Appaloosa added 53,500 NVDA shares. Third Point sold all 190,000. Soros opened puts on 400,000 shares while keeping a $213M long. Analyst consensus targets $303.
Three of the best-known money managers alive reached three different conclusions about Nvidia in the same quarter, quarterly 13F filings showed. David Tepper added to his stake. Dan Loeb sold every share. George Soros opened a put position against a large existing long.
The filings, covering positions held as of June 30 and submitted by the August 14 deadline, offer a rare snapshot of elite divergence on the AI chipmaker.
Tepper's Appaloosa LP increased its Nvidia holdings by 53,500 shares, bringing the total to 1.525 million shares valued at roughly $305 million based on the June 30 close. The add was modest relative to the existing position – a lean into the AI infrastructure trade rather than a trim or exit. Nvidia reported Q1 FY2027 revenue of $82 billion, up 85% year over year, and guided Q2 revenue to $91 billion plus or minus 2%.
Loeb's Third Point sold all 190,000 Nvidia shares, taking the position to zero. The exit was part of a broader rotation out of several mega-cap tech names. Loeb also sold his Meta Platforms stake, trimmed Amazon by nearly 10%, and more than quintupled his Alphabet position to 6.65% of the portfolio, the filing showed.
Soros Fund Management opened a new put position covering 400,000 notional underlying shares, valued at about $80 million. Critically, Soros also still held 1.064 million shares of the stock, worth $213 million after trimming by just 8,571 shares. The puts cover roughly 38% of the long position – a defense, not a directional short. The mandatory options caveat: 13F filings disclose only the notional number of underlying shares for options, not strike prices, expiration dates, or premium paid. The $80 million figure is the market value of the underlying shares, not the cost of the puts.
Nvidia closed at $225.16 on August 14, up 12.5% from the $200.09 snapshot on June 30. The analyst consensus target sits at $303, with 58 buy ratings, two holds, and one sell, according to data compiled by Bloomberg. The stock trades at a trailing P/E of 34 and a forward P/E of 25.
Options markets are calm. The full-chain put-call ratio stands at 0.54. Prediction markets assign 85.5% odds of a new all-time high by year-end and a 97.3% probability of an earnings beat at the next report, according to Polymarket data.
The crowd, sell-side analysts, and derivatives market all point modestly higher. Three of the best-known money managers alive used the same quarter to bet three different ways.
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