- StockStory Top Pick NVDA +0.81%
- ^GSPC -0.24%
Giverny Capital Asset Management, LLC, an investment management company, recently published its third-quarter 2025 investor letter. A copy of the letter can be downloaded here. The portfolio generated good results in the third quarter and returned 6.78% compared to 8.12% for the S&P 500. YTD, the fund returned 12.57% compared to 14.83% for the index. Additionally, you can review the fund’s top 5 holdings to see its best picks for 2025.
In its third-quarter 2025 investor letter, Giverny Capital Asset Management highlighted stocks such as NVIDIA Corporation (NASDAQ:NVDA). NVIDIA Corporation (NASDAQ:NVDA) offers graphics, compute, and networking solutions. The one-month return for NVIDIA Corporation (NASDAQ:NVDA) was -6.21%, and its shares gained 32.59% over the last 52 weeks. On December 12, 2025, NVIDIA Corporation (NASDAQ:NVDA) stock closed at $175.02 per share, with a market capitalization of $4.261 trillion.
Giverny Capital Asset Management stated the following regarding NVIDIA Corporation (NASDAQ:NVDA) in its third quarter 2025 investor letter:
"I will end with a note of caution. While I am excited over TSMC's prospects, I also perceive that enthusiasm over Artificial Intelligence has reached a level of euphoria. In late September, NVIDIA Corporation (NASDAQ:NVDA) announced a deal in which it would invest $100 billion in Open Al, the developer of ChatGPT. Open Al will use that money to buy Nvidia chips to use in new data centers. Nvidia essentially is financing a customer who might not otherwise have the capacity to buy $100 billion of Nvidia chips. Nor does the customer have a proven business model: Open Al is expected to lose $14 billion in 2026. Nvidia has done similar deals with other start-ups, most notably CoreWeave.
Analyst Explains How NVIDIA (NVDA) Can Reach $8 Trillion Market Cap NVIDIA Corporation (NASDAQ:NVDA) is in 5th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 234 hedge fund portfolios held NVIDIA Corporation (NASDAQ:NVDA) at the end of the second quarter, compared to 235 in the previous quarter. In the third quarter of fiscal 2026, NVIDIA Corporation (NASDAQ:NVDA) reported $57 billion in revenues, marking a 62% year over year growth. While we acknowledge the potential of NVIDIA Corporation (NASDAQ:NVDA) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
Story ContinuesIn another article, we covered NVIDIA Corporation (NASDAQ:NVDA) and shared the list of AI stocks in the spotlight for investors. L1 Capital International Fund initiated a position in NVIDIA Corporation (NASDAQ:NVDA) during Q3 2025. In addition, please check out our hedge fund investor letters Q3 2025 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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