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Tiger Global trims megacap tech, adds to Intel, AMD and SpaceX
In its Q2 regulatory filing, the hedge fund cut Alphabet by 45.4%, reduced Nvidia by 6.8%, and more than doubled Intel to 4.25 million shares by end-June.
Tiger Global Management reduced exposure to several heavily owned US technology stocks in the second quarter while taking new positions in Advanced Micro Devices and SpaceX, according to a Reuters report on the hedge fund’s latest regulatory filing via Hedgeweek.
The cuts spanned megacap names including Alphabet, Nvidia, Microsoft, Amazon and Meta Platforms. Tiger Global cut its Alphabet holding by 45.4% to 5.81 million shares by the end of June, while its Nvidia stake fell 6.8% to 11.20 million shares, and Microsoft, Amazon and Meta were also trimmed.
Tiger Global also lowered positions in Broadcom and Taiwan Semiconductor Manufacturing. Its Broadcom exposure was cut by about 51% to 1.75 million shares, and its Taiwan Semiconductor holding was reduced by 12.3% to 4.88 million American Depositary Shares.
While trimming many established technology positions, the hedge fund increased exposure to selected semiconductor companies, more than doubling its Intel stake to 4.25 million shares from 1.64 million at the end of the first quarter. It also established a new AMD position of 674,727 shares valued at about $392 million and disclosed a 375,000-share investment in SpaceX valued at about $64.1 million, and it exited Netflix after previously holding 2.44 million shares worth about $234.5 million at end-March.