Among the list of top 10 U.S. stocks from CityWireUSA’s Fix the Future are 4 tech stocks that are beloved by some of the world’s top fund managers. Though they’ve been battered during the market sell-off this year, shares in these elite companies remain expensive because they still retain enormous potential for massive growth—and have the track records to prove it.
- Nvidia: This company leads the gaming chips (and its associated software) industry by producing chips that can process data much faster than other units. But it may soon shift into the automotive industry as vehicles become more autonomous, and also gain a foothold in the sort of immersive virtual worlds that many predict will become dominate in our society. Both these directions present huge opportunities for growth for Nvidia. But the company also faces a lot of competition, cyclical markets, and unknown demand—factors that are fueling its share price decline this year. CityWireUSA lists Steven Wymer of Fidelity, Lewis Kaufman of Artisan Developing World, and Kristofer Barrett of Swedbank Robur Focus as major investors in Nvidia.
- Tesla: By now a household name, Tesla struggles with a love-it-or-hate-it reputation, thanks in no small part to its high-profile founder, Elon Musk. But as investors argue over whether its value is as a high-end electric vehicle company, a developer of self-driving software, or a producer of battery technology and solar operations, there’s no argument that it’s still popular enough to land it on Fix the Future’s top 10 list. Incidentally, though Tesla forewent Nvidia chips and started making their own in 2018, it is using Nvidia chips to build an AI supercomputer that will help it lead the self-driving vehicle market. CityWireUSA lists Ronald and Michael Baron of Baron Partners, Elliot Mattingly of Fidelity, and Mark Maribeau and Thomas Davis of PGIM Jennison Global Equity as top backers.
- Globant: A digital technology consultancy founded in Argentina nearly 20 years ago, Globant has swiftly grown overseas and is now headquartered in Luxembourg. The U.S. accounts for 60% of its sales and it broke the $1 billion revenue market in 2021. Globant helps its clients take advantage of digital opportunities, from AI to blockchain, and is now pushing into Asia and Europe. Many top managers have seized upon the rockiness its shares have experienced this year to up their stakes in the company. CityWireUSA lists Scott Thomas of Wasatch Frontier, Vishal Gupta of Morgan Stanley, and Ajay Krishnan and JB Taylor of Renaissance Global as major investors in Globant.
- Endava: Similar to Globant’s business, Endava is a smaller scale digital transformation consultancy and also specializes in software development and payment technology. It’s seen tremendous growth over the last 5 years; sales jumped from £159 million in 2017 to £446 million in 2021. North American revenues now accounts for 1/3rd of its pie while UK revenues have dropped to about 2/5th. CityWireUSA lists Randy Pearce, Blake Walker and Brad Barth of Grandeur Peak International Stalwarts, John Malooly of Wasatch Ultra Growth, and again Ajay Krishnan and JB Tayler of Renaissance Global as the company’s top backers.