NVIDIA (NASDAQ:NVDA) contributed 134 basis points to the Fund’s return, as its stock jumped from $133.50 to $179.53, for a total return of 34.6%. The company makes graphics processing units (GPUs), which are customized chips central to gaming, machine learning and autonomous driving applications. After a big sell-off in 2018, the stock rebounded sharply as investors looked past an inventory glut caused by a bubble in cryptocurrency mining. In March, NVIDIA bought computer networking company Mellanox Technologies to extend its reach in the growing data-center market. The deal’s sound strategic and financial merits sent the stock higher.
From Jerome Dodson (Trades, Portfolio)'s Parnassus Endeavor Fund first-quarter 2019 shareholder commentary.
