Several billionaire money managers have adjusted their portfolios and poured about $1.8 billion into new assets, according to a new report.
Billionaires Philippe Laffont, Stanley Druckenmiller, Chase Coleman, Stephen Mandel and Larry Robbins accumulate AI-focused stocks, reports The motley fool.
The investors specifically targeted US semiconductor and software giant Broadcom (AVGO), purchasing a total of 1,728,646 shares worth approximately $1.47 billion in the third quarter of last year.
The company’s AI revenues have soared in recent months, sending its shares up 125% over the past year.
The wealthy investors have also purchased about 1,749,613 shares of Amazon, worth about $245 million, as the company’s cloud platform Amazon Web Services (AWS) deploys generative AI solutions for customers.
Finally, the billionaires bought 621,445 shares of Taiwan Semiconductor Manufacturing (TSM), worth about $62 million, betting on the world’s largest chip manufacturer.
The billionaires’ new developments in artificial intelligence come as analysts at PwC predict the total addressable market for AI will reach $15.7 trillion by 2030, as the breakthrough technology transforms business and manufacturing worldwide.
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