1. NVIDIA Corporation (NASDAQ:NVDA)
Number of Hedge Fund Holders: 132
Number of Billionaire Investors: 22
NVIDIA Corporation (NASDAQ:NVDA)’s GPUs are widely used for running AI algorithms and deep learning models in robotics. These capabilities enable robots to perceive their environment, make intelligent decisions, and adapt. NVIDIA’s hardware, along with their computer vision software, allows robots to understand visual data, recognize objects, and navigate their surroundings. Additionally, NVIDIA Corporation (NASDAQ:NVDA) offers solutions for autonomous navigation and path planning, helping robots navigate safely and optimize their routes in dynamic environments. During Q1 2023, a total of 22 billionaires had invested in NVIDIA Corporation, including Rajiv Jain of GQG Partners.
According to Citi analyst Atif Malik, NVIDIA Corporation (NASDAQ:NVDA) CEO Jensen Huang reiterated the company’s objective of introducing generative artificial intelligence to data centers during the Computex event in Taipei. The analyst noted that the company’s three product announcements reflect its strategy of leveraging its dominant position in AI accelerators to establish a strong presence in a potentially untapped market worth over $1 trillion. This market encompasses various applications, ranging from AI networking to CPU-centric server solutions. On May 31, Malik maintained a Buy rating on NVIDIA Corporation (NASDAQ:NVDA) shares, setting a price target of $420, and advised investors to maintain their long positions in the company.
According to Insider Monkey’s first quarter database, 132 hedge funds were long NVIDIA Corporation (NASDAQ:NVDA), compared to 106 funds in the preceding quarter.
Alger Spectra Fund made the following comment about NVIDIA Corporation (NASDAQ:NVDA) in its Q1 2023 investor letter:
“NVIDIA Corporation (NASDAQ:NVDA) is a leading supplier of graphics processing units (GPUs) for a variety of end markets, such as gaming, PCs, data centers, virtual reality and high-performance computing. The company is leading in most secular growth categories in computing, and especially artificial intelligence and super-computing parallel processing techniques for solving complex computational problems. Simply put. Nvidia’s computational power is a critical enabler of Al and therefore critical to Al adoption, in our view. As such, we believe Nvidia is a long-term high unit volume growth opportunity. During the period, NVIDIA reported fiscal fourth-quarter results that met expectations, as the company navigated. through an inventory correction associated with the broad macroeconomic slowdown. Moreover, management gave fiscal year earnings guidance that was better than analyst estimates. noting strong year-over-year growth in gaming and data centers. Management’s constructive assessment of 2023 prospects. coupled with the rapid rollout and adoption of generative Al offerings, led to positive share price performance.”
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