3. NVIDIA Corporation (NASDAQ:NVDA)
Number of Hedge Fund Holders: 180
Number of Billionaire Investors: 29
Headquartered in Santa Clara, California, Nvidia Corporation (NASDAQ:NVDA) is an American multinational technology company incorporated in Delaware. Recognized for its expertise in integrated circuit development, Nvidia’s capabilities span a diverse range of devices, from electronic game consoles to personal computers (PCs).his summer, the company achieved another quantum computing breakthrough with the launch of what they refer to as “a unified computing platform designed to accelerate advancements in quantum research and development across AI, high-performance computing, health, finance, and other disciplines.” Known as the Nvidia Quantum Optimized Device Architecture (QODA), it aims to make quantum computing more accessible by providing a “hybrid, open, and unified environment for some of today’s most powerful computers and quantum processors.”
On November 21, NVIDIA Corporation (NASDAQ:NVDA) reported its financial results for the third quarter, ending on October 29, 2023. The company disclosed a revenue of $18.12 billion, marking a significant 206% increase compared to the same period last year and a notable 34% rise from the previous quarter. The quarter recorded GAAP earnings per diluted share at $3.71, reflecting a more than 12-fold increase from a year ago and a 50% uptick from the previous quarter. Non-GAAP earnings per diluted share were $4.02, indicating an almost 6-fold rise from a year ago and a 49% increase from the previous quarter.
Insider Monkey took a look at hedge fund portfolios for NVIDIA Corporation (NASDAQ:NVDA)’s Q3 2023 investments and found out that 180 had a stake in NVIDIA Corporation (NASDAQ:NVDA). Citadel Investment Group was its biggest stakeholder which has roughly 21.85 million stakes for about $9.5 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.””
