Billionaire investor George Soros has bet big on chipmaker Nvidia (NVDA) in recent months.
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The latest 13F regulatory filing of Soros Fund Management shows that the legendary investor boosted his stake in Nvidia considerably during this year’s second quarter. Soros’ holding of NVDA stock rose from 17,500 shares in this year’s first quarter to 103,000 shares at the end of June. The current stake is valued at $18.5 million based on Nvidia’s share price.
However, Soros also holds bullish call options on NVDA stock, which are bets that the share price will rise. Add in the call options, and Soros’ stake in Nvidia is up an astounding 1,600% from the first quarter. Nvidia is one of the biggest technology bets made by Soros Fund Management.
Other Bets
However, Nvidia wasn’t the only tech bet made in Q2 by George Soros, who famously made $1 billion betting against the British currency in the early 1990s. The famed investor also loaded up on artificial intelligence (AI) infrastructure company Broadcom (AVGO), another chipmaker. Soros raised his holdings of AVGO stock to 37,000 shares from 11,000 shares previously.
Soros Fund Management also added to its financial technology exposure through Fiserv (FI), increasing its stake to 31,000 shares from just 15,000 shares in Q1 of this year. Fiserv is a financial technology company that helps to facilitate transactions at banks. It is using AI in fraud detection and other areas of banking.
Is NVDA Stock a Buy?
The stock of Nvidia has a consensus Strong Buy rating among 38 Wall Street analysts. That rating is based on 35 Buy, two Hold, and one Sell recommendations issued in the past three months. The average NVDA price target of $191.26 implies 6.56% upside from current levels.
