Hedge funds made some big moves in Nvidia (NVDA) and Amazon (AMZN) during the second quarter. Some funds added millions of shares, while others cut their holdings or exited altogether. Renaissance Technologies stood out on the buying side, while Ray Dalio’s Bridgewater Associates and Bill Ackman’s Pershing Square (PS) reduced their Amazon positions.
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Explore AMZO for 2X short leverage on AMZNRenaissance Technologies Increased Its Nvidia Holdings
Renaissance Technologies made one of the biggest Nvidia bets in Q2. The fund increased its position by about 180%, from 2.53 million shares to 7.09 million shares. The stake was worth about $1.42 billion at the end of June.
Soros Capital also raised its Nvidia holding by more than 540%, although the position was much smaller. It grew from 12,000 shares to 77,000 shares.
Other funds were less bullish. D1 Capital sold its entire 1.57 million-share Nvidia position. Discovery Capital and Third Point also exited their Nvidia holdings. Iconiq Capital made another large cut, reducing its position by about 87%, from 1.1 million shares to 142,000.
Meanwhile, Point72 Asset Management, Rokos Capital Management, and Whale Rock Capital Management also reduced their Nvidia stakes.
Amazon Drew Heavy Buying and Selling From Hedge Funds
Amazon also saw heavy buying and selling during Q2. Viking Global more than tripled its position, raising its stake from 1.2 million shares to 3.7 million. Duquesne made an even larger percentage increase, taking its position from 46,000 shares to 542,000. Baupost Group, Appaloosa Management, and Altimeter Capital also increased their Amazon holdings.
Renaissance Technologies added 2.29 million Amazon shares, worth about $546 million at the end of the quarter.
The selling was just as notable. Bridgewater cut its Amazon stake by more than half, from 4.39 million shares to 2.03 million. Pershing Square reduced its position from 11.5 million shares to 8.6 million shares.
D1 Capital also cut its Amazon holding, from 1.81 million shares to 628,000. Soros Fund and Iconiq Capital reduced their positions as well.
NVDA vs. AMZN: Which Stock Do Analysts Prefer?
Wall Street remains bullish on both Nvidia and Amazon, with both stocks carrying a Strong Buy consensus. Nvidia has an average price target of $309.94, implying 40.66% upside from current levels. Amazon’s average price target is $333.31, pointing to 27.98% upside.
Nvidia therefore has the higher upside potential based on current analyst price targets.
