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☆ Megacaps' Mega Deals: How big tech could be using AI investments to bankroll itself
▼ + stars: | 2023-11-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMegacaps' Mega Deals: How big tech could be using AI investments to bankroll itselfBig tech names like Microsoft, Google and Amazon have poured billions into the biggest names in the AI startup world, effectively replacing what used to be the role of high-profile, highly capitalized tech investors like Tiger Global and Softbank. And in some cases, through exclusive cloud contracts, those investments in startups come right back in the form of cloud revenue. This week on TechCheck, we dig into the megacaps' mega deals, and how big tech could be using AI investments to bankroll themselves.

Organizations: Microsoft, Google, Tiger

Burry also closed out bearish options against the broad S&P 500 and Nasdaq 100 Index, the filings showed. His Scion Asset Management’s biggest new position last quarter was in bearish options on an exchange-traded fund focused on semiconductors. He bought put options with a notional value of $47.4 million against the iShares Semiconductor ETF (SOXX.O), according to the filing. The filings also showed that Burry's fund no longer held puts on the Nasdaq 100 and S&P 500. Hedge fund Man Group also sold its 1.1 million shares in Nvidia, while Renaissance Technologies LLC sold its entire stake in the company.

Persons: Michael Burry, Burry, George Soros, Carolina Mandl, David Gregorio, Anna Driver, Deepa Babington Organizations: U.S, Nasdaq, iShares Semiconductor, Soros Fund Management, Society, Nvidia, Taiwan Semiconductor Manufactoring, Man, Renaissance Technologies, Tiger Global Management, Eisler Capital, Man Group, Duquesne Family Office, Thomson Locations: U.S, TSMC, New York

☆ Investors increase holdings of weight-loss drug makers’ shares in Q3 -filings
▼ + stars: | 2023-11-14 | by ( Carolina Mandl | ) www.reuters.com time to read: +3 min

NEW YORK, Nov 14 (Reuters) - Some big investors showed increased appetite for weight-loss drug makers in the third quarter, piling in to shares of Eli Lilly (LLY.N) and Novo Nordisk amid growing demand for their product, securities filings showed on Tuesday. Shares of Eli Lilly rose 14.5% in the third quarter and are up 67% this year. Some investors also bought more American Depositary Receipts of Novo Nordisk, including Fidelity Investments, Lazard Asset Management, T Rowe Price and Soros Fund. Novo Nordisk on Saturday presented data showing that the heart protective benefits of Wegovy are not solely due to weight loss, which could make it easier for healthcare insurance reimbursement in the future. Still, other investors trimmed their exposure to Eli Lilly, such as Wellington Management Group, California Public Employees Retirement System and Bridgewater Associates.

Persons: Eli Lilly, Eli Lilly's Mounjaro, JPMorgan Chase, Eli Lilly's, Rowe Price, Marshall Wace, LSEG, “ Stocks, ”, Vincent Aita, Carolina Mandl, Ira Iosebashvili, Matthew Lewis Organizations: Novo Nordisk, Novo, JPMorgan, Vanguard, Sigma, Tiger Global Management, Coatue Management, U.S . Food, Drug Administration, Novo Nordisk's Wegovy, Bank of America, Fidelity Investments, Lazard Asset Management, Soros Fund, Wellington Management Group, California, Bridgewater Associates, Marshall, Renaissance Technologies, Capital Management, Pfizer, Carolina, Thomson Locations: BlackRock, U.S, New York

☆ Former Apple designers launch $700 Humane AI Pin as smartphone replacement
▼ + stars: | 2023-11-09 | by ( Kif Leswing | ) www.cnbc.com time to read: +2 min

The Humane AI Pin is designed to replace your smartphone, allowing the user to make calls, send texts and look up information through voice controls. Humane said it will begin taking orders for the AI Pin on Nov. 16. The AI Pin has a built-in speaker and camera, and a light flashes when those functions are turned on. Users can access AI services from the internet, rather than downloaded apps. Microsoft, Google , OpenAI, and other companies are contributing AI services, the company said.

