Chipmaker Nvidia (NASDAQ: NVDA) has created substantial shareholder value in recent months. The stock has soared 517% since the beginning of 2023 amid surging interest in artificial intelligence (AI). But several billionaire hedge fund managers sold down their positions in Nvidia during the fourth quarter, while purchasing other AI stocks.
Those three billionaires have two important traits in common. They rank among the 15 most successful hedge fund managers in history, and they beat the S 500 (SNPINDEX: ^GSPC) over the past three years. Those qualities lend them credibility.
With that in mind, all three hedge fund managers bought shares of Amazon (NASDAQ: AMZN) in the fourth quarter. Englander and Tepper also started positions in (NYSE: HUBS). Those companies have already achieved a strong presence in certain AI markets -- Amazon in cloud AI developer services, and HubSpot in AI sales assistant software -- but both are leaning into AI product development in a way that could create more shareholder value.
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Forget Nvidia: Billionaires Are Selling It and Buying 2 Top Artificial Intelligence (AI) Stocks Instead - sharewise
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