Hedge Funds are Buying and Selling These 10 AI Stocks

3. NVIDIA Corp (NASDAQ:NVDA)

Total Number of Hedge Fund Investors as of the End of Q2: 179

Total Number of Hedge Fund Investors as of the End of Q1: 186

Billionaire Rajiv Jain’s GQG Partners cut its stake in NVIDIA Corp (NASDAQ:NVDA) by 44% during the second quarter, while billionaire DE Shaw’s fund reduced its position by 52%. Billionaire Ken Griffin’s stake in the company fell 80% to $299 million. Billionaire Paul Singer, who recently said NVIDIA Corp (NASDAQ:NVDA) and other top AI stocks are in bubble land, sold his entire stake in the company during Q2.

Patient Capital Opportunity Equity Strategy stated the following regarding NVIDIA Corporation (NASDAQ:NVDA) in its Q2 2024 investor letter:

“NVIDIA Corporation (NASDAQ:NVDA) continued to lead both the market and the portfolio, remaining a top performer in the period gaining 36.7%. Nvidia is the market leader in designing and selling Graphics Processing Units (GPU), which has recently benefited from the insatiable demand of artificial intelligence (AI) models. The company currently captures 92% market share of data center GPUs and grew revenue, earnings and free cash flow (“FCF”) an astounding 126%, 392%, and 610%, respectively, over the last year. While we expect competition to increase, we think NVDA can continue to maintain top market share. While many are concerned with backlog times shortening, we think the rollout of the B100, which promises 2.5x better performance for only 25% more cost, later this year will create more shortages. With leading edge technology, an increasing innovation cycle and strong cash generation, the company is well positioned for the increased adoption of artificial intelligence (AI).”