U.S. hedge funds snap up Nvidia, AMD while exiting Google, Alibaba

Third Point, Tiger Global and Appaloosa recast portfolios for high interest rates, AI

20230817N NYSE trading floor REUTERS

Tech stocks and Chinese firms traded in the U.S. have come under pressure due to rate hikes and the slowing Chinese economy. © Reuters

SHOTA UEHARA and AKI SAKATA, Nikkei staff writers

TOKYO -- The top U.S. investment firms have culled tech and Chinese holdings from portfolios during the last quarter and reallocated funds to the more promising chip sector, according to a Nikkei analysis.

Daniel Loeb's activist fund, Third Point, has reduced its share in Google parent Alphabet by 70%. Tiger Global Management offloaded about half its Alphabet stock holdings and sold its entire stake in Apple.

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