Wed Sep 25 09:20:28 UTC 2024: ## Hedge Funds Pile on NVIDIA Stock, Betting Big on AI Growth

**New York, NY** – Azzad Asset Management, along with several other hedge funds, significantly increased their holdings in NVIDIA Corporation (NASDAQ:NVDA) during the second quarter, indicating a strong belief in the company’s future growth, particularly in the Artificial Intelligence (AI) sector.

Azzad Asset Management saw a whopping 891% increase in its NVIDIA stock, making it the second-largest holding in their investment portfolio. The firm now owns 254,990 shares, valued at $31.5 million. Other prominent hedge funds like BLB&B Advisors LLC, Cypress Point Wealth Management LLC, McAdam LLC, Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD, and Perennial Advisors LLC also reported significant increases in their NVIDIA holdings, ranging from 752.9% to 945%.

Analysts are largely optimistic about NVIDIA’s prospects, with 37 out of 44 analysts issuing a “buy” rating on the stock. This bullish sentiment stems from NVIDIA’s dominance in the AI chip market, fueled by the rapid growth of AI technologies.

In recent earnings reports, NVIDIA surpassed analysts’ expectations, reporting $0.68 earnings per share (EPS) and $30.04 billion in revenue for the quarter. This performance underscores the strong demand for NVIDIA’s products and its role in driving the AI revolution.

Despite the impressive growth, NVIDIA’s stock price has fluctuated recently, with the stock opening at $120.87 on Wednesday. The company’s leadership has also announced a stock buyback plan worth $50 billion, signaling confidence in the company’s long-term value.

While the market is buzzing about NVIDIA’s performance, it’s worth noting that some insider trading has occurred. Tench Coxe, a director at NVIDIA, sold 1 million shares for $119.27 million, and CEO Jen Hsun Huang sold 120,000 shares for $15 million. This insider selling, however, is a small percentage compared to their overall holdings, and does not necessarily indicate a change in the company’s outlook.

With AI technology continuing to advance, NVIDIA remains a key player in the rapidly growing sector, making it an attractive investment opportunity for many investors.

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