5 Best Edge Computing Stocks to Buy Now

3. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 175

Nvidia Corporation (NASDAQ:NVDA) is an American multinational technology company that is incorporated in Delaware and headquartered in Santa Clara, California. NVIDIA Corporation (NASDAQ:NVDA) is recognized for its expertise in developing integrated circuits, which find applications in a wide range of devices, from electronic game consoles to personal computers (PCs). Notably, the NVIDIA EGX platform extends the capabilities of accelerated computing from data center to edge locations, offering a variety of optimized hardware components, along with user-friendly deployment, applications, and management software.

Insider Monkey took a look at hedge fund portfolios for NVIDIA Corporation (NASDAQ:NVDA)’s Q2 2023 investments and found out that 175 had a stake in NVIDIA Corporation (NASDAQ:NVDA). Citadel Investment Group was its biggest stakeholder which has roughly 21.4 million stakes for about $9 billion of NVIDIA Corporation (NASDAQ:NVDA).

Baron Opportunity Fund made the following comment about NVIDIA Corporation (NASDAQ:NVDA) in its Q3 2023 investor letter:

“NVIDIA Corporation (NASDAQ:NVDA) is a leading semiconductor company that sells chips and software for accelerated computing and gaming. Shares have nearly tripled year-to-date, as the company continues reporting unprecedented growth because of the acceleration in demand for its data center chips. After reporting revenue of $7 billion in the first quarter and providing guidance of $11 billion for the second quarter, NVIDIA reported second quarter revenue of $13.5 billion and guided for another step up in the third quarter to $16 billion, with its CFO declaring “[d]emand for our Data Center platform for AI is tremendous and broad-based across industries and customers.” We are at the tipping point of a new era of computing with NVIDIA at its epicenter. This is how CEO and founder Jensen Huang put it (during the company’s August 23 earnings call):

“[T]he easiest way to think about the demand is the world is transitioning from general purpose computing to accelerated computing…[W]hat you’re seeing companies do now is recognizing this…tipping point…recognizing the beginning of this transition, and diverting their capital investment to accelerated computing and generative AI…This isn’t a singular application that is driving the demand, but this is a new computing platform…a new computing transitioning that’s happening…A new computing era has begun. The simultaneously going through two platform transitions, accelerated computing and generative AI.””