3. NVIDIA Corporation (NASDAQ:NVDA)
Number of Hedge Fund Holders as of Q4: 223
Zweig-DiMenna Associates’ Equity Stake: $63.19 Million
NVIDIA Corporation (NASDAQ:NVDA) delivered an exceptional financial performance in its latest quarter, ending October 27, 2024, with revenue soaring 94% year over year to $35.08 billion. Earnings per share also experienced substantial growth, rising 103% to $0.81 compared to the same period in 2023. This impressive expansion highlights the company’s strong market position and continued dominance in AI, gaming, and data center technologies. Additionally, the company announced a quarterly cash dividend of $0.01 per share, reinforcing its commitment to shareholder returns while maintaining a trajectory of rapid growth.
In the fourth quarter of 2024, Zweig-DiMenna Associates expanded its stake in NVIDIA Corporation (NASDAQ:NVDA) to 470,545 shares, reflecting a 2% increase from the previous quarter. This holding, now valued at approximately $63.19 million, represents 4.72% of the firm’s portfolio, making NVIDIA its third-largest investment. Institutional interest in the stock also surged, with 223 hedge funds tracked by Insider Monkey holding positions worth nearly $61.15 billion by the end of Q4, up from 193 funds in the prior quarter. The growing hedge fund investment underscores strong confidence in NVIDIA’s growth potential, solidifying its position as a top stock choice.
Alger Spectra Fund stated the following regarding NVIDIA Corporation (NASDAQ:NVDA) in its Q4 2024 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. In our view, Nvidia’s computational power is a critical enabler of AI and therefore essential to AI adoption. Shares contributed to performance during the quarter, driven by strong demand for its data center products, especially the Hopper H200 chips, which generated double-digit billions in revenue, marking the fastest product ramp in the company’s history. Management provided fiscal fourth-quarter revenue guidance above analyst estimates, along with resilient operating margins supported by robust demand and limited competition. In our view, Nvidia’s leadership in scaling AI infrastructure, including advancements in inference and test-time scaling (i.e., reasoning during inference), is driving adoption among enterprises and startups, providing continued demand for its high-performance chips and software solutions. As older-generation chips are repurposed for inference and new clusters are deployed, we believe Nvidia is well-positioned to capitalize on growing compute needs across AI applications.”
NVIDIA’s exceptional financial growth, with a 94% year-over-year revenue surge and a 103% rise in earnings per share, underscores its dominance in AI, gaming, and data centers. With increasing institutional investment and strong demand for its cutting-edge GPUs—especially in AI and high-performance computing, NVIDIA Corporation (NASDAQ:NVDA) remains a top stock choice, poised for continued expansion in key growth sectors.
