There are two main reasons to buy stocks billionaires are buying. One, billionaires are good at picking excellent stocks to buy. Two, and perhaps more importantly,  billionaires have access to much more information than you and I. For example, they can consult experts in various fields, and they can easily ask the companies whose stocks they buy questions about their progress and challenges.

On the other hand, billionaires often own dozens of stocks, and not every one of the stocks they own will perform well. After all, even though they’re billionaires and have access to much more information than you and I do, they’re still human and will make mistakes. As a result, I recommend conducting your own research on these stocks billionaires are buying.

Plug Power (PLUG)

Plug Power (NASDAQ:PLUG) markets hydrogen fuel cell engines used to power “e-mobility” products that are utilized in factories and warehouses. Most recently, Point 72 Asset Management, the hedge fund controlled by multi-billionaire Steve Cohen, obtained its first position in PLUG stock last quarter, acquiring nearly 2.3 million of the company’s shares.

Additionally, Citadel Advisors, owned by another very well-regarded multi-billionaire, Ken Griffin, bought 4.56 million shares of PLUG last quarter. Also noteworthy is that the Canada Pension Plan Investment Board obtained over 215,200 shares of PLUG last quarter.

As of June 12, PLUG had fallen 16% this year but was up 37% in the preceding month.

Array (ARRY)

Array (NASDAQ:ARRY) markets a solar tracker. “By rotating solar panels so that they remain at optimal angles to the sun, DuraTrack and other trackers can increase panels’ electricity output by roughly 30%,” fintel.io reported. Steve Cohen, the multi-billionaire owner of Point72 Asset Management, obtained 658,722 shares of ARRY in Q1.

In addition, John Tudor Jones acquired a sizeable amount of Array’s shares in Q1, with Tudor Investment Corp opening up a new position in Array. Also worth noting is that Germany’s Deutsche Bank obtained over 412,000 shares of Array last quarter, while  Canada Pension Plan Investment Board bought over 92,500 shares and Wells Fargo obtained nearly 200,000 shares.

Rivian (RIVN)

Renaissance Technologies, founded by multi-billionaire Jim Simons, opened a new position in Rivian (NASDAQ:RIVN) last quarter. In addition, Steve Cohen’s Point72 Asset Management increased its position in the automaker in Q1, adding over 3 million more shares of the name. Among huge funds, Vanguard added nearly 24.4 million shares. BlackRock increased its stake by 1.4 million shares. In addition, FMR added 8.4 million shares.

Meanwhile, on June 2, British bank Barclays wrote that it has become more confident in Rivian’s company’s ability to break even, while it believes that the firm’s production processes are improving and becoming less expensive. Barclays maintained a $22 price target and an “overweight” rating on the shares.

Fastly (FSLY)

Fastly (NYSE:FSLY) provides edge computing services for its clients.

Soros Fund Management, the hedge fund owned by George Soros, bought FSLY stock for the first time in Q1, obtaining 1.2 million shares. Citadel Advisors, the hedge fund owned by well-respected, multi-billionaire investor Ken Griffin, added 273,000 shares of FSLY stock. And Dimensional Fund Advisors, founded by multi-billionaire David Booth, bought nearly two million shares of FSLY stock last quarter.

On May 3, Fastly reported that its revenue had jumped by an impressive 15% year-over-year to $117.5 million, while its Dollar-Based Net Expansion Rate came in at an impressive e 121% in Q1. As of June 12, FSLY stock had climbed 102% in 2023.

Alphabet (GOOG. GOOGL)

Pershing Square Capital Management, the hedge fund controlled by multi-billionaire Bill Ackman, opened a new position in Alphabet (NASDAQ:GOOG,NASDAQ:GOOGL) stock last quarter, obtaining over 8 million of the company’s shares, bringing its total stake to slightly over $1 billion. Meanwhile, Altimeter Capital, the hedge fund controlled by billionaire Brad Gerstner, reported that it had obtained a new stake in GOOG stock worth nearly $118 million last quarter.

Further, investment firm GQG Partners, controlled by billionaire Rajiv Jain, opened a new position in GOOG stock worth nearly $2.6 billion last quarter. Finally, multi-billionaire Steve Cohen’s Point72 fund increased its stake in GOOG stock to 3.3 million shares from 1.16 million shares last quarter. Also noteworthy is that JPMorgan bought over 893,000 shares of GOOG stock in Q1, raising its total stake in the company to nearly $8.9 billion.

As of June 12, GOOG stock has climbed 40% in 2023.

Intel (INTC)

Multi-billionaire Steve Cohen’s hedge fund, Point72 Asset Management, opened a new stake in Intel (NASDAQ:INTC) stock last quarter, acquiring 10.4 million shares for $344.1 million.

Meanwhile, Citadel Advisors, the hedge fund owned by well-respected, multi-billionaire investor Ken Griffin, increased its stake in INTC stock by 13.13 million shares. Renaissance Technologies, founded by multi-billionaire Jim Simons, increased its stake in INTC stock by nearly 2 million shares in Q1.

Meanwhile, Bank of America increased its stake in INTC by 2.19 million shares last quarter, bringing its total stake in the company to nearly $860 million. As of June 12, INTC had risen 25% in 2023 and 13% in the preceding month.

Nvidia (NVDA)

Multibillionaire Steve Cohen’s Point72 Asset Management opened a new stake in Nvidia last quarter, scooping up over 980,600 of its shares for over $387 million. Investment firm GQG Partners, controlled by billionaire Rajiv Jain, also launched a new position in NVDA, buying nearly 8.25 million of its shares for $3.256 billion. Additionally, multi-billionaire Stanley Druckenmiller’s hedge fund, Duquesne Family Office, raised its position in NVDA to 791,000 shares last quarter from roughly 583,000 shares previously. Seeking Alpha describes Druckenmiller as a “famed investor.”

Finally, billionaire David Tepper’s hedge fund, Appaloosa, opened a new position in NVDA in Q1, acquiring 150,000 of the chip maker’s shares. As of June 13, NVDA stock had jumped 35% in the preceding month and 170% in 2023.

As of the date of publication, Larry Ramer owned shares of INTC, PLUG, and RIVN. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.