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Investing.com – Thanks to the boom in artificial intelligence, hedge fund investments in 8 stocks linked to this technology have generated significant profits, writes Business Insider.
According to a report that examined the positions of 744 hedge funds that had $2.4 trillion in stocks by the start of the third quarter, in the first 5 months of the year, stocks of several largest-cap AI tech companies led the way in the index, to much to the delight of hedge fund managers.
Goldman Sachs found that the 5 most popular hedge fund stocks, as measured by how often they are in the top 10, are the tech giants that have been successful in 2023: Amazon (AMZN), Microsoft (NASDAQ:), Meta Platforms* (META), Alphabet (NASDAQ:) and Nvidia (NASDAQ:). However, then Big Tech stalled, while the rest of the market caught up with them in growth.
Renewed optimism about economic growth has seen stocks in economically sensitive sectors perform even better, with hedge funds betting large and well-timed on those companies that boosted their earnings in the second quarter through tech and other defensive stocks. Therefore, in each of the last 4 quarters, hedge funds have gradually moved towards cyclical assets. However, this does not detract from the interest in the 8 winners in the AI race that hedge funds still like.
Among these promotions:
1. NVIDIA Corporation (NASDAQ:), a chipmaker owned in June 2023: 142 hedge funds, up 48 from December 2022.
2. Microsoft Corporation (NASDAQ:), a systems software maker with 212 hedge funds holding shares in June 2023, up 20 from December 2022.
3. Meta Platforms* (NASDAQ:), a company offering its interactive media platform services, with 184 hedge funds holding shares as of June this year, up 18 from December 2022.
4. Amazon.com Inc (NASDAQ:), an online retailer with 207 hedge funds holding shares in June 2023, up 17 from last December.
5. Credo Technology Group Holding Ltd (NASDAQ:), a semiconductor maker, owned by 24 hedge funds in June this year, up 12 from last December.
6. Adobe Systems Incorporated (NASDAQ:), an application software company, was owned by 96 hedge funds in June 2023, up 9 from December 2022.
7. Marvell Technology Inc (NASDAQ:), a semiconductor company with 66 hedge funds holding shares this June, up 5 from last December.
8. Salesforce Inc (NYSE:), an application software company with 106 hedge funds holding shares this June, up 2 from last December.
*Meta is recognized as a terrorist organization in Russia and banned
— Materials from Business Insider were used in the preparation
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2023-08-23 10:28:00
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