NVDA - Forget Nvidia: Billionaires Are Buying Up This Artificial Intelligence (AI) Stock Instead
2024-07-10 05:02:00 ET
The mega-hype surrounding Nvidia 's (NASDAQ: NVDA) 10-for-1 stock split and its brief stint as the most valuable company on the market is in the past, but Nvidia still might be the most closely followed stock in the investing community today.
However, since it has gained nearly 700% over the past two years, some investors are concerned about how much higher it can go in the near term. Several billionaires have been pocketing some of their gains and using them to fund other investments that might have more near-term fuel.
Some examples are Israel Englander of Millennium Management, who sold 2,409,326 shares of Nvidia in the 2024 first quarter, or 64% of his fund's position; Ken Griffin of Citadel, who sold 883,563 shares, or 43% of his position; and John Overdeck and David Siegel of Two Sigma, who sold 451,464 shares, or 77% of their position.
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Forget Nvidia: Billionaires Are Buying Up This Artificial Intelligence (AI) Stock Instead