5 NASDAQ Stocks with Biggest Upside

Page 5 of 5

1. Microsoft Corporation (NASDAQ:MSFT)

Number of Hedge Fund Holders: 300

Microsoft Corporation (NASDAQ:MSFT) remains a top tech stock with upside potential according to market analysts as everyone is betting that the company’s huge investments in AI would bear fruit in the future. Microsoft Corporation (NASDAQ:MSFT) has already gained about 40% year to date.

Microsoft Corporation (NASDAQ:MSFT) is the most popular stock among the elite hedge funds tracked by Insider Monkey as 300 hedge funds reported owning stakes in the company as of the end of the June quarter.

Microsoft Corporation (NASDAQ:MSFT) is relentlessly launching new AI offerings and signing AI deals. Recently, digital pathology solutions company Paige said it entered a partnership with Microsoft Corporation (NASDAQ:MSFT) to build an AI model for cancer detection.

Alger Spectra Fund made the following comment about Microsoft Corporation (NASDAQ:MSFT) in its Q2 2023 investor letter:

“Microsoft Corporation (NASDAQ:MSFT) is a beneficiary of corporate America’s transformative digitization. Microsoft’s CEO expects technology spending as a percent of Gross Domestic Product (GDP) to jump from about 5% now to 10% in 10 years and that Microsoft will continue to capture market share within the technology sector. The company operates through three segments: Productivity and Business Processes (Office, LinkedIn, and Dynamics), Intelligent Cloud (Server Products and Cloud Services, Azure, and Enterprise Services), and More Personal Computing (Windows, Devices, Gaming, and Search). During the period, shares contributed to performance as the company reported fiscal third quarter results above expectations driven by outperformance in More Personal Computing and Office Commercial. Additionally. management provided in-line Azure guidance, easing investor concerns of a potential slowdown in Azure growth estimates. Moreover, management provided encouraging commentary around Al, noting strong long-term opportunities as they integrate various Al offerings into their products and services.”

You can also take a peek at 12 Best Utilities ETFs to Buy and 11 Best Oil and Gas ETFs.

Page 5 of 5