Soros, Appaloosa boost their Nvidia stake. They also bought this beaten-down stock, and it's rallying.

Yahoo

5 days ago

Soros Fund Management and Appaloosa Management both bought a whole lot more Nvidia Corp. stock during the second quarter, according to disclosures released Thursday, as the chip-maker occupies a spot dead-center in the artificial-intelligence boom.
Both firms also bought more shares of embattled health-insurance giant UnitedHealth Group UNH over that period. Shares of that company jumped nearly 11% after hours, but they were down 46.3% on the year so far.
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Soros Fund Management bought 932,539 shares of Nvidia NVDA, when combining puts and calls. The purchase marked a more than 1,600% increase, bringing the fund's total holdings to 990,292 shares.
Appaloosa, meanwhile, bought 1.45 million shares of Nvidia, representing a 483.33% increase that brought the fund's total holdings to 1.75 million shares.
Shares of Nvidia edged down 0.1% after hours on Thursday, but are up 35.5% so far this year.
Appaloosa snapped up around 2.28 million shares of UnitedHealth representing a 1,300% increase in the fund's holdings in the stock. That brought Appaloosa's total holdings to 2.45 million shares. Soros bought 28,900 more shares of UnitedHealth during the quarter.
Soros also bought new shares of Microsoft Corp. MSFT and Tesla Inc. TSLA — two other 'Magnificent Seven' stocks. It also added to its stake in Nike Inc. NKE.
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