5 Good Stocks To Invest In Right Now

2. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 175

NVIDIA Corporation (NASDAQ:NVDA) is another semiconductor company on our list, most notably known for its production of artificial intelligence chips.

NVIDIA Corporation (NASDAQ:NVDA) had 175 hedge funds long its stock in the second quarter, with a total stake value of $25.9 billion.

A Buy rating and a $668 price target were maintained on NVIDIA Corporation (NASDAQ:NVDA) on August 24 by William Stein at Truist Securities.

This is what RiverPark Advisors said about NVIDIA Corporation (NASDAQ:NVDA) in its second-quarter 2023 investor letter:

“NVIDIA Corporation (NASDAQ:NVDA): NVDA shares were our next top contributor in reaction to blowout 1Q results and 2Q guidance. The company reported revenue of $7.2 billion and EPS of $1.09, 10% and 18% ahead of expectations. Revenue guidance for 2Q of $11 billion was 53% above expectations. The artificial intelligence arms race kicked-off by generative AI applications ChatGPT and Alphabet’s Bard has generated tremendous demand for Nvidia’s next generation graphic processors.

NVDA is the leading designer of graphics processing units (GPU’s) required for powerful computer processing. Over the past 20 years, the company has evolved through innovation and adaptation from a predominantly gaming-focused chip vendor to one of the largest semiconductor/software vendors in the world. Over the past decade, the company has grown revenue at a compound annual rate of over 20% while expanding operating margins and, through its asset light business model, producing ever increasing amounts of free cash flow. Following 1Q’s strong results, Jensen Huang, founder and CEO of NVIDIA stated in the company’s press release, “[a] trillion dollars of installed global data center infrastructure will transition from general purpose to accelerated computing as companies race to apply generative AI into every product, service and business process.”