Hedge Funds Took Profits in Nvidia, Best Performing S&P 500 Stock in 2023

• Hedge funds are starting to take profits in their Nvidia stakes, according to recent 13F filings.
• Nvidia is the best performing S&P 500 stock in 2023, surging 234% year-to-date.
• Hedge funds linked to Dan Loeb, George Soros, and Stanley Druckenmiller trimmed or sold all of their Nvidia stock.

Nvidia is the best performing S&P 500 stock in 2023, and some hedge funds are starting to take profits and sell shares, according to third-quarter 13F filings with the Securities and Exchange Commission this week. 

The semiconductor company has soared 234% year-to-date and eclipsed a $1 trillion market valuation on the back of strong demand for its H100 chips used to power the boom artificial intelligence technology. 

Earlier this year, hedge funds bought up Nvidia stock to increase their exposure to the fast-growing AI market. And some hedge funds are still purchasing shares, with investment firms tied to Bill Gates and Ray Dalio buying Nvidia in the third-quarter.

But as Nvidia stock soars to dizzying heights in 2023, hedge funds tied to Dan Loeb, George Soros, and Stanley Druckenmiller are ringing the register and realize profits by trimming their exposure. 

These are the notable hedge funds that sold some or all of their Nvidia stake in the third-quarter of 2023.

1. Third Point

Change in Nvidia shares: Sold all 500,000 shares worth as much as $251.3 million
Percent of portfolio: 0%
Prior quarter percent of portfolio: 3.1%
Nvidia first purchased by fund: Second quarter of 2023

2. Duquesne Family Office

Change in Nvidia shares: Sold 75,419 shares worth as much as $37.9 million
Percent of portfolio: 13.7%
Prior quarter percent of portfolio: 14.0%
Nvidia first purchased by fund: Fourth quarter of 2022

3. Soros Fund Management

Change in Nvidia shares: Sold all 10,000 shares worth as much as $5.0 million
Percent of portfolio: 0%
Prior quarter percent of portfolio: 0.07%
Nvidia first purchased by fund: Second quarter of 2023

4. Renaissance Technologies

Change in Nvidia shares: Sold 646,617 shares worth as much as $325.0 million
Percent of portfolio: 0.90%
Prior quarter percent of portfolio: 1.13%
Nvidia first purchased by fund: First quarter of 2023

5. Lone Pine Capital

Change in Nvidia shares: Sold all 641,649 shares worth as much as $322.5 million
Percent of portfolio: 0%
Prior quarter percent of portfolio: 2.5%
Nvidia first purchased by fund: Second quarter of 2023

6. Tairen Capital

Change in Nvidia shares: Sold all 506,947 shares worth as much as $254.8 million
Percent of portfolio: 0%
Prior quarter percent of portfolio: 6.8%
Nvidia first purchased by fund: First quarter of 2023