In addition to "legacy" companies such as Microsoft and Amazon, where he said he has built considerable competitive advantages, Loeb also targeted other companies.
Dan Loeb, founder of hedge fund Third Point, recently said he had built a "substantial" stake in Google parent Alphabet during the first quarter of this year.
According to Loeb, nearly half of his portfolio is now tied to the theme of artificial intelligence in some way. This announcement emerged from a new letter to investors, in which Loeb expressed his enthusiasm for the transformative potential of AI and highlighted how it is a key element of his company’s investment thesis.
In addition to "legacy" companies such as Microsoft and Amazon, where he said he had built considerable competitive advantages, Loeb also focused on other companies such as London Stock Exchange Group, Alphabet, and Taiwan Semiconductor Manufacturing, whose growth has mainly driven by AI. Loeb’s interest in Alphabet is also highlighted by his previous equity position in the company, which he reduced in the fourth quarter of 2023 following a remarkably successful period in 2023.
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According to Loeb, Alphabet has an advantage in both distribution and technology over its competitors and is well positioned to capitalize on its artificial intelligence capabilities to improve effectiveness and better monetize its products. Alphabet, which also includes YouTube, posted another significant 17% increase in 2024, following an impressive 58% the previous year.
In the first quarter, Third Point also increased its investment in Taiwan Semiconductor, an initiative launched in May of the previous year. Loeb expects that in the years ahead, the combination of a cyclical recovery and growing structural demand for AI will contribute to significant earnings growth for the company.
Third Point, with assets under management totaling $11.5 billion as of March, thus demonstrates a strong commitment to the AI sector and confidence in its growth potential.
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Original article published on Money.it Italy 2024-05-18 07:23:00. Original title: Le tre azioni su cui sta puntando il fondo hedge di Dan Loeb
