Hedge funds dialed back their exposure to Tesla, Alphabet and Apple last quarter, while Microsoft remained the most popular stock.
Stock-picking hedge funds have become more selective on megacap technology stocks after their drastic rallies, according to VerityData. The research firm identified "fundamental" hedge funds that disclosed 10 to 300 holdings and aggregate holdings of at least $100 million in recent 13F filings. The firm analyzed about 560 hedge funds with disclosed equity holdings totaling approximately $790 billion and identified the companies that most frequently appear among the largest 10 holdings.
Its advertising revenue grew 24% in the first quarter, outpacing retail and cloud computing. The stock is up roughly 20% this year. Several hedge funds also flocked to Nvidia despite its jaw-dropping advance over the past year, the data said. All eyes are on the chipmaker's quarterly earnings report on Wednesday as year-over-year revenue growth is expected to top 200% for a third straight period. Nvidia shares are up more than 90% this year after soaring nearly 240% in 2023.
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