Cramer's Lightning Round: Papa John's is a 'wait and see situation'
Joby Aviation: "...Joby is good, and I'm going with it."
Arm: "You're in good shape. That's Rene Haas...He is a partner of Nvidia."
Papa John's: "I think it's a wait and see situation with Penegor...at Papa John's. So, I'm not going there yet. I'm not saying yes."
Click here to download Jim Cramer's Guide to Investing at no cost to help you build long-term wealth and invest smarter.Disclaimer The CNBC Investing Club holds shares of Nvidia.
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Form 13Fs provide a way for investors to track which stocks the smartest money managers have been buying and selling. One of Wall Street's top billionaire asset managers is increasing his position in artificial intelligence (AI) titan Nvidia. However, a laundry list of billionaire investors have been paring down or completely exiting their stakes in Nvidia for two years -- and it may have to do with more than just profit-taking. 10 stocks we like better than Nvidia › For the last two and a half years, no trend has captivated more attention or capital from investors than artificial intelligence (AI). With AI, software and systems are capable of making split-second decisions without the need for human intervention. This is a technology with seemingly limitless long-term potential. With AI offering some form of utility in virtually all industries around the globe, the analysts at PwC pegged its worldwide impact on gross domestic product by 2030 at $15.7 trillion. A figure this massive ensures there will be a long list of winners. No company has been a more direct beneficiary of the evolution of AI than Nvidia (NASDAQ: NVDA), whose market cap skyrocketed by more than $3 trillion in less than two years. But what's interesting is how Wall Street's most prominent billionaire money managers have approached Nvidia stock. Specifically, billionaire investors have been selling shares of Nvidia hand over fist... with one notable exception. No later than 45 calendar days following the end to a quarter, institutional investors overseeing at least $100 million in assets are required to file Form 13F with the Securities and Exchange Commission. This filing details for investors which stocks Wall Street's smartest money managers were buying and selling in the latest quarter. Whereas most billionaires have been persistent sellers of Nvidia stock (a topic I'll touch on a bit later), Tiger Global Management's billionaire chief Chase Coleman has been the exception. Accounting for Nvidia's historic 10-for-1 forward split that was enacted in June 2024, Coleman's fund has expanded its stake in the company from 9,683,550 shares, at the end of 2023, to 10,967,550 shares, as of the end of March 2025. Coleman's investment strategy has historically focused on a mix of large- and small-cap growth stocks, with a tendency to lean into next-big-thing trends and innovations. The rise of artificial intelligence certainly fits the mold of a game-changing trend that would interest Tiger Global's billionaire investor. Chase Coleman choosing to expand his fund's exposure to Nvidia likely has to do with one or more of the following four factors. First, Nvidia's share of the graphics processing unit (GPU) market in high-compute data centers can be described as monopoly like. Businesses have lined up to purchase Nvidia's Hopper (H100) and successor Blackwell GPUs, and there's been no evidence that demand for these products has slowed. Wall Street tends to reward companies with perceived-to-be sustainable moats. Secondly, AI-GPU scarcity has been working in Nvidia's favor. Even with Wall Street's AI darling and other direct competitors pushing out as many GPUs as possible, the chip fabrication supply chain is currently maxed out. With demand heavily outpacing the supply of AI-GPUs, Nvidia has been able to charge a triple-digit percentage premium for Hopper and Blackwell, relative to some of its direct rivals. This helped to lift Nvidia's gross margin above 70%. The third factor that likely played a role in enticing Coleman to expand his fund's Nvidia stake is CEO Jensen Huang's ambitious innovation timeline. Huang is overseeing the debut of a new advanced AI chip on an annual basis. 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David Tepper of Appaloosa shed 97% of his fund's stake (9.95 million shares sold) in Nvidia since Sept. 30, 2023. Philippe Laffont of Coatue Management has sent over 41.2 million shares to the chopping block since March 31, 2023 and reduced his fund's holdings by 83%. Israel Englander of Millennium Management, who regularly hedges with put and call options, has trimmed nearly 28.3 million shares (a 75% reduction) since Sept. 30, 2023. This persistent selling activity may well be explained by nothing more than simple profit-taking. We've never witnessed a megacap stock gain $3 trillion in market cap in less than two years before, which has offered plenty of opportunity for billionaires to cash in their chips. But there may be more to this consistent selling than just a desire to take profits. For example, competition is inevitable in AI-accelerated data centers. Even if Nvidia continues to be the preferred option in high-compute data centers, it's unlikely to retain its monopoly like market share as direct competitors ramp up their GPU production. What's potentially more worrisome is that most members of the "Magnificent Seven" are internally developing AI chips to use in their data centers. While these GPUs are no threat to Nvidia's compute advantages, they are notably cheaper and not backlogged due to demand. The mere presence of these chips means less future opportunity for Nvidia's hardware, as well as less in the way of premium pricing power. There's also the very real possibility of Jensen Huang's accelerated innovation timeline hurting, not, helping, his company. Though bringing a new chip to market annually will cement its compute advantage, it has the potential to quickly depreciate the value of prior-generation chips. 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Huawei 'has got China covered' if the U.S. doesn't participate, Nvidia CEO tells CNBC
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