Billionaires Are Selling Nvidia and Buying Up This Stock Instead
Taking profits in chip giant Nvidia (NASDAQ: NVDA) was a popular move among billionaire hedge fund managers in the first quarter, with a number of notable ones reducing their stakes in the company. Given the run the stock has had, it perhaps should be of little surprise that some big-name investors were taking some profits.
Among the billionaires reducing their stakes in Nvidia were Stanley Druckenmiller of Duquesne Capital Management, David Tepper of Appaloosa Management, Paul Tudor Jones of Tudor Investments, and Philippe Laffont of Coatue Management.
Druckenmiller talked about his reason for reducing his stake in Nvidia, saying in a CNBC interview that he still liked Nvidia but that artificial intelligence (AI) might be overhyped in the near term. However, he said the big payoff could be big in four to five years and that AI may be underhyped in the long term.
Source Fool.com
