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KLA Corporation (KLAC) Rose on Continued Strength

Parnassus Investments, an investment management company, released the “Parnassus Mid Cap Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the Fund (Investor Shares) declined -5.80% (net of fees) underperforming the Russell Midcap Index’s -3.35% return. Stock selection drove the underperformance of the portfolio. The portfolio's strong holdings can mitigate market downturns and capitalize on growth opportunities as cyclical pressures decrease and long-term trends prevail. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Parnassus Mid Cap Fund highlighted stocks like KLA Corporation (NASDAQ:KLAC), in the second quarter 2024 investor letter. KLA Corporation (NASDAQ:KLAC) designs, manufactures, and distributes process control, process-enabling, and yield management solutions for the semiconductor and related electronics industries. The one-month return of KLA Corporation (NASDAQ:KLAC) was -5.89%, and its shares gained 41.20% of their value over the last 52 weeks. On September 6, 2024, KLA Corporation (NASDAQ:KLAC) stock closed at $702.80 per share with a market capitalization of $94.474 billion.

Parnassus Mid Cap Fund stated the following regarding KLA Corporation (NASDAQ:KLAC) in its Q2 2024 investor letter:

"KLA Corporation (NASDAQ:KLAC), a provider of process control and yield management solutions for the semiconductor and related nanoelectronics industries, continued its strong run. We expect KLA will continue to benefit from the increasing complexity of chip designs."

The inner workings of a semiconductor manufacturing facility, neon hued machines humming with activity.

KLA Corporation (NASDAQ:KLAC) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 55 hedge fund portfolios held KLA Corporation (NASDAQ:KLAC) at the end of the second quarter which was 58 in the previous quarter. While we acknowledge the potential of KLA Corporation (NASDAQ:KLAC) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

In another article, we discussed KLA Corporation (NASDAQ:KLAC) and shared the list of most important AI companies you should pay attention to. KLA Corporation (NASDAQ:KLAC) contributed to the performance of Aristotle Atlantic Large Cap Growth Strategy in the second quarter. In addition, please check out our hedge fund investor letters Q2 2024 page for more investor letters from hedge funds and other leading investors.

READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.

Disclosure: None. This article is originally published at Insider Monkey.