5 Investors Betting Big on Nvidia (NVDA) Stock in Q2

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As the artificial intelligence (AI) boom rages into the second half of 2023, investors continue piling into Nvidia (NASDAQ:NVDA) stock. It’s not hard to see why. This chipmaker is by far the year’s breakout stock, reaching a trillion-dollar market capitalization and proving it has even further to run. Over the past six months, shares have surged by more than 93%, demonstrating that this sector leader should be counted among the top tech stocks.

Just this week, analysts from UBS, Morgan Stanley and Wells Fargo have all hiked their NVDA stock price targets, creating more positive momentum. And while shares have dipped over the past month, institutional investors clearly aren’t concerned. Several prominent hedge funds have recently doubled down on their NVDA holdings.

David Tepper’s Appaloosa Management recently increased its stake in Nvidia by 580%, making it the fund’s largest holding. Third Point Management, owned by Dan Loeb, added 500,000 shares of NVDA stock, and Steve Cohen’s Point 72 has made multiple bets on it, likely yielding gains of $100 million. And while Tiger Global Management has been trimming many positions, Chase Coleman’s fund upped its Nvidia stake by 1,300%. These funds also added shares of companies like Advanced Micro Devices (NYSE:AMD) and Amazon (NASDAQ:AMZN). It’s impossible to ignore the writing on the wall: leaders of the country’s top hedge funds believe in the power of AI.

Even with these massive positions, though, none of these funds are among the top holders of NVDA stock. Which companies are at the top of that list? Let’s take a look.

Top Investors Betting Big on NVDA Stock

Given how well NVDA stock has performed, it’s no surprise that institutional investment in it has surged throughout 2023. According to data from Whale Wisdom, the number of funds holding it has jumped 11%. New positions have risen steadily as well, climbing almost 30%, while increased positions are up 12%. By contrast, the number of closed positions has fallen 13%.

With that in mind, let’s take a look at the top five institutional investors betting big on NVDA stock.

  1. Vanguard Group: 201,392,728 shares.
  2. BlackRock (NYSE:BLK): 182,096,923 shares.
  3. Fidelity Investments: 131,491,181  shares.
  4. State Street Corporation (NYSE:STT): 91,541,283 shares.
  5. T. Rowe Price Group (NASDAQ:TROW): 56,463,835 shares.

On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Samuel O’Brient has been covering financial markets and analyzing economic policy for three-plus years. His areas of expertise involve electric vehicle (EV) stocks, green energy and NFTs. O’Brient loves helping everyone understand the complexities of economics. He is ranked in the top 15% of stock pickers on TipRanks.

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