There are many ways to acquire a multi-billion dollar portfolio, which means billionaires don’t always see eye to eye when it comes to investment opportunities. Even though the field of artificial intelligence (AI) clearly has a bright future, billionaire hedge fund managers may choose a different path to win in AI. one may influx NVIDIA (NASDAQ: NVDA)Another, for example, is selling shares of the AI chip giant.
However, these investment experts sometimes agree and make similar moves. And that’s exactly what happened in the fourth quarter of last year. Billionaires David Tepper of Appaloosa Management and Michael Platt of Bluecrest Capital Management each sold shares of Nvidia and bought an AI stock that has soared 40,000% since its initial public offering. Let’s take a look at the details.
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First, a quick note on how we understand what these billionaires are doing. Every quarter, managers holding more than $100 million in stock must report their activities to the SEC on Form 13F. These tables are available for public viewing so we can keep up to date with what these investment professionals are up to.
Tepper and Pratt, like many other billionaires, have been investing in artificial intelligence stocks. Tepper may be the most aggressive here, though, as his top five stock holdings are from Alibaba arrive meta platformdeeply involved in artificial intelligence. Platt’s largest stock positions are financials and energy. The two billionaires made two similar moves in the latest quarter, however…
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Tepper, who manages $6.9 billion in assets, cut his holdings in Nvidia by 10%, and the company now accounts for 4.6% of his portfolio. He has held the stock since the first quarter of 2023.
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Platt, who manages $3.3 billion in assets, slashed Nvidia’s stock price by 96%, and the stock now accounts for just 0.2% of his portfolio. He has held Nvidia stock since the second quarter of last year.
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Tepper increases his stature Micron Technology (NASDAQ:MU) 200% and now accounts for 6.2% of his portfolio. He has held the stock since the second quarter of 2023.
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Platt opened a new position in Micron, accounting for about 0.1% of his portfolio.
As with 13F filings, we don’t know the exact reasons behind investors’ move. But these decisions by Tepper and Pratt show that billionaires believe Micron will grow as the next phase of the AI story unfolds, and could represent a better growth buy than Nvidia. It’s also important to note that these moves took place months ago, and the billionaire’s views or strategies may have changed more recently.
