Recently, a report revealed that several billionaire money managers have made significant changes to their portfolios, investing approximately $1.8 billion in new assets.
Notable billionaires such as Philippe Laffont, Stanley Druckenmiller, Chase Coleman, Stephen Mandel, and Larry Robbins have shown a keen interest in AI-focused equities, as reported by The Motley Fool.
One of their major investments includes US semiconductor and software giant Broadcom (AVGO), with a collective purchase of 1,728,646 shares valued at approximately $1.47 billion in the third quarter of the previous year. Broadcom’s AI revenue has experienced significant growth, leading to a 125% increase in its stock price over the past year.
Additionally, these billionaire investors have acquired around 1,749,613 shares of Amazon, totaling about $245 million. Amazon’s cloud platform, Amazon Web Services (AWS), is actively incorporating generative AI solutions for its customers, making it an attractive investment option.
Furthermore, the billionaires have also invested in Taiwan Semiconductor Manufacturing (TSM) by purchasing 621,445 shares worth approximately $62 million. This move reflects their confidence in the world’s largest chip manufacturer and its future prospects.
These strategic investments in artificial intelligence align with PwC analysts’ projections, forecasting the total addressable market for AI to reach $15.7 trillion by 2030. This transformative technology is expected to revolutionize various industries and manufacturing processes worldwide.
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Image Source: Midjourney