Dan Loeb Invests $411 Million in Apple, Keeps Amazon as Top Holding
- Dan Loeb invested $411 million in Apple and kept Amazon as his top holding.
- Third Point's hedge fund revealed a significant position in Apple in the second quarter.
- This investment showcases Loeb's confidence in Apple's potential growth.
In a recent regulatory filing, Dan Loeb's hedge fund, Third Point, revealed a significant investment in Apple, acquiring a stake worth $411 million in the second quarter of 2024. This move positions Apple among Loeb's top ten holdings, marking a renewed interest in the tech giant after a brief ownership in 2016. Loeb's growing optimism about artificial intelligence (AI) is evident, as he noted that nearly half of his portfolio is now linked to this emerging technology. Amazon continues to dominate Third Point's portfolio, remaining the hedge fund's largest holding with a valuation of $986 million as of the end of June. Meanwhile, Microsoft and Meta occupy the third and fourth positions, despite Loeb reducing his stakes in both companies by approximately 10% last quarter. This strategic adjustment reflects a broader trend in Loeb's investment approach, focusing on companies poised for growth in the AI sector. Additionally, Loeb significantly increased his investment in Taiwan Semiconductor Manufacturing Company (TSMC), boosting his stake by 72% last quarter. TSMC is now the tenth largest holding in Third Point's portfolio, underscoring Loeb's belief in the company's potential for substantial earnings growth driven by a combination of cyclical recovery and increasing demand for AI technologies. Loeb's investment strategy highlights a clear pivot towards AI-related companies, positioning Third Point to capitalize on anticipated advancements and market shifts in the technology landscape.