Billionaire Dan Loeb of Third Point Dumped Nvidia, Broadcom, and Meta, but Increased His Stake in This Virtual Monopoly by Almost 500%
Some of Wall Street's most influential artificial intelligence (AI) stocks are being shuffled around by Third Point's billionaire boss.
Overview
You might not realize it, but one of the most important data releases of the quarter occurred last week -- and I'm not talking about the monthly inflation report. Aug. 14 marked the deadline for institutional investors, including well-known billionaire money managers like Third Point's Dan Loeb, to file Form 13F with regulators.
A 13F provides a snapshot of which stocks Wall Street's brightest money managers bought and sold in the latest quarter. Loeb was a busy bee in the second quarter, sending artificial intelligence (AI) superstars Nvidia (NASDAQ: NVDA), Broadcom (NASDAQ: AVGO), and Meta Platforms (NASDAQ: META) to the chopping block. However, he continued to pile into a company that's a virtual monopoly, Alphabet (NASDAQ: GOOGL)(NASDAQ: GOOG).
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Originally published at www.fool.com.