Steph McGovern

They exited $5.8 billion worth of Nvidia, but that was about having money to be able to reallocate other areas of the AI ecosystem.

Yes, exactly.

So when we look at these startup investors, you know, they put a lot of money into the pre-IPO space, into these companies before they make a lot of their gains post-IPO.

And so, you know, how they think about the startup space and then how they think about the public market space could be expressed a little bit differently.

When we look at SoftBank, to your point, they did make that rotation to invest more into open AI.

So the 13 Fs give us some clarity in how these money managers think and what they do, but it really doesn't show us everything.

It doesn't show us intentionality.

It doesn't show us shorts.

and it doesn't show us other types of hedges against a position.

So we do have a limited point of view.

We'll take that because hedge funds are so secretive and so private, but it is somewhat of a very specific insight.

Great context.

What is the context around Alphabet and the buying by Berkshire Hathaway?

Yes, so when we look at Alphabet, a huge position for them, 18 million shares worth about $5 billion as of the end of the third quarter.

Now, that means it is the 10th biggest holding for Berkshire Hathaway, sizable, but it also gives you a sense of just how much money this firm puts to work.

Its biggest holding is still Apple.

They did trim that stake by 15%, but it still holds about a quarter of the portfolio exposure.

So it's likely less of a directional view, perhaps more of a rotation of the portfolio to manage its exposure.

But when we see a brand new position and a sizable one, like an Alphabet Google, then it does suggest that there might be a lot of bullishness as to that stock.

Love having the hedge fund perspective from you, Hema, across our world of tech.