Hedge fund owner Jennison Associates now worth $8.82 billion after Nvidia surge

Nvidia Corp. NVDA 27.5% post-earnings rally took the stock's year-to-date gain to 166.5%, and one of the biggest beneficiaries is a secretive, lesser-known U.S. hedge fund.

What happened to Jennison Associates, as its 23-million-stock position in Nvidia swelled after the chipmaker's breathtaking rally. Jennison's 13-F filing shows that at the end of the fourth quarter of 2022, the company held 23.3 million shares of Nvidia, valued at $3.4 billion.

In the first quarter, Nvidia shares were trading at 22.64 million a share, down from a previous low of 22.64 million. The stock's value surged to $6.29 billion, a remarkable increase over the previous year.

Nvidia shares have surged 40% since the end of the quarter. The same 22.64 million shares will now be worth $8.82 billion. This means an increase of more than $5.42 billion, or 159%, since the end of the fourth quarter.

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Jennison's holding in Nvidia is about 1%, and the hedge fund is among the top 10 shareholders in the company. By March, Nvidia's $100 billion U.S. stock portfolio surged by 5.8%, according to Business Insider.

Following Nvidia's results, sale-side firms have scrambled to raise the price limits for the stock, underlining their confidence in further upside potential. The stock now has a price target of $600 per share from Rosenblatt Securities.

Nvidia's chips are powering most generative AI, a technology that is being driven by frenzied interest.

Nvidia's session was closed Friday at $389.46, up 2.54%, according to Benzinga Pro data.