David Tepper, a billionaire hedge fund manager, has increased his ownership in NVIDIA Corp. In the second quarter, Appaloosa Management added 870,000 shares to their already significant stake in the graphics chipmaker, resulting in a 580% increase.
The latest acquisition brings Appaloosa’s Nvidia holdings to 1.02 million shares, valued at over $450 million and comprising more than 8% of its portfolio. Currently, Nvidia shares are Appaloosa’s largest holding, though it is closely contended by Meta Platforms for the top spot. Is buying this high-flying AI stock a smart move?
Tepper also boosted his existing positions in Alibaba, Amazon, Meta Platforms, and Microsoft.
NVIDIA Corporation is a prominent creator of discrete graphics processing units that enhance computing experiences. Their chips are utilized in various markets, such as PC gaming and data centers. As of August 17, 2023, the company’s market capitalization is $1.07 trillion, establishing them as a major player in the semiconductors industry.
This company has two main segments: computing & Networking and Graphics. The Compute & Networking segment includes a data center platform for computing, networking, AI cockpits for automobiles, autonomous driving solutions, electric vehicle computing platforms, robotics, AI software, and cryptocurrency mining processors.
The Graphics segment includes GeForce GPUs for gaming and personal computers, the GeForce NOW game streaming service, enterprise workstation graphics, cloud-based visual and virtual computing software, infotainment systems for automobiles, and enterprise software for building and operating metaverse and three-dimensional Internet applications.
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