Here’s What Makes NVIDIA Corp. (NVDA) a Smart Long-Term Pick

Aristotle Atlantic Partners, an investment management firm, released its “Aristotle Atlantic Growth Fund” second quarter 2023 investor letter, a copy of which can be downloaded here. For the second quarter of 2023, Aristotle Atlantic’s Focus Growth Composite posted a total return of 11.65% gross of fees (11.63% net of fees), underperforming the 12.81% total return of the Russell 1000 Growth Index. Spare some time to check the fund’s top 5 holdings to know more about their top bets for 2023.

In its Q2 2023 investor letter, Aristotle Atlantic Partners mentioned NVIDIA Corporation (NASDAQ:NVDA) and explained its insights for the company. Founded in 1993, NVIDIA Corporation (NASDAQ:NVDA) is a Santa Clara, California-based multinational technology company with a $1.0 trillion market capitalization. NVIDIA Corporation (NASDAQ:NVDA) delivered a 202.92% return since the beginning of the year, while its 12-month returns are up by 130.39%. The stock closed at $442.69 per share on August 02, 2023.

Here is what Aristotle Atlantic Partners has to say about NVIDIA Corporation (NASDAQ:NVDA) in its Q2 2023 investor letter:

Nvidia contributed to outperformance, as the company benefits from increased demand for its Graphic Processing Unit (GPU) semiconductor systems used in accelerated computing that is used to power Artificial Intelligence (AI) and Large Language Models (LLM). The company reported strong first fiscal quarter 2024 results and issued guidance for the second quarter and fiscal year 2024 that was ahead of consensus due to continuing strong demand trends for its data center GPU systems. “

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Our calculations show that NVIDIA Corporation (NASDAQ:NVDA) ranks 10th on our list of the 30 Most Popular Stocks Among Hedge Funds. NVIDIA Corporation (NASDAQ:NVDA) was in 132 hedge fund portfolios at the end of the first quarter of 2023, compared to 106 funds in the previous quarter. NVIDIA Corporation (NASDAQ:NVDA) delivered a 60.62% return in the past 3 months.

We also discussed NVIDIA Corporation (NASDAQ:NVDA) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q2 2023 page.

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Disclosure: None. This article is originally published at Insider Monkey.