David Tepper’s Appaloosa hedge fund piles into host of A.I.-related stocks

  • 📰 CNBC
  • ⏱ Reading Time:
  • 24 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 72%

Business News News

Business Business Latest News,Business Business Headlines

Appaloosa Management's David Tepper last quarter doubled down on several stocks tied to the artificial intelligence boom, a filing revealed.

Appaloosa Management's David Tepper doubled down on several stocks tied to the artificial intelligence boom in the last quarter, a new regulatory filing revealed. The hedge fund manager hiked his stake in Nvidia drastically, making it his biggest holding at the end of June, worth $432 million. The chipmaker has been this year's biggest AI winner with shares rallying nearly 200% on the back of its blowout forecast of future demand.

Alphabet's Google unit recently announced it will bring AI features to its signature search engine. Microsoft has announced a multiyear, multibillion-dollar investment in ChatGPT maker OpenAI. Meta recently unveiled its own AI computer chips . Tepper, 65, also bought into several semiconductor companies that manufacture advanced chips. AMD , Intel , Qualcomm , Marvell, Broadcom and Taiwan Semiconductor all appeared in his portfolio last quarter.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Airbnb mega-hosts: How large management companies can affect your travel experienceMega-hosts are not mom-and-pop homeowners trying to earn extra income. They’re large management companies, some with hundreds of properties in their portfolios
Source: MarketWatch - 🏆 3. / 97 Read more »

Activist investor Elliott Investment Management dissolves stake in PayPalActivist investor Elliott Investment Management has dissolved its stake in payments giant PayPal , according to a filing with the U.S. Securities and Exchange Commission.
Source: Reuters - 🏆 2. / 97 Read more »