Some of Wall Street's biggest investors made new bets on big tech in the fourth quarter, accumulating stakes in Amazon (AMZN), Alphabet (GOOG, GOOGL), Alibaba (BABA) and Nvidia (NVDA).
However, Warren Buffett's Berkshire Hathaway (BRK) did not. The conglomerate reduced its holdings in Apple (AAPL) and HP (HPE), while increasing stakes in oil giants Chevron (CVX) and Occidental Petroleum (OXY). There was at least one additional investment Berkshire made that was kept secret for now.
Details about these new bets made in the fourth quarter emerged this week in a series of filings with the Securities and Exchange Commission. Large institutional investors are required to make these disclosures on a quarterly basis, showing what they buy and sell.
What the latest batch shows is that there's a lot stacked up for tech names at the end of 2023.
The hedge fund run by Michael Burry, famous for shorting subprime mortgages during the 2008 financial crisis and central to Michael Lewis' 2010 book The Big Short, has three stocks of Alphabet. Added 5,000 shares and 30,000 Amazon shares. The fund, Scion Capital, also backed bets on Chinese e-commerce giants Alibaba and Jingdong (JD.com).
Many hedge funds were also drawn to Nvidia's stock, a leading artificial intelligence chip maker.
Bridgewater Associates, the world's largest hedge fund firm, added more than 220,000 shares, increasing its stake in Nvidia by 458%.
It also increased its position in Alphabet by more than 465,000 shares, making it the fund's 12th largest position at the end of December, and added a small stake in Apple.
AQR, another hedge fund, increased its stake in Nvidia stock by 22%. However, the company reduced its holdings in Apple and Microsoft, its two largest positions, by 5% and 4%, respectively.
Berkshire sold only 1% of Apple's stock, or 10 million shares, leaving the company with over 950 million shares.
Apple has had a rough start to 2024 as it juggles a downgrade in its stock price, major changes to its App Store policies, and the possibility of an antitrust lawsuit that could affect a large portion of its business. These challenges grew as we launched our ambitious Vision Pro headset.
Another prominent investor, the Soros Fund, reduced its exposure to Apple in the fourth quarter.
The organization, founded by billionaire investor George Soros and now run by his son, has eliminated short positions and reduced its underlying holdings in the tech giant to zero.
Some of these same investors have made notable bets on the banking industry, particularly New York Community Bank (NYCB), a regional financial institution currently under intense scrutiny.
The Soros Fund, AQR, and Millennium Management all increased their exposure to NYCB, which surprised Wall Street on January 31 by cutting its dividend and reporting a quarterly net loss of $252 million. Ta.
It is unclear how these funds have handled their shares from the end of the fourth quarter to now.
Correction: A previous version of this article was incorrectly named “Millennium Management.” We apologize for the error.
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