To The Moon

13F filings were reported this week, and they tell exactly where institutional flows are headed. 

Spoiler alert: smart money flows differently. 

@LumidaWealth

Key Themes

1. The "Great Tech Rotation"

• Berkshire Hathaway made a historic shift, trimming $Apple(AAPL)$ by ~25% while initiating a new $2B+ position in $Alphabet(GOOGL)$

• Tiger Global rebalanced its high-conviction tech bets, adding $Netflix(NFLX)$ and $MongoDB Inc.(MDB)$ while cutting $Meta Platforms, Inc.(META)$

• Appaloosa rotated from mature tech ( $Intel(INTC)$ , $Oracle(ORCL)$ ) to growth semiconductors ( $Advanced Micro Devices(AMD)$ , $Qualcomm(QCOM)$ )

2. Divergent Views on AI Leaders

• Coatue aggressively strengthened its AI stack, adding $Alphabet(GOOG)$ , $Microsoft(MSFT)$, chip design ( $Synopsys(SNPS)$ ), foundry ( $CoreWeave, Inc.(CRWV)$ ), $ARM Holdings(ARM)$ , and equipment ( $Applied Materials(AMAT)$ )

• Bridgewater took the opposite view, slashing $NVIDIA(NVDA)$ by 65% and reducing $Alphabet(GOOGL)$ / $Microsoft(MSFT)$ exposure, rotating to broad-market ETFs ( $iShares Core S&P 500 ETF(IVV)$ )

• Soros Fund made a massive AI bet ( $Amazon.com(AMZN)$ , Google, NVIDIA) but nearly liquidated Tesla entirely

3. Sophisticated Risk Management

• Point72 increased tech exposure while simultaneously shorting indices ( $SPDR S&P 500 ETF Trust(SPY)$ / $Invesco QQQ(QQQ)$ ) as a hedge

• Citadel played volatility through options—buying $Tesla Motors(TSLA)$ calls while trimming index options

• Millennium ran a long-short book (long NVDA/AAPL, short $Palantir Technologies Inc.(PLTR)$ / $UnitedHealth(UNH)$ )

• Millennium and Two Sigma moved from passive ETFs to direct "Mag 7" positions, indicating more active stock selection

4. Full Exit Signals

• TCI (Chris Hohn) completely exited Google after years of ownership, rotating to payments/data stocks ( $Visa(V)$ , S&P Global, $Moody's(MCO)$ )

• Pershing Square and Baupost both marginally reduced tech weight, suggesting valuation concerns

Bottom Line: Most funds remain structurally bullish on AI but are tactically repositioning—taking profits in crowded names (AAPL, NVDA, META) while building concentrated positions in specific AI enablers (semiconductors, cloud infrastructure) and applying varied hedging strategies.

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