Will Nvidia (NVDA) Continue its Dominance in AI? – Yahoo Finance

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Palm Valley Capital Management, an investment management firm, released the “Palm Valley Capital Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, Palm Valley Capital Fund increased 1.04% compared to 2.46% and 5.69% gains for the S&P SmallCap 600 Index and the Morningstar Small Cap Index, respectively. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.

Palm Valley Capital Fund featured stocks like NVIDIA Corporation (NASDAQ:NVDA) in its Q1 2024 investor letter. Headquartered in Santa Clara, California, NVIDIA Corporation (NASDAQ:NVDA) provides computer graphics processors, chipsets, and related multimedia software. On April 5, 2024, NVIDIA Corporation (NASDAQ:NVDA) stock closed at $880.08 per share. One-month return of NVIDIA Corporation (NASDAQ:NVDA) was 2.60%, and its shares gained 219.11% of their value over the last 52 weeks. NVIDIA Corporation (NASDAQ:NVDA) has a market capitalization of $2.2 trillion.

Palm Valley Capital Fund stated the following regarding NVIDIA Corporation (NASDAQ:NVDA) in its first quarter 2024 investor letter:

“Such beguiling prognostications are indigenous to Wall Street—the biggest showcase of them all. The ferocious march higher of NVIDIA Corporation (NASDAQ:NVDA)’s stock on expectations of its continued dominance in artificial intelligence (AI) chips might even confound the galley slavedriver in Ben-Hur. Ramming speed!

Nvidia’s share price seems to imply the firm will soon control nearly the entire global semiconductor market (over half a trillion in sales vs. Nvidia’s current $60 billion) while maintaining an operating margin of 54%—unprecedented for a hardware company. Leading hardware firms rarely retain their supremacy forever: IBM, Hewlett Packard, Digital Equipment Corporation, Intel, and Cisco all fell from their storied perches…” (Click here to read the full text)

Nvidia, Software

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NVIDIA Corporation (NASDAQ:NVDA) is in fifth position on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, NVIDIA Corporation (NASDAQ:NVDA) was held by 173 hedge fund portfolios, down from 180 in the previous quarter, according to our database.

We discussed NVIDIA Corporation (NASDAQ:NVDA) in another article and shared the list of unstoppable tech stocks to buy. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

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

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