Billionaires Are Selling Nvidia Stock and Buying an Index Fund That Could Soar 43%, According to a Wall Street Analyst
Artificial intelligence has been the dominant investing theme for the last two years, and Nvidia has stolen the spotlight. The company reported triple-digit sales growth in the last five quarters, and shares have surged more than sevenfold since January 2023, making it the best-performing stock in the S&P 500 (SNPINDEX: ^GSPC) during that period.
However, artificial intelligence is not the only theme investors should explore. The hedge fund managers listed below (all of whom are billionaires) sold Nvidia stock in the second quarter while buying shares of the iShares Russell 2000 ETF (NYSEMKT: IWM), an index fund that tracks the small-cap Russell 2000.
Importantly, Ken Griffin and David Shaw run the best-performing hedge funds as measured by net gains since inception. Neither fund manager closed their position in Nvidia, so we can't assume they have lost confidence in the chipmaker. But we can assume they are bullish about small-cap stocks.
Source Fool.com