Hedge funds appeared to take profits in a host of winning " Magnificent Seven " stocks during the fourth quarter at the end of a blowout year for the septet.
Still, Nvidia shares rallied 14% in the fourth quarter, extending a 3% gain in the September quarter.
Nor was Nvidia the only semiconductor maker that hedge funds cut back on in the fourth quarter.
Reducing exposure to the rest of Magnificent Seven Hedge funds also took profits in a handful of other popular Magnificent Seven stocks that helped power 2023's AI-fueled market rally.
Beyond the most prominent companies, hedge funds also made key reductions in other popular technology and semiconductor bets last quarter.
Persons:
Dan Sundheim zeroed, Stanley Druckenmiller, David Tepper's, Phillippe Laffont's Coatue, Global's Chase Coleman, Jensen Huang, chipmaker, Tepper, Ole Andreas Halvorsen, Druckenmiller, Baupost Group's Seth Klarman, Coatue's Laffont, Point's Dan Loeb, Berkshire Hathaway, Value's Jeffrey Smith, Marc Benioff, Appaloosa's Tepper, Michael Burry, Druckenmiller amped, Point's Loeb, Coatue, Laffont, Tiger Global's Coleman, —, Alex Harring, Yun Li
Organizations:
Appaloosa Management, D1, Technology, Wall, Nvidia, Management, Devices, Intel, Qualcomm, Taiwan Semiconductor, Viking, Arm Holdings, VanEck Semiconductor, Google, Microsoft, Duquesne, Viking Global, Corvex Management, Sundheim's D1 Capital, Baidu, Arista Networks, Scion, Oracle, Amazon, Tiger Global, Apple, Taiwan, Broadcom
Locations:
TSM, Meta, Berkshire, Salesforce, Chinese, China