Persons: Imran Chaudhri, Bethany Bongiorno, Chaudhri, Sam Altman, Marc Benioff, Bongiorno, Brad Gerstner Organizations: Apple, Mobile, Microsoft, Tiger Global, Qualcomm, Qualcomm Ventures, Google

☆ India’s gamified equities are a wake-up call
▼ + stars: | 2023-11-08 | by ( Pranav Kiran | ) www.reuters.com time to read: +4 min

The result is an acceleration of Indian savings away from gold and real estate into financial products. However, it is also leading to what Ashish Gupta, chief investment officer at Axis Bank’s mutual fund, dubs “the gamification of Indian equities”. A frenzy for index options has driven up volume in the derivatives market to the tune of $4.3 trillion a day. Retail traders made up a higher share of equity derivatives turnover than their institutional counterparts on the National Stock Exchange between 2017 and 2021. Whatever the fix, it’s a reminder that India’s digital leapfrog which other developing countries are urgently trying to replicate has a dark side too.

Persons: Francis Mascarenhas, Ashish Gupta, Gupta, weren’t, Ananth Narayan, SEBI, Nithin Kamath, Zerodha, Lalit Keshre, Una Galani, Thomas Shum Organizations: Bombay Stock Exchange, REUTERS, Rights, Reuters, National Stock Exchange, Tiger, Securities, Exchange Board of India, Thomson Locations: Mumbai, India, U.S

☆ Exclusive: How Calibrate stumbled from hot weight-loss startup to $20 million sale under threat of bankruptcy
▼ + stars: | 2023-11-02 | by ( Rebecca Torrence | ) www.businessinsider.com time to read: +6 min

Facing the threat of bankruptcy, weight-loss startup Calibrate was forced to make a tough deal with private equity firm Madryn Asset Management, according to company documents reviewed by Insider. Under the terms of the deal, Madryn took a 70% stake in Calibrate in exchange for just $20 million, the documents show. Calibrate, Madryn, Kenyon, and the company's VC backers didn't immediately return messages seeking comment for this story. Some longtime patients have regained much of the weight they lost after Calibrate failed to get them medications, Insider reported on Thursday. Under the deal, Madryn exchanged $20 million of its loans for senior equity in Calibrate.

Persons: Madryn, Isabelle Kenyon, She's, Kenyon, didn't, Fortune, Michael Siluk, They're Organizations: Asset, Tiger Global, Founders Fund, Optum Ventures, Madryn, Tiger, Getty, Owners, LinkedIn Locations: Madryn

☆ Insider is seeking nominations for the 2023 rising stars of venture capital
▼ + stars: | 2023-10-24 | by ( Samantha Stokes | ) www.businessinsider.com time to read: +2 min

Insider is putting together a list of the best up-and-coming venture capitalists of 2023. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementWe are seeking nominations for Insider's yearly list of rising stars of venture capital, and we want to hear from you. In the past, we've had people with a variety of roles and experiences from VC funds like Founders Fund, Greylock Partners, Lightspeed Venture Partners, Tiger Global, and Spark Capital. Please email Madeline Renbarger at mrenbarger@insider.com or Samantha Stokes at sstokes@insider.com with any questions or issues submitting your nominations.

Persons: VCs, —, we've, Madeline Renbarger, Samantha Stokes Organizations: Service, Founders, Greylock Partners, Lightspeed Venture Partners, Tiger Global, Spark Locations: mrenbarger@insider.com, sstokes@insider.com

