Investing in fundamentally strong growth companies with sustainable competitive advantages can be a smart long-term strategy for astute investors. With artificial intelligence (AI) emerging as a major investment trend, it is no surprise that billionaires have also been actively pursuing high-quality AI-powered stocks.

Broadcom (NASDAQ: AVGO) and Apple (NASDAQ: AAPL) seem to fit the bill and have been picked up by multiple billionaire investors and investment funds. Here's why retail investors should also follow their path and consider taking at least a small position in these stocks now.

Semiconductor chip designer and enterprise software player Broadcom's shares are up 25% in 2024. While a 10-for-1 stock split in July 2024 played a major role in improving investor sentiment, many billionaire investors identified the growth potential in this stock in the second quarter of 2024. Some prominent ones were Ken Griffin's Citadel Advisors, the late Jim Simons' Renaissance Technologies, Ken Fisher's Fisher Asset Management, Israel Englander's Millennium Management, Jerome Dodson's Parnassus Investments Holdings, and DE Shaw's David Shaw.

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Source Fool.com