The dominance of megacap technology stocks, dubbed the “Magnificent Seven,” has become a problem for mutual fund managers seeking to diversify their portfolios. The group — Amazon , Microsoft , Meta , Alphabet, Apple , Nvidia and Tesla — have led the current bull market and 2024’s rally, increasing their representation in market-cap weighted benchmarks
Major hedge funds ditched some of 2024’s leading artificial intelligence names ahead of the third-quarter sell-off, according to regulatory filings. The documents released this week showed a slew of billionaire investors selling off stakes in Nvidia , Alphabet and Meta Platforms , among other key contributors to this year’s market gain. The selling came ahead
Alphabet on Thursday delivered largely better-than expected earnings results that showed the search and cloud giant is finally on better footing in the fast-growing AI space. Total revenue in the three months ended June 30 rose 13.6% year over year to $84.74 billion, outpacing the $84.19 billion expected, according to estimates compiled by data provider
Unybrands, founded in 2020, was one of many players in the then-booming market of Amazon seller aggregators. Companies in the space took advantage of low interest rates and pandemic-driven growth in e-commerce to collectively raise more than $16 billion from top names on Wall Street and in Silicon Valley with the intent of rolling up
Big Tech has been a closely watched theme over the past year, with investors piling into AI poster child Nvidia and the other so-called “Magnificent Seven” stocks: Alphabet , Amazon , Apple , Meta , Microsoft and Tesla . But this heavy focus on just a few stocks has led one portfolio manager to urge
(Bloomberg) — Hedge funds continued to lean into the biggest technology companies leading the way in artificial intelligence as the hype propelled the US stock market higher in the first quarter of the year. Most Read from Bloomberg These institutional investors saw Nvidia Corp. exposure grow, with the AI darling having the biggest increase by
(Bloomberg) — The stock market headed toward its highest level in a month, adding to a rebound that’s been fueled by speculation the Federal Reserve will cut interest rates this year. Most Read from Bloomberg Equities rose as higher-than-estimated in jobless claims reinforced bets on Fed policy easing, with the market also climbing after a
(Bloomberg) — Amazon.com Inc. plans to spend $9 billion expanding its cloud computing infrastructure in Singapore, the latest global tech company to boost investment in Southeast Asia. Most Read from Bloomberg The outlay, to be done over the next four years, doubles Amazon Web Services’ investment in Singapore and helps it meet growing customer demand