George Soros Loads up on AI Chip-Makers Nvidia and AMD; Sells Salesforce and Snowflake

marketwatch2023-08-14

Billionaire investor George Soros loaded up on shares of AI chip makers while dumping stakes of some large cloud software names, according to a Securities and Exchange Commission filing late Friday.

In the quarterly filing, Soros Fund Management reported a new 250,000-share position in Advanced Micro Devices Inc. $(AMD)$, while acquiring 10,000 shares of Nvidia Corp. $(NVDA)$. And Soros bought 10,000 shares of Microsoft Corp. $(MSFT)$, which is heavily invested in OpenAI's ChatGPT generative artificial intelligence.

Earlier in the summer, Soros wrote, "I am instinctively opposed to AI, but I don't know how it can be stopped"

Meanwhile, Soros shed his entire 170,000-shares stake in Salesforce Inc. $(CRM)$, and he sold 38,500 shares in Snowflake Inc. (SNOW).

Soros also increased his respective stakes in cybersecurity companies Cloudflare Inc. $(NET)$ by 200% to 600,000 shares, Okta Inc. (OKTA) by 94% to 971,000 shares, and Rapid7 Inc. $(RPD)$ by 105% to 8.2 million shares.

Soros increased his stake in Amazon.com Inc. $(AMZN)$ by 8.9% to just over 769,000 shares, while cutting his stake in Walmart Inc. $(WMT)$. His fund also shed positions in Netflix Inc. $(NFLX)$ and Goldman Sachs Group Inc. $(GS)$.

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