ADM to Present at 2025 Barclays Annual Global Consumer Staples Conference
The event will be broadcast live at www.adm.com/webcast, and a replay will also be available for a limited time on www.adm.com/webcast.
About ADM
ADM unlocks the power of nature to enrich the quality of life. We're an essential global agricultural supply chain manager and processor, providing food security by connecting local needs with global capabilities. We're a premier human and animal nutrition provider, offering one of the industry's broadest portfolios of ingredients and solutions from nature. We're a trailblazer in health and well-being, with an industry-leading range of products for consumers looking for new ways to live healthier lives. We're a cutting-edge innovator, guiding the way to a future of new bio-based consumer and industrial solutions. And we're leading in business-driven sustainability efforts that support a strong agricultural sector, resilient supply chains, and a vast and growing bioeconomy. Around the globe, our expertise and innovation are meeting critical needs from harvest to home. Learn more at www.adm.com.
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Billionaire Philippe Laffont Has Sold Shares of Nvidia for 8 Consecutive Quarters and Is Loading Up On This Historically Cheap Artificial Intelligence (AI) Stock Instead
Key Points Form 13F filings are invaluable in helping investors uncover which stocks Wall Street's leading asset managers are buying and selling. Over a two-year period, billionaire Philippe Laffont reduced his fund's stake in Nvidia by 83% -- and profit-taking may not tell the complete story. Meanwhile, Coatue's billionaire boss nearly 20X'd his position in a cash-rich international company whose future growth prospects rely heavily on artificial intelligence (AI). 10 stocks we like better than Nvidia › Investors may not realize it, but today (Aug. 14) is one of the most important days of the entire quarter. While earnings season is critical in helping investors learn about the operating health of America's leading businesses, Form 13F filings, which are due today, are equally invaluable. A 13F is a required filing due no later than 45 calendar days following the end to a quarter for institutional investors with at least $100 million in assets under management. It allows investors to track which stocks Wall Street's smartest money managers purchased and sold in the latest quarter (in this instance, the June-ended quarter), as well as identify which trends have the attention of successful fund managers. Although Warren Buffett is the stock market's most followed billionaire investor, he's far from the only billionaire known for their outsized investment returns. For instance, Coatue Management's Philippe Laffont, who's been a big investor of the artificial intelligence (AI) revolution, is known for spotting phenomenal deals hiding in plain sight. Laffont's approach to the evolution of AI has been particularly interesting. Specifically, he's pared down his fund's stake in the face of the AI movement, Nvidia (NASDAQ: NVDA), for eight straight quarters, and has been buying shares of another historically cheap AI stock hand over fist. Coatue Management's billionaire chief has sold 83% of his fund's Nvidia stake While some billionaire money managers bid adieu to AI-graphics processing unit (GPU) colossus Nvidia many quarters ago, Coatue Management billionaire boss has been paring down his fund's stake with some degree of consistency for two full years. Accounting for Nvidia's historic 10-for-1 stock split in June 2024, Laffont has overseen an 83% reduction in his fund's position in this AI powerhouse: Q1 2023: 49,802,020 shares of Nvidia Q2 2023: 46,449,700 shares Q3 2023: 45,410,400 shares Q4 2023: 43,222,010 shares Q1 2024: 13,851,410 shares Q2 2024: 13,754,447 shares Q3 2024: 10,138,161 shares Q4 2024: 10,006,488 shares Q1 2025: 8,545,835 shares With Coatue's average top-20 position held for roughly 21 months, as of the end of March, it demonstrates that Laffont and his top advisors aren't shy about locking in gains when presented with the opportunity. Nvidia shares catapulting more than twelvefold since the start of 2023 has given Coatue's brightest investor plenty of reason to cash in his chips. The concern with Philippe Laffont's persistent selling spanning eight quarters is there may be more than profit-taking on his mind. For instance, while the addressable opportunity for AI is sky-high, historical precedent shows that every next-big-thing trend for three decades has endured a bubble-bursting event early in its expansion. Investors have a tendency to overhype the utility and early stage adoption rates of new technologies, which eventually leads to these lofty expectations not being met. No company has been a more direct beneficiary of the evolution of AI than Nvidia, which suggests it would potentially be the hardest hit if the AI bubble were to burst. Another possible consideration for Philippe Laffont is growing competition in the AI-GPU space. Make no mistake about it, Nvidia's Hopper (H100) and Blackwell GPUs are at the top of the pedestal, in terms of compute ability. But this doesn't mean Hopper and Blackwell won't endure headwinds in the coming quarters and years. Specifically, internal competition could prove to be a thorn in Nvidia's side. Many of its leading customers by net sales are developing AI-GPUs and solutions for their data centers. Even though these chips are slower than Nvidia's and they pose no external competitive threat, they're considerably cheaper, more readily accessible, and capable of taking up valuable data-center real estate. In short, these chips could crush Nvidia's pristine pricing power and gross margin. Nvidia's valuation is worrisome, as well. Historically, megacap companies have peaked with price-to-sales (P/S) ratios of roughly 30 to 40. Nvidia is tipping the scales at a P/S ratio of more than 30, as of the closing bell on Aug. 11. Billionaire Philippe Laffont can't stop buying this cash-rich AI stock On the other end of the spectrum is a historically cheap and cash-rich artificial intelligence stock that Coatue Management's billionaire chief can't stop buying. I'm talking about China-based Alibaba Group (NYSE: BABA). When 2024 came to a close, Alibaba was a relatively forgettable holding in Coatue's portfolio, with just 192,728 shares held. But during the first quarter, Laffont came close to 20Xing this stake to 3,801,703 shares, based on the filed 13F. While Alibaba's growth ambitions very much rely on AI, this isn't the company's foundational operating segment responsible for most of its cash flow. Alibaba laid its roots through its e-commerce operations in China. Whereas online retail sales have matured in the U.S., a burgeoning middle class in the world's No. 2 economy by gross domestic product can generate high-octane e-commerce sales growth for the foreseeable future. Based on an analysis from DBS Treasures, Taobao and Tmall combine to account for a 41% share of China's e-commerce space. These platforms should have little issue continuing to generate bountiful cash flow that Alibaba can redirect to faster-growing and/or higher-margin initiatives. However, e-commerce isn't the only arena that Alibaba Group is leading. According to estimates from tech analysis firm Canalys, Alibaba Cloud reined in 33% of Mainland China's cloud infrastructure service spending during the first quarter, which was nearly double the 18% share Huawei Cloud earned as the No. 2 cloud infrastructure services provider. Alibaba is aggressively incorporating generative AI solutions into its cloud platform and giving its clients access to the tools needed to build and train large language models. The expectation is that these AI solutions will enhance demand (and margins) for Alibaba Cloud. 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