Tiger Global Management, Pershing Square, and Third Point are among the hedge funds to have upped their bets on big technology stocks, even as the sector stumbled slightly in the third quarter, according to a report by Reuters.
The report cites new regulatory filings as showing that tech majors including Amazon, Microsoft, and Meta Platforms attracted additional hedge fund interest in Q3 having fuelled broad market gains so far this year.
Tiger Global Management, increased its holding of Nvidia, whose semiconductors back artificial-intelligence systems, by 77% during the third quarter as well as upping its bet on Alphabet by 40%. The firm also raised its Meta investment by 4%, upped its bet on Microsoft by 8% and increased its Amazon stake by 6.5%.
Bill Ackman’s Pershing Square Capital Management raised its stake in Alphabet Inc Class A shares by nearly 100% to own 4.4 million shares at the end of the quarter, while Daniel Loeb’s Third Point made a new bet on Meta, and ended the quarter owning 1.1 million shares.
Coatue Management upped its position in Meta by 9% to own 6.2 million shares, while Glen Kacher’s Light Street Capital increased its position in Amazon by 5%, and Ratan Capital Management increased its Amazon holding by 72% and boosted its Meta stake by 67%. The fund also took a new position in Alphabet, and reported a 20,000 share stake on September 30.