☆ Walmart-owned India's PhonePe revenue soars 77% in FY23
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Oct 18 (Reuters) - Walmart-owned (WMT.N) PhonePe said on Wednesday its consolidated revenue for financial year 2023 surged 77%, as more customers used its platform to send and receive money in India's booming digital payments market. The company's loss before interest, taxes, depreciation and amortisation on a standalone basis widened to 17.55 billion rupees ($210.8 million) from 16.12 billion rupees a year ago, PhonePe said in a statement. Consolidated revenue grew to 29.14 billion rupees from 16.46 billion rupees a year ago. PhonePe, which has more than 490 million registered users, had a near 51% share of the value of transactions on India's instant money transfer system, Unified Payments Interface (UPI), as of March end. ($1 = 83.2420 Indian rupees)Reporting by Rama Venkat in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: PhonePe, Rama Venkat, Dhanya Ann Thoppil Organizations: Walmart, Atlantic, Tiger Global, Thomson Locations: BENGALURU, India, Singapore, Bengaluru

SummaryCompanies India's Avendus to launch investment banking in Southeast AsiaKKR-backed Avendus' managing director Gupta to move to SingaporeAvendus expects Southeast Asia to grow fast in coming yearsMUMBAI, Oct 17 (Reuters) - Indian financial services firm Avendus will start offering investment banking services from Singapore to cash in on an expected technology sector dealmaking boom in the Southeast Asia region. Karan Sharma, a managing director for Avendus in India said the operations from Singapore will focus on advising technology sector funding rounds of $40-50 million in Southeast Asia. Sharma said Avendus India Managing Director Varun Gupta will lead the Southeast Asia operations and relocate to Singapore early next year. The demographics and infrastructure challenges are similar," said Sharma, who co-heads Avendus' Digital & Technology Investment Banking division in India. Dealmaking in Southeast Asia should help lift Asian mergers and acquisitions (M&A) activity in the second half of the year, bankers told Reuters in June.

Persons: Gupta, Avendus, Karan Sharma, Sharma, Varun Gupta, GoTo, Morgan Stanley, Goldman Sachs, Sriram, Yantoultra Ngui, Aditya Kalra, Sharon Singleton Organizations: Asia KKR, Singapore Avendus, U.S, KKR, Avendus, & Technology Investment Banking, Tiger Global, Reuters, Asia, Accel, Lightspeed, Venture Intelligence, Thomson Locations: Asia, Singapore, Southeast Asia, MUMBAI, India

Instead, he's a co-founder of a $400 million food delivery company. Tsao launched the company, Caviar, with four of his best friends from the University of California, Berkeley in 2012. Building "Groupon for food" didn't work, "so we were like, 'Let's be the Uber for food.'" 'We just blew up'At the time, most of today's food delivery apps didn't exist yet. Five college friends founded Caviar in 2012, at a time when GrubHub and Seamless were the only major online food delivery businesses.

Persons: Shawn Tsao, he's, Tsao, Jack, Uber, Frank Lloyd Wright, Frank Gehry, Abel Lin, Andy Zhang, Richard Din, Jason Wang, —, Munch, Groupon, didn't, Postmates, DoorDash, Andreessen Horowitz, Wang Organizations: University of California, CNBC, Investors, Tiger Global Management Locations: Berkeley, Francisco, U.S, Miami

☆ Revolut strikes share deal with SoftBank to remove barrier to UK licence - FT
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +2 min

The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. Revolut and SoftBank had been locked in months of negotiations, with the Japanese investor demanding stiff compensation for giving up its priority class of shares, the report said. The fintech startup can only win a UK banking license if it gets rid of preference shares held by investors including SoftBank. The standoff was one of the reasons Revolut could not immediately get a banking license. The BOE and SoftBank did not immediately respond to Reuters' requests for comment on the report, while Revolut and the FCA declined to comment.

