Dan Loeb's Third Point dumped Microsoft and Nvidia while adding Meta and Alphabet. The 13F reveals a bet on AI monetization over chip supply.
Dan Loeb's Third Point reshuffled its equity portfolio in the first quarter. The hedge fund's 13F filing reveals new stakes in Meta Platforms Inc. (META:NASDAQ), Alphabet Inc. (GOOGL:NASDAQ), and bitcoin miner Hut 8 Corp. (HUT:NASDAQ). At the same time, it fully exited Microsoft Corporation (MSFT:NASDAQ) and PG&E Corporation (PCG:NYSE), while reducing positions in NVIDIA Corporation (NVDA:NASDAQ) and Union Pacific Corporation (UNP:NYSE).
The filing covers U.S.-listed holdings as of March 31. Third Point managed roughly $12 billion at quarter-end, giving its moves weight among event-driven and long-short peers. The rotation comes as the AI trade enters a second phase–one where investors debate whether hardware suppliers or the hyperscalers deploying the chips capture more of the earnings upside.
Third Point bought Meta and Alphabet for the first time in at least a year. Both companies are guiding to massive capital expenditure increases tied to AI infrastructure. Meta projected $35–40 billion in 2024 capex, and Alphabet is spending more than $12 billion per quarter. Loeb's move suggests he expects those dollars to convert into measurable revenue growth through improved ad targeting and cloud services, rather than simply enriching the GPU supply chain.
The Hut 8 stake fits a related theme. The bitcoin miner has pivoted into AI data-center hosting, positioning itself to benefit from the energy-intensive compute demand that hyperscalers cannot meet internally. That bet ties to a broader thesis: companies owning power assets and physical data-center capacity may see rerating as AI workloads scale.
On the exit side, the Microsoft sale stands out. The software giant has been a central OpenAI partner and the third-largest cloud vendor. Its stock, however, lagged Meta and Alphabet on AI revenue visibility during the first quarter. Loeb's removal of the position suggests dissatisfaction with Microsoft's ability to capitalize on its early AI lead compared with peers.
PG&E was also sold entirely. The utility represented a long-standing regulated-play bet. The exit implies a shift away from stable-but-slow cash flows toward more volatile, growth-oriented AI and crypto infrastructure names.
Third Point cut its NVIDIA stake, the largest beneficiary of AI GPU demand. The chipmaker traded above 35x forward earnings at quarter-end, a premium that leaves little room for execution missteps. NVIDIA controls over 80% of the AI GPU market, and its top four customers–Microsoft, Meta, Alphabet, and Amazon–account for roughly 40% of revenue. That concentration creates a risk: if even one hyperscaler slows GPU orders, the stock could de-rate quickly.
Loeb's trim may reflect that calculus. By adding the two largest NVIDIA customers while cutting the supplier, Third Point is effectively betting that the monetization phase of AI favors the application layer over the infrastructure layer.
Union Pacific was also reduced, a cyclical cut consistent with slower U.S. freight volumes. That move is less thematic and more portfolio management.
META carries an Alpha Score of 57/100 (Moderate) at $614.45, down 0.64% on the session. The score reflects balanced fundamentals, though the stock is up roughly 40% year-to-date, compressing forward upside. NVDA posts an Alpha Score of 71/100 (Moderate) at $225.23, down 4.46% today. The higher score signals strong earnings momentum. The sell-side consensus remains bullish, which can become a contrarian flag when a high-conviction insider reduces exposure.
MSFT, exited by Third Point, trades at $422.04, up 3.08% on the session. Its Alpha Score of 59/100 (Moderate) shows no clear fundamental edge. Loeb's exit removes a vote of confidence from an influential holder.
Full profiles are available on the META stock page, MSFT stock page, and NVDA stock page.
The Q2 13F, due by mid-August, will show whether Third Point added to its new bets or took profits. More immediately, Meta and Alphabet report earnings in late April and July. Capex guidance there will either validate the thesis or expose it to reset risk. For NVIDIA, the next major catalyst is its May earnings call, where data-center revenue and Blackwell GPU ramp details will test whether the position cut was premature.
Investors should watch for follow-through filings from other elite hedge funds such as Tiger Global and Coatue over the next few weeks. A cluster of similar rotations would confirm that the AI concentration trade is being actively unwound at the margin.
Prepared with AlphaScala research tooling and grounded in primary market data: live prices, fundamentals, SEC filings, hedge-fund holdings, and insider activity. Each story is checked against AlphaScala publishing rules before release. Educational coverage, not personalized advice.