2. NVIDIA Corporation (NASDAQ:NVDA)
Number of Hedge Fund Holders: 175
NVIDIA Corporation (NASDAQ:NVDA), on March 21, 2023, introduced a new system made with Quantum Machines. It is designed for researchers who want to work with very fast quantum-classical computers. This system is called NVIDIA DGX Quantum, and it’s the first of its kind to combine powerful computing with advanced quantum control. NVIDIA Corporation (NASDAQ:NVDA) is one of the best quantum computing stocks to invest in.
On October 15, BofA analyst Vivek Arya, with a Buy rating and a $650 price target on NVIDIA Corporation (NASDAQ:NVDA), predicted that the company will release chip sets for Arm training, Arm inference, x86 training and inference, and artificial intelligence infrastructure in 2024 and 2025. This information is based on the company’s updated product pipeline. Furthermore, the analyst believes that NVIDIA Corporation (NASDAQ:NVDA) may be one of the first companies to introduce AI accelerators on 3-nanometer processors, and possibly even 2-nanometer processors, which are considered more advanced than larger processors.
According to Insider Monkey’s second quarter database, 175 hedge funds held stakes in NVIDIA Corporation (NASDAQ:NVDA), compared to 132 funds in the last quarter. Rajiv Jain’s GQG Partners is a prominent stakeholder of the company, with nearly 14 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)…” (Click here to read the full text)
