Investors expand bets on tech stocks as sector still fuels market gains -filings
By Svea Herbst-Bayliss
NEW YORK (Reuters) — Several hedge funds expanded their bets on big technology stocks including Amazon (NASDAQ:AMZN), Microsoft (NASDAQ:MSFT) and Meta Platforms (NASDAQ:META) even as these companies stumbled some during the third quarter after having fueled broad market gains this year, new regulatory filings show.
Tiger Global Management, a widely watched fund in the investment world, increased its holding of Nvidia (NASDAQ:NVDA), whose semiconductors back artificial-intelligence systems, by 77% during the third quarter. It boosted its bet on Alphabet (NASDAQ:GOOGL) by 40%, the filings show.
The firm also raised its Meta investment by 4%, boosted its bet on Microsoft by 8% and increased its Amazon stake by 6.5%.
Tiger Global and other hedge funds nursed heavy losses in 2022 when technology stocks skidded lower. But many fund managers put more money to work in the sector this year when seven big tech stocks raced higher, playing a critical role in helping the broader stock market recover after last year's drop.
Coatue Management, founded by Philippe Laffont, increased its position in Meta by 9% to own 6.2 million shares on September 30, the filings show.
Glen Kacher's Light Street Capital increased its position in Amazon by 5% after having reported a new position in the online retailer in the second quarter.
Ratan Capital Management reported even bigger increases, saying it increased its Amazon holding by 72% and boosted its Meta stake by 67%. The fund also reported a new position in Alphabet, saying it owned 20,000 shares on September 30.
Goldman Sachs reported in late August that hedge funds held record exposure to the seven biggest tech stocks by market capitalization.
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