Billionaires Stanley Druckenmiller and Dan Loeb Both Sold Broadcom and Piled Into This Virtual Monopoly Artificial Intelligence (AI) Stock Instead
Stanley Druckenmiller and Dan Loeb both completely exited their stakes in Broadcom during the second quarter.
Overview
Stanley Druckenmiller and Dan Loeb are two of Wall Street's most closely watched investors. Druckenmiller is a macro specialist who previously worked as a portfolio manager under George Soros. Today, he runs his own family office.
Loeb is the founder of the hedge fund Third Point. He's earned a reputation for being an activist investor and event-driven operator with a keen eye for identifying catalysts and pressing management for change.
Details
Smart investors pay attention to Druckenmiller and Loeb because each has repeatedly demonstrated an ability to rotate capital into the next leg of growth before the consensus catches on. Perhaps unsurprisingly, their latest 13F filings show a shared pivot: Druckenmiller and Loeb both completely exited Broadcom (NASDAQ: AVGO) while building positions in Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL).
Source
Originally published at www.fool.com.