"As it turned out, selling a bit of big tech, which, of course, includes the likes of the beloved Magnificent Seven companies, marked some pretty good timing, with the Mag Seven-heavy Nasdaq 100 now down around 8% from its peak in late-October. Not even the great Nvidia ( NASDAQ:NVDA) with a robust beat and raise was able to save the markets from continuing their spill as several red-hot trades continued to go on the retreat."
"Though Alphabet and Apple ( NASDAQ:AAPL), which I previously highlighted as a stock that might be spared in an AI bubble burst, are holding up far better than the S&P 500, I wouldn't be so quick to take profits in the names, especially when you consider the "Warren Buffett premium" slapped on both companies. Of course, Berkshire trimmed its stake in Apple further in the third quarter,"
Major hedge funds and large money managers engaged in significant net selling of big tech in the third quarter, with the Bill & Melinda Gates Foundation cutting its Microsoft stake by nearly 65%. Some investors, including Berkshire Hathaway, established new positions in resilient names like Alphabet. Profit-taking coincided with a pullback in Mag Seven-heavy Nasdaq 100, which declined about 8% from its late-October peak. Nvidia's strong results failed to halt the broader selloff. Alphabet and Apple held up relative to the S&P 500, though Berkshire trimmed Apple, and pricier AI-focused names faced heightened pressure amid ROI and debt concerns.
Read at 24/7 Wall St.
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