AMZN - Billionaires Are Selling Nvidia Stock and Buying 2 Supercharged Artificial Intelligence (AI) Stocks Instead
2024-04-15 05:00:00 ET
The artificial intelligence (AI) gold rush is in full swing, and Nvidia has been one of the biggest winners thus far. Its chips power the most advanced AI systems, including ChatGPT from OpenAI, and its share price rocketed 230% over the past year. But Goldman Sachs thinks software and services companies could be the biggest beneficiaries in the long run..
Several Wall Street billionaires seem to be thinking along the same lines. The hedge fund managers listed below sold down their positions in Nvidia in the fourth quarter and reinvested capital in AI stocks that fit more neatly into the software and cloud services categories.
Meanwhile, Englander and Cohen purchased shares of Amazon (NASDAQ: AMZN) and Palantir Technologies (NYSE: PLTR) during the fourth quarter, supercharged AI stocks that soared 84% and 170%, respectively, over the past year.
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Billionaires Are Selling Nvidia Stock and Buying 2 Supercharged Artificial Intelligence (AI) Stocks Instead