Billionaires sell Nvidia, buy Shopify and MercadoLibre stocks for diversification and growth opportunities.
From Nasdaq: 2024-10-02 05:12:00
Artificial intelligence (AI) and Nvidia have been hot investments, but hedge fund managers sold shares of Nvidia and bought shares of e-commerce stocks like Shopify (NYSE: SHOP) and MercadoLibre (NASDAQ: MELI) in the second quarter.
Four billionaire fund managers reduced their stakes in Nvidia while increasing positions in e-commerce stocks like MercadoLibre and Shopify, emphasizing the importance of portfolio diversification and the potential of e-commerce as an investment theme.
Investors should take note of Shopify, a leader in e-commerce and omnichannel commerce software, with strong financial results in the second quarter and a promising future. Although the current valuation looks expensive, patient investors may see long-term growth opportunities, especially with potential pullbacks to buy more shares.
MercadoLibre, the largest online marketplace in Latin America, is gaining market share with its ecosystem of adjacent solutions. With strong financial results in the second quarter and optimistic earnings expectations, patient investors may consider buying a small position in this growth stock now as its valuation looks reasonable.
Consideration should be given to investing $1,000 in Shopify, a top stock pick according to the Motley Fool Stock Advisor analyst team. While investing in Nvidia in the past has resulted in significant returns, Stock Advisor provides guidance on building a successful portfolio with impressive historical returns compared to the S&P 500.
Trevor Jennewine has positions in MercadoLibre, Nvidia, and Shopify, highlighting the confidence in these stocks. The Motley Fool also positions and recommends MercadoLibre, Nvidia, and Shopify, providing a disclosure policy for transparency. Investors should carefully consider these insights before making investment decisions.
Read more at Nasdaq: Billionaires Are Selling Nvidia Stock and Buying 2 Brilliant Growth Stocks That Have Little to Do With Artificial Intelligence