage of chips amid increased demand, Bitcoin miners have turned to NVIDIA products, held in high regard by the gaming industry, to power their machines. The results have been more than satisfactory and the use of NVIDIA chips in mining is becoming more common. NVIDIA Corporation (NASDAQ:NVDA) has even introduced a dedicated GPU product aimed at professional miners.

Bank of America analyst Vivek Arya has a Buy rating on NVIDIA Corporation (NASDAQ:NVDA) stock with a price target of $375. The analyst has identified NVIDIA Corporation (NASDAQ:NVDA) as a “Top Compute Pick” for 2022. 

In its Q1 2021 investor letter, Vulcan Value Partners, an asset management firm, highlighted a few stocks and NVIDIA Corporation (NASDAQ:NVDA) was one of them. Here is what the fund said:

“NVIDIA Corp. is the dominant supplier of Graphics Processing Units (GPUs) worldwide. NVIDIA’s GPUs are at the intersection of a number of important computing trends including the movement to the Cloud, artificial intelligence, autonomous vehicles, edge computing, gaming, and more. We previously owned NVIDIA and sold it in the third quarter of 2020 as the price to value gap closed and our margin of safety was reduced. As with all our MVP companies, we continued to follow NVIDIA closely. Since that time, NVIDIA reported excellent results and its value has compounded rapidly. The technology selloff at the beginning of the year negatively affected the stock price while our estimate of NVIDIA’s value per share increased. This happy combination of events created a margin of safety and an opportunity to once again add NVIDIA to the portfolio.”