US hedge fund second quarter 13F position consolidation: institutions are optimistic about SpaceX and Alphabet, reduce holdings of Nvidia, and switch to AI infrastructure
Comparatively, the US 13F position report for the second quarter shows that a number of hedge funds and sovereign wealth funds drastically adjusted their technology stock layout during the quarter ending June 30. The funds showed a trend of betting on SpaceX, increasing Alphabet, reducing holdings of Nvidia and Broadcom, and migrating to the AI storage and infrastructure sector. SpaceX became one of the most sought after targets by institutions this quarter. The nine institutions that disclosed their holdings all increased or opened new positions, and none of them reduced their holdings.
Among them, Saudi Sovereign Wealth Fund, D1 Capital, and Nvidia have the largest holdings, while many well-known hedge funds such as Altimeter Capital, Viking Global, Tiger Global, and Appaloosa also disclosed their holdings for the first time since SpaceX went public. Alphabet, on the other hand, welcomed centralized increases in positions by large institutions. 11 institutions bought and 6 institutions sold. Berkshire Hathaway has greatly increased Google's holdings, and funds such as Third Point, Duquesne, and Altimeter have also increased their holdings. However, some growth funds, such as Pershing Square, Viking Global, and Tiger Global, chose to reduce or exit positions. Amazon became one of the tech stocks with the biggest institutional differences. A total of 18 funds adjusted their positions this quarter, with buyers and sellers each accounting for 9. Institutions such as Viking Global and Appaloosa increased their holdings significantly, while Pershing Square, D1 Capital, and Tiger Global chose to reduce their holdings.
On the Nvidia and Broadcom side, there has been an increase in institutional holdings reduction signals. A number of funds cut Nvidia's holdings, and D1 Capital, Discovery Capital, and Third Point chose to clear their positions; Broadcom withdrew, and only a few funds increased their holdings. At the same time, capital began to flow to the storage and infrastructure links of the AI industry chain, and Seagate, CoreWeave, and some computing power infrastructure companies received institutional attention. In addition, consumer internet and technology giants such as Uber, Visa, Netflix, and Microsoft have also seen positions adjusted in different directions between agencies.
Among them, Pershing Square created new positions on Netflix, Visa, Mastercard, etc.; Tiger Global drastically adjusted the allocation of growth stocks. Overall, the 13F data for the second quarter shows that some value and macro funds are increasing the allocation of technology assets, while some growth funds are taking advantage of market increases to cash out profits, and the AI investment logic has further spread from chip makers to the storage, computing power, and infrastructure sectors.
