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George Soros and Stanley Druckenmiller\u2019s investment firms trimmed their holdings in \u201cMagnificent Seven\u201d stocks before this year\u2019s ebullient run-up in technology companies gave way to a major downturn in mid-July.<\/p>\n
Soros Fund Management sold some of its stake in Alphabet<\/a> Inc. totaling $58 million, and about $15 million of Amazon<\/a>.com Inc., according to regulatory filings for the three months ended in June.\u00a0<\/p>\n Druckenmiller was among investors paring stakes in Nvidia<\/a> Corp., the chipmaker whose soaring price accompanied investor fervor for artificial intelligence companies. His Duquesne Family Office sold more than 1.5 million shares, filings show.<\/p>\n David Tepper\u2019s Appaloosa Management, meanwhile, cut its holdings of Amazon, Microsoft<\/a> Corp. and Meta Platforms<\/a> Inc. \u2014 three of its largest positions \u2014 continuing similar cuts reported at the end of March. David Bonderman\u2019s Wildcat Capital Management also sold out of his Meta position, dumping shares worth $24 million in the quarter.<\/p>\n The filings point to how investors captured some of the benefits of the run-up before a benign economic outlook took a gloomier turn, with the Nasdaq<\/a> 100 slumping 14% in the four-week period beginning July 10. The \u201cMagnificent Seven\u201d \u2014 which includes Alphabet, Apple<\/a> Inc., Tesla<\/a> Inc., Microsoft, Amazon, Meta and Nvidia \u2014 had been emblematic of the rally, reflected in the Bloomberg Magnificent 7 Price Return Index, which rose 17% in both the first and second quarters.\u00a0<\/p>\n Speaking in a CNBC interview in May, Druckenmiller \u2014 who earlier spent more than a decade as Soros\u2019 chief strategist \u2014 suggested the artificial intelligence boom may be \u201cover-hyped\u201d in the short term.<\/p>\n Funds with more than $100 million or more must file disclosures about their US holdings within 45 days of the end of each quarter. The disclosures portray holdings of secretive money managers, including at hedge funds and large family offices that clear the threshold. Still, the picture is incomplete as documents omit most derivatives and short positions.<\/p>\n Other highlights include:<\/p>\n\n
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