The Wall Street investment bank analyzed the holdings of 707 hedge funds with $2.7 trillion of gross equity positions at the start of the second quarter.
Goldman found that hedge funds added to under-the-radar winners across the entire AI universe, particularly players in infrastructure, including Marvell Technology , TD Synnex , AES Corporation and Littelfuse .
Copper miner Freeport-McMoRan and solar tracking company Nextracker, both involved in AI's power production, also saw increased popularity among hedge funds.
Hedge funds also trimmed positions in other megacap stocks benefiting from the AI enthusiasm, including Microsoft , Meta Platforms and Amazon .
Apple was the exception in the so-called " Magnificent Seven " group — hedge funds added exposure to the Tim Cook-led iPhone maker, according to Goldman.
Persons:
Goldman Sachs, Goldman, Ben Snider, Tim Cook
Organizations:
Marvell Technology, AES Corporation, Littelfuse, Walgreens Boots Alliance, American, Nvidia, Microsoft, Meta, Apple
Locations:
Freeport, McMoRan