'Uber crowded' trades from professional investors are crushing the market, Jefferies says

Professional investors' high-conviction bets have paid off this year, significantly beating the S & P 500 , according to Jefferies. The Wall Street firm looked at recent regulatory filings from hedge funds and long-only fund managers and found the most-popular holdings among both groups, dubbed "uber crowded" trades, are up 17.4% year to date. Meanwhile, the S & P 500 is about 10% higher this year.

Microsoft is another red-hot AI bet as the company recently expanded a multiyear, multibillion-dollar investment in ChatGPT maker OpenAI, marking the third phase of their partnership. Microsoft shares are up about 39% in 2023. Meanwhile, Meta Platforms, whose shares have soared more than 125% in 2023, has touted its own AI computer chips . Nvidia was also well-loved by hedge funds and long-only managers.

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