Billionaire investor George Soros was bullish on mega-cap technology stocks in this year’s third quarter, increasing his stake in Google parent company Alphabet (GOOGL) by 2,300%.
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Soros Fund also boosted its stake in Apple (AAPL) by 1,555% and made e-commerce giant Amazon (AMZN) its largest holding, representing 8% of the investment portfolio that has $6.32 billion of assets under management (AUM).
The stocks of GOOGL, AAPL and AMZN were the worst-performers among the so-called “Magnificent Seven” technology companies heading into the third quarter. However, all three have since staged rallies. Apple has risen on signs of strong iPhone 17 sales, Alphabet gained after winning an antitrust case, and Amazon has been boosted by robust financial results.
Interestingly, Soros Fund increased its stake in chipmaker Nvidia (NVDA), one of the best-performing tech stocks, by only 1% in Q3.
Soros’ Other Buys
Most of the other stocks bought by Soros Fund in the July through September period were decidedly low-tech. The legendary investor opened new positions in entertainment company Walt Disney Co. (DIS) and chemical producer DuPont de Nemours (DD).
Soros gained fame for his short bet against the British pound in the early 1990s, a trade that reportedly earned him $1 billion in a single day and got him nicknamed “The Man Who Broke the Bank of England.” Soros Fund today mostly finances the investor’s philanthropic efforts.
Soros wasn’t the only well-known investor to take a big position in GOOGL stock during Q3, as Warren Buffett opened a new position in the technology giant over the same time period.
Is GOOGL Stock a Buy?
The stock of Alphabet has a consensus Strong Buy rating among 38 Wall Street analysts. That rating is based on 31 Buy and seven Hold recommendations issued in the last three months. The average GOOGL price target of $312.00 implies 7.82% upside from current levels.
