Megacap Tech Stocks Nvidia And Meta Have Doubled This Year Alone - Why That Matters?

Nvidia Corp NVDA shares are up Thursday amid the GeForce RTX 4060 family of GPUs launch.

The megacap tech stock rolled out the GeForce RTX 4060 family of GPUs with two graphics cards that deliver all the Nvidia Ada Lovelace architecture advancements starting at just $299.

The GeForce RTX 4060 family provides access to the 300+ games and applications that now support DLSS, with eagerly anticipated titles The Lord of the Rings: Gollum and Diablo IV to include DLSS 3. A DLSS 3 plug-in for Unreal Engine 5 is also coming soon.

"The RTX 4060 family delivers PC gamers both great value and great performance at 1080p, whether they're building a gaming battle box or an AI-assisted creation station," said Matt Wuebbling, vice president of global GeForce marketing at Nvidia. 

The stock has gained over 112% year-to-date as GPU orders ramp up thanks to the ChatGPT frenzy.

Hedge funds have increased exposure to the stock as the chipmaker continues to win large-volume orders for its AI chips and growing GPU order momentum in the gaming market.

On Thursday, Oppenheimer analyst Patrick Scholes maintained Nvidia with an Outperform rating and raised the price target from $300 to $350.

Meta Platforms, Inc META emerged as another promising mega-cap tech stock, up by over 94% YTD.

Meta shut critics with a first-quarter beat and updates on improved Reels and AI monetization, commitment towards metaverse, and substantial completion of layoffs followed by analyst price target boosts.

Hedge funds like Tiger Global Management and David Tepper's Appaloosa ramped up exposure to the stock this week.

Price Actions: NVDA shares traded higher by 4.96% at $316.75 on the last check Thursday. META shares traded higher by 0.11% at $242.73.