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

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.

United States United States Latest News, United States United States 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 »