5 Best Tech Stocks to Buy According To Billionaire Laffont

In this article, we will take a look at the 5 best tech stocks to buy according to billionaire Laffont. To see more such companies, go directly to 13 Best Tech Stocks to Buy According To Billionaire Laffont.

5. Advanced Micro Devices, Inc. (NASDAQ:AMD)

Coatue Management’s Stake value: $1.59 Billion
Percent of portfolio: 7.79%
Number of Hedge Fund Holders: 112

Advanced Micro Devices, Inc. (NASDAQ:AMD) is a semiconductor stock that has outperformed the overall market amid renewed attention on companies working on chips that support artificial intelligence. The company’s chips are in high demand for use in data centers, gaming, and embedded segments, as it offers accelerated processing units, chipsets, data centers, and professional GPUs.

Advanced Micro Devices, Inc. (NASDAQ:AMD) is also one of the best tech stocks to buy, according to billionaire Laffont. Microsoft’s chief technology officer, Kevin Scott, reiterates that the chipmaker is making compelling GPUs that will become important to the marketplace. Microsoft remains one of Advanced Micro Devices, Inc. (NASDAQ:AMD)’s biggest customers for chips used by its Azure cloud customers and in its Xbox console.

By the end of this year’s second quarter, 112 hedge funds out of the 910 tracked by Insider Monkey had bought the firm’s shares. Advanced Micro Devices, Inc. (NASDAQ:AMD)’s largest hedge fund investor among these is Philippe Laffont’s Coatue Management through its $1.59 billion stake.

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4. Amazon.com, Inc. (NASDAQ:AMZN)

Coatue Management’s Stake value: $1.62 Billion
Percent of Portfolio: 7.94%
Number of Hedge Fund Holders: 278

Amazon.com, Inc. (NASDAQ:AMZN) is one of the technology stocks with a diversified business empire spanning various sectors. The company is known for its e-commerce platform that connects merchants and consumers. It has also unlocked significant opportunities in offering cloud applications and solutions through Amazon Web Services.

Likewise, Amazon.com, Inc. (NASDAQ:AMZN) remains one of Laffont’s top stock picks as it moves to unlock a $100 billion opportunity to open its logistics network to third parties. Nevertheless, Amazon’s investments in artificial intelligence have strengthened its sentiments in the market.

278 of the 910 hedge funds profiled by Insider Monkey for their second quarter of 2023 shareholdings had invested in Amazon.com, Inc. (NASDAQ:AMZN). Out of these, the biggest shareholder is Harris Associates, with a $2.04 billion investment.

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3. Meta Platforms, Inc. (NASDAQ:META)

Coatue Management’s Stake Value: $1.63 Billion
Percent of Portfolio: 7.97%
Number of Hedge Fund Holders: 225

Meta Platforms, Inc. (NASDAQ:META) has been one of the brightest spots of Coatue Management’s portfolio following its dismal showing in 2022. The stock is already up by more than 100%, having cemented its position as a social networking giant. Meta growth not only comes from Facebook, its flagship app, but Instagram, WhatsApp, and recently, Threads, which counts millions of daily active users.

Consequently, Meta Platforms, Inc. (NASDAQ:META) has evolved to become one of the most influential technology titans and one of the best tech stocks to buy, according to billionaire Laffont. The company is firing on all cylinders thanks to a booming advertising business that has recovered from the impact of the Apple app tracking transparency issue. In addition, Meta Platforms, Inc. (NASDAQ:META) is increasingly pursuing opportunities for growth around artificial intelligence technology as it also focuses on augmented reality. 

Meta Platforms, Inc. (NASDAQ:META) was a part of 225 investors’ portfolios at the end of Q2 2023 compared to 220 in the previous quarter. As of June 30, Tiger Global Management LLC is the largest investor in Meta Platforms, Inc. (NASDAQ:META) and has a position worth $2.46 billion.

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2. Microsoft Corporation (NASDAQ:MSFT)

Coatue Management’s Stake Value: $1.80 Billion
Percent of portfolio: 8.82%
Number of Hedge Fund Holders: 300

Microsoft Corporation (NASDAQ:MSFT) has always been known for gaining exposure in developing essential software used in various work environments. Microsoft Corporation (NASDAQ:MSFT) is up by more than 40% for the year, benefiting from the AI craze thanks to its $13 billion investment in AI startup OpenAI. 

Microsoft Corporation (NASDAQ:MSFT) also remains one of the best stocks to buy, according to billionaire Laffont, as it offers exposure to the burgeoning cloud computing space. In addition, Microsoft is one of the players in the gaming industry through Xbox. The company remains one of the beneficiaries of Artificial intelligence adoption in the gaming industry.

In the second quarter of 2023, Microsoft Corporation (NASDAQ:MSFT) stock was held by 300 hedge funds, valued at $69.79 billion, and Bill & Melinda Gates Foundation Trust was the most prominent stakeholder in the quarter with 39.26 million shares worth $13.37 billion. 

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1. NVIDIA Corporation (NASDAQ:NVDA)

Coatue Management’s Stake Value: $1.96 Billion
Percent of Portfolio: 9.62%
Number of Hedge Fund Holders: 175

NVIDIA Corporation (NASDAQ:NVDA) has been one of the best tech stocks to buy, according to billionaire Laffont, in an artificial intelligence-engineered market rally. The stock has outperformed the overall market, going by the 200% plus rally year to date. The rally has come on the company affirming its status as the go-to company for graphics processing units in high demand for use in enabling artificial intelligence innovations and tools.

NVIDIA Corporation (NASDAQ:NVDA)’s chips are in high demand amid the burgeoning AI landscape. The dominant chipmaker delivered $13.5 billion in revenues compared to the $11.2 billion analysts expected and more than double the $6.7 billion delivered last year. Earnings, on the other hand, came in at $2.70 a share versus $2.09 expected.

Hedge funds were quite bullish on NVIDIA Corporation (NASDAQ:NVDA) in the second quarter of 2023. The number of hedge fund holders of the company increased from 132 in Q1 2023 to 175 in Q2 2023. Rajiv Jain’s GQG Partners is the most significant shareholder of the company, with shares worth $5.90 billion.

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Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below. You can also check out our articles on Billionaire Ray Dalio’s 15 Best Stock Picks and Billionaire David Tepper Doesn’t Like Most Stocks But He Likes These 12.