Persons: Issei Kato, Revolut, SoftBank, The BOE, Akanksha, Maju Samuel Organizations: SoftBank, REUTERS, Financial Times, Bank of England, Tiger Global Management, Balderton, Ribbit, Financial, Authority, The, Thomson Locations: Tokyo, Japan, TCV, Bengaluru

NEW DELHI, Sept 26 (Reuters) - India's tax department has demanded around $150 million from Tiger Global-backed gaming company Dream11 for underpaying taxes during 2017-2019, which the company disputes, and officials are investigating its payments for four more years, legal documents show. Dream11 and Indian tax authorities are in a dispute over what tax rates should be paid by such gaming platforms, which have become hugely popular for fantasy cricket games they offer. Dream11 declined to comment and India's tax authorities did not respond to a request for comment. Dream11 has filed a lawsuit in the High Court in Mumbai challenging the notices, court papers showed. Indian tax inspectors are "alleging that the service" provided by Dream11 "is that of betting/gambling/wagering", court papers stated.

Persons: Dream11, Aditya Kalra, Susan Fenton Organizations: Tiger Global, Reuters, Thomson Locations: DELHI, Mumbai

☆ Getir emerged as a tentative winner in Europe's pandemic-fueled rapid-delivery sector. But it still faces sizable threats.
▼ + stars: | 2023-09-18 | by ( Riddhi Kanetkar | Callum Burroughs | ) www.businessinsider.com time to read: +8 min

In March 2022, Nazım Salur invited thousands of Getir employees to a Zoom meeting to celebrate its newfound "decacorn" status. However, as soaring inflation and rising interest rates began to hobble the tech sector, investors became far less forgiving of businesses that had oriented themselves more toward growth than sustainability. In December 2021, The Guardian reported that Getir had offered customers a deal where they could get £15 off if they spent £16. About 21 rapid-delivery startups were operating across Europe in 2021, with Getir joined by the German outfits Gorillas and Flink, as well as the British startup Zapp. Getir tentatively emerged as the winner in the rapid-delivery sector when it bought its main competitor, Gorillas , in a heavily discounted deal for $1.2 billion in December.

Persons: Nazım Salur, Nazım, Getir, Blok, London's, Alexi Rosenfeld, they've, Adam Neumann, Michael Moritz Organizations: Tiger Global, Mubadala, Financial Times, Getir, TechCrunch, Guardian, DST Global, Gorillas, Abu Dhabi Growth Fund, Google, PayPal Locations: Spanish, Berlin, Turkey, Turkish, Germany, Netherlands, Istanbul, Turkey's, Europe, British, Abu Dhabi

The new round, led by T. Rowe Price, could mark the last round of private funding as the data company gears up for the public market. Chipmaker Nvidia (NVDA.O), another beneficiary of the AI boom, and credit card firm Capital One Financial (COF.N), also participated in the latest funding round. AI, the latest buzzword in the technology space, has captivated the interest of investors from Silicon Valley to Wall Street. Its latest valuation is over 13% more than the $38 billion the San Francisco-based company was worth after its last fundraise in 2021. The company has raised $4 billion since inception.

Persons: Rowe Price, Ali Ghodsi, Ghodsi, Andreessen Horowitz, Baillie Gifford, Morgan, Weeks, Databricks, Niket, Krystal Hu, Dhanya Ann Thoppil Organizations: Nvidia, Reuters, Fidelity Management & Research, Tiger Global, Thomson Locations: Silicon Valley, Wall, Francisco, Bengaluru, Hong Kong

☆ Inside the struggles at Calibrate, a new kind of weight-loss startup that's facing a mountain of patient complaints and refunds
▼ + stars: | 2023-09-05 | by ( Rebecca Torrence | ) www.businessinsider.com time to read: +19 min

Weight-loss startup Calibrate has struggled to get patients access to buzzy drugs like Ozempic. Kenyon's startup Calibrate, which she launched in June 2020, is one of the healthcare companies feeding the frenzy. CalibrateThe company is now running up against several massive challenges: Weight-loss drugs are expensive and in short supply, and health insurers are increasingly reluctant to pay for them. Kenyon said about 20% of Calibrate members do not have coverage for weight-loss medications, and around half of those people request refunds from Calibrate. Want to tell us about your experience with Calibrate or weight-loss drugs?

