AMZN - Billionaires Are Selling Nvidia Stock and Buying 2 Red-Hot Artificial Intelligence (AI) Stocks Instead
2024-05-03 05:12:00 ET
For many investors, Nvidia is the quintessential artificial intelligence (AI) stock. Its graphics processing units power many of the most advanced AI systems, and the company holds over 80% market share in AI processors. In short, from a semiconductor perspective, Nvidia is almost single-handedly enabling the AI boom. That drove shares 239% higher in 2023.
Even so, the hedge fund billionaires listed below sold down their positions in Nvidia during the fourth quarter, while simultaneously redeploying capital across Palantir Technologies (NYSE: PLTR) and Amazon (NASDAQ: AMZN) , two red-hot AI stocks up 191% and 77%, respectively, in the past year.
The three fund managers discussed above outperformed the S&P 500 during the three-year period that ended in December 2023. That provides investors with additional incentive to consider their recent purchases. Are Palantir and Amazon still worth buying?
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Billionaires Are Selling Nvidia Stock and Buying 2 Red-Hot Artificial Intelligence (AI) Stocks Instead