Several billionaire money managers have modified 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 are accumulating AI-centered equities, reports The Motley Fool.
The investors have specifically targeted US semiconductor and software giant Broadcom (AVGO), purchasing a total of 1,728,646 shares valued at about $1.47 billion in the third quarter of last year.
The firm’s AI revenue has surged in recent months, powering a 125% rise in the stock over the last year.
The wealthy investors have also purchased roughly 1,749,613 shares of Amazon, worth about $245 million, as the company’s cloud platform Amazon Web Services (AWS) implements generative AI solutions for customers.
Lastly, the billionaires have bought 621,445 shares of Taiwan Semiconductor Manufacturing (TSM), worth about $62 million, betting on the world’s largest chip manufacturer.
The billionaires’ new plays in artificial intelligence come as analysts at PwC forecast the total addressable market for AI will hit $15.7 trillion by 2030, as the groundbreaking technology transforms business and manufacturing worldwide.
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