Persons: lightbulb, Isabelle Kenyon, Kenyon, Jenny Craig, OptumRx, She's, she's, Saxenda, —, weren't, It's, they've, Holly, hadn't, hasn't, Claire Rosenzweig, Rosenzweig, it's, Andrew Kelly, Shelby Livingston, Rebecca Torrence Organizations: New, Tiger Global, Founders Fund, Optum Ventures, FedEx, Food and Drug Administration, Jefferies, Better Business Bureau, BBB, Better Business, Metropolitan New, Better, Apple, Businessolver, Optum, UnitedHealth, Employees, REUTERS, Madryn Asset Management, SM Ventures, Ventures Locations: America, New York, Danish, GLP, Florida, Metropolitan New York, slivingston@insider.com, rtorrence@insider.com

☆ Exclusive: Deel, a $12 billion HR startup, is contemplating an acquisition of competitor Papaya Global
▼ + stars: | 2023-08-31 | by ( Ben Bergman | ) www.businessinsider.com time to read: +3 min

In the letter, Bouaziz says Deel "may contemplate an acquisition offer" of Papaya Global. "The Deel leadership team and I have been following Papaya Global for quite some time now with great interest," Bouaziz wrote to Papaya's board of directors. A spokesperson for Papaya Global said in a statement that the company is not for sale. Papaya Global is an Israel-based payments processing startup that last raised at a $3.7 billion valuation in 2021 in a round led by Insight Partners and Tiger Global. He also floated the possibility of an eventual full takeover of Papaya Global, which would require the approval of its board.

Persons: Philippe Bouaziz, Bouaziz, Deel, Eynat Guez, Dovi Frances, Guez, Francis, onboarding, Andreessen Horowitz, Emerson, Alexis Ohanian, Elad Gil, Y, Goldman Sachs, Adam Schiff, Julie Su Organizations: Insight Partners, Tiger Global, Global, Coatue Management, Nike, Labor Locations: San Francisco, Israel

☆ Investment firm Tiger Global targeted in 'misinformation attacks' by ex-employee
▼ + stars: | 2023-08-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInvestment firm Tiger Global targeted in 'misinformation attacks' by ex-employeeCNBC's Leslie Picker joins 'Power Lunch' to report on the misinformation attacks against Tiger Global.

Persons: CNBC's Leslie Picker Organizations: Email Investment, Tiger Global

☆ Startup extinction season is going to kick into high gear — and there's likely going to be a bloodbath soon for some of the 50,000 VC-backed startups
▼ + stars: | 2023-08-26 | by ( Vishal Persaud | ) www.businessinsider.com time to read: +4 min

There are more than 50,000 US VC-backed startups, and many will be looking for capital soon. Some startups will be looking for funding in Q4 or be forced to look for a sale or shut down. The startup has followed the typical survival strategy of a desperate startup this year by first cutting costs with layoffs. We all know venture capital funding is tough to come by these days. Venture capital funding was overly abundant in the latter half of 2020 and all of 2021.

Persons: Melia Russell, Rob Price, It's cratered, Kyle Stanford, PitchBook, –, they've, it's, aren't, Stanford Organizations: Morning, US VC, Venture, Stanford, Tiger

On Friday, Tiger Global reached out to its investment partners about the document, which has been seen by venture capitalists, hedge funds and in media circles. “These attacks are packed with lies, which we strongly believe were written and pushed by a disgruntled former employee with whom we parted ways,” Tiger Global said in its letter to investors. It was unclear how far the document has spread, but the Tiger Global letter said the firm has been aware of it for several months. Tiger told investors it had engaged "experts" to help it respond to the allegations in the document, without providing further details. Tiger Global has roughly $50 billion of assets under management, but saw its portfolio significantly trimmed last year as tech stocks faltered.

