NVIDIA Corporation (NASDAQ:NVDA) is another interesting new name we added in the second quarter after watching the California tech company for some time. They are the market leader in video cards (graphic processor units in industry jargon) for home PCs and their products are also used in technical computing environments for machine learning and artificial intelligence applications such as autonomous vehicles and in the mining of crypto currencies. The company has established a durable competitive advantage with a strong market position built on solid technology and we like the opportunity longer term. The stock ran up a year and a half ago when glowing headlines about Bitcoin and other emerging crypto currencies generated investor excitement. When the bubble burst this year, NVIDIA’s price was cut in half, giving us our opportunity to take a position.
From Mairs and Power (Trades, Portfolio)s Growth Fund's second-quarter 2019 commentary.
