Tiger Global pares big tech exposure while taking new positions in AMD and SpaceX

Tiger Global Management decreased its exposure to several major US technology firms during the second quarter while simultaneously increasing stakes in AMD and SpaceX, according to a Reuters report based on the firm's latest regulatory filing. The hedge fund reduced positions across a majority of its megacap technology stock portfolio, including Alphabet, Nvidia, Microsoft, Amazon, and Meta Platforms.

It also significantly pared down holdings in Broadcom and Taiwan Semiconductor Manufacturing. The largest reduction was in Alphabet, where Tiger Global trimmed its holding by 45.4% to 5.81 million shares by June's end. Its Nvidia position fell 6.8% to 11.20 million shares. Microsoft holdings were cut by 9.3% to 2.27 million shares, while Amazon fell 3.2% to 9.68 million shares.

Meta saw an 8.5% reduction to 2.82 million shares. Additionally, Tiger Global more than halved its Broadcom position, cutting it by around 51% to 1.75 million shares, and lowered its Taiwan Semiconductor share to 4.88 million American Depositary Shares by 12.3%. These moves suggest a concerted effort to reduce exposure to some of the most heavily owned technology stocks following a strong sector run.

However, Tiger Global boosted its semiconductor exposure, doubling its Intel holdings to 4.25 million shares from 1.64 million in Q1. The firm also established a new investment in AMD, owning 674,727 shares worth approximately $392 million as of June. A 375,000-share investment in SpaceX, valued at around $64.1 million at quarter-end, was also disclosed.

The hedge fund had also exited Netflix, with its previous holdings of 2.44 million shares, valued at approximately $234.5 million at the end of March, no longer being held by the second quarter's conclusion.