Persons: Tiger, Helen Coster, Greg Bensinger, Kenneth Li, David Gregorio Our Organizations: Investment, Tiger Global Management, Meta, Spotify, Reuters, New Yorker, Tiger Global, Global, Thomson

Signage and cars are displayed in honor of SentinelOne, a cybersecurity firm’s IPO, outside the New York Stock Exchange (NYSE) in New York City, U.S., June 30, 2021. SentinelOne has hired investment bank Qatalyst Partners to advise on discussions with potential acquirers, including private equity firms, the sources said. Private equity firms have been prolific investors in the cybersecurity sector. In November 2021, an investor consortium led by private equity firm Advent International acquired McAfee Corp for $14 billion. Tech-focused private equity firm Thoma Bravo has also been a serial acquirer in the sector, having bought Ping Identity, ForgeRock, Sailpoint Technologies and Magnet Forensics Inc, among others.

Persons: Brendan McDermid, SentinelOne, Qatalyst, SentinelOne's, Daniel Loeb's, Morgan Stanley, Thoma, Milana Vinn, Anirban Sen, Conor Humphries, Jonathan Oatis Organizations: New York Stock Exchange, REUTERS, SentinelOne, Qatalyst Partners, CrowdStrike Holdings, U.S ., Tiger Global, Sequoia Capital, Insight Partners, Redpoint Ventures, Advent International, McAfee Corp, Tech, Thoma Bravo, Sailpoint Technologies, Magnet Forensics, Thomson Locations: New York City, U.S, View , California, New York, Israel, cybersecurity

☆ Premarket stocks: How China's economic turmoil could hurt your portfolio
▼ + stars: | 2023-08-17 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

Why it matters: “For most of the last two decades, China’s economic growth has been a major driver of the global economy,” said Alex Etra, a strategist at data analytics firm Exante. That means that if China’s economy slows down, global economic growth slows down. ExxonMobil (XOM) may not be doing too much business with China, said Etra, but if Chinese growth slows, that means oil prices go down. Earlier this year, Bank of America compiled a list of the S&P 500 companies with the highest exposure to China. The grand total of all the private wealth in the world fell 2.4% to $454.4 trillion last year, according to the annual Credit Suisse and UBS global wealth report.

Persons: Joe Biden, BlackRock, ”, Alex Etra, Michael Burry’s, Allison Morrow, That’s, Jason Hart, Winn, ” Hart, “, Ramishah Maruf Organizations: CNN Business, Bell, New York CNN, country’s National Bureau of Statistics, ExxonMobil, Apple, Intel, Starbucks, Nike, Bank of America, Las, Qualcomm, Nvidia, Wynn Resorts, WYNN, MGM Resorts, MGM, Funds, PitchBook, Michael Burry’s Scion Asset Management, Moore Capital Management, D1 Capital, Tiger Global, Securities, Exchange, Credit Suisse, UBS, Millionaires, Aldi, Dixie, Winn, CNN Locations: New York, Beijing, China, Ukraine, United States, Aldi, Winn

☆ Hedge funds bought these Chinese technology stocks in the second quarter
▼ + stars: | 2023-08-16 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Big investors took a selective approach to China-based technology stocks in the second quarter, recent regulatory filings suggest. Technology stocks continued their upward trend during the second quarter, including a slew of 2022's China-based tech losers. The fund scooped up a fresh position in e-commerce company JD.com worth nearly $64 million, and bought up China-focused exchange-traded funds KraneShares CSI China Internet (KWEB) and iShares China Large-Cap (FXI) . Other hedge funds raising bets on the company included Third Point's Dan Loeb, while Viking Global's Ole Andreas Halvorsen opened a minor stake worth $77.7 million. Not every investor bet big on the sector during the second quarter.

