5 Billionaire Money Managers Dumped Palantir in the Second Quarter. This Is the AI Applications Stock They're Buying Hand Over Fist Instead.
Wall Street's savviest asset managers are selling a stock that's rallied over 2,600% since the start of 2023, in favor of a company with otherworldly artificial intelligence (AI) ambitions.
Overview
You might not realize it, but one of the most important data releases of the entire quarter dropped on Aug. 14. While most investors have been enamored with earnings season, the quarterly filing of Form 13Fs can provide invaluable information on which stocks Wall Street's brightest money managers have been buying and selling.
The theme of the second quarter is that artificial intelligence (AI) stocks remain polarizing among billionaire money managers. Whereas five prominent billionaires dumped shares of Palantir Technologies (NASDAQ: PLTR) in the second quarter, other billionaire investors found an AI applications stock they couldn't stop buying: Google parent Alphabet (NASDAQ: GOOGL)(NASDAQ: GOOG).
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Originally published at www.fool.com.