Is Billionaire Michael Platt Souring on the Magnificent Seven?
He Just Closed Positions in 4 AI Titans in Favor of a Company That May Be a Surefire Winner in the AI Infrastructure Spending Boom
The Magnificent Seven technology stocks have driven the S&P 500 to a spectacular 76% gain over the past three years. Investors, from the smallest retail investor to billionaire hedge fund managers, have rushed to get in on these companies as many play a key role in a very hot technology: artificial intelligence (AI). Since AI has what it takes to supercharge corporate operations and therefore earnings growth, the savviest of investors have looked for potential winners in this new gold rush.
And one of these investors has been billionaire Michael Platt, co-founder and chief executive officer of BlueCrest Capital Management, a European hedge fund overseeing more than $1.6 billion in 13F securities. Managers of more than $100 million in U.S. securities must report trades quarterly on Form 13F to the Securities and Exchange Commission, offering us a glimpse of their latest moves. Platt heavily invests in financial stocks, but he’s also been a supporter of tech stocks in recent times and even held several Magnificent Seven players.