Persons: David Tepper's, Point's Dan Loeb, Ole Andreas Halvorsen, Baidu, Management's Philippe Laffont, Dan Sundheim, Tiger Global's Chase Coleman, — CNBC's Michael Bloom Organizations: Technology, Reuters, Retail, CSI China Internet, Viking, Li, PDD Holdings, Kanzhun Locations: China, Alibaba

☆ Hedge funds beefed up A.I. bets in the second quarter
▼ + stars: | 2023-08-15 | by ( Samantha Subin | ) www.cnbc.com time to read: +5 min

2023 has been the year for artificial intelligence stocks, and hedge funds in the second quarter beefed up their bets on the growth sector despite its sharp run up this year. Doubling down on Big Tech Despite the uptick in tech shares by the end of the first half, many hedge funds amped up their bets on Alphabet during the second quarter. David Tepper's Appaloosa bet big on AI winners , growing positions in Alphabet, Amazon , Meta Platforms and Microsoft during the period. Betting on chip stocks Nvidia shares have popped 200% as the company triumphs as AI chipmaker to beat this year. Beyond these pure-play AI bets, Coleman added to semiconductor Lam Research .

Persons: Bill Ackman's, Dan Loeb's, David Tepper's, Baupost's Seth Klarman, Philippe Laffont's Coatue, Tiger Global's Chase Coleman, Mark Zuckerberg's, Dan Sundheim's, Ole Andreas Halvorsen, Loeb, Coleman, Sundheim, Baupost, Keith Meister's, Laffont, Yun Li, Sarah Min, Brian Evans Organizations: Big Tech, Microsoft, Tiger Cub, Management, Apple, Amazon, Facebook, Meta, Nvidia, Devices, Viking, Taiwan Semiconductor, Micron Technology, AMD, Intel, Qualcomm, Broadcom, Marvell Technology, Materials, Global, Lam Research, Netflix, Viking Global, NXP Semiconductors, Semiconductor Locations: Apple, Amazon

☆ Hedge funds dump Chinese stocks aggressively as growth outlook dims
▼ + stars: | 2023-08-15 | by ( Carolina Mandl | ) www.reuters.com time to read: +2 min

REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsNEW YORK, Aug 15 (Reuters) - Global hedge funds are "aggressively" selling Chinese stocks amid heightened concerns over the country's property sector and a weak batch of economic data, a Goldman Sachs report on Tuesday showed. "Hedge funds have net sold Chinese stocks in eight of the last ten sessions on the prime book through 8/14," it said, adding its clients divested both their long and short positions. Goldman Sachs, as one of the biggest providers of lending and trading services through its prime brokerage unit to investors, is able to track hedge funds' investment trends. On Tuesday, a broad array of Chinese economic data highlighted intensifying pressure on the economy from multiple fronts, prompting Beijing to cut key policy rates to shore up activity. Hedge funds are increasingly wary of their exposure to China.

Persons: Tingshu Wang, Goldman Sachs, Carolina Mandl, Sonali Paul Organizations: REUTERS, Global, International Trust Co, D1 Capital, Tiger, Carolina, Thomson Locations: Beijing, China, HK, U.S, New York

☆ US hedge funds stampede out of China in Q2
▼ + stars: | 2023-08-14 | by ( Carolina Mandl | ) www.reuters.com time to read: +2 min

The hedge fund slashed its position in Alibaba by roughly 90% from March to June, filings showed. D1 Capital Partners also dumped all its 1.7 million shares - or $176.8 million - in Alibaba, according to documents. Louis Bacon's Moore Capital Management sold over $200 million in shares of Alibaba, exiting its position in the company. Amid those uncertainties, China-focused mutual funds also suffered a net outflow of $674 million in the second quarter. At the end of July, hedge funds' exposure to China was well below five-year averages, Goldman Sachs showed.

Persons: Lucas Jackson, Philippe Laffont, Li Auto, Louis Bacon's, Michael Burry's, Joe Biden, Goldman Sachs, Carolina Mandl, Alison Williams, Cynthia Osterman Organizations: New York Stock Exchange, REUTERS, YORK, D1 Capital, Tiger Global, HK, Coatue Management, Tiger Management, Baidu, KE Holdings, PDD Holdings, D1 Capital Partners, Louis Bacon's Moore Capital Management, Alibaba, Michael Burry's Scion Asset Management, Thomson Locations: New York, U.S, JD.com, Kanzhun, Alibaba, China

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