Top hedge funds like Bridgewater Associates, Tiger Global Management, and Discovery Capital increased their exposure to Big Tech in the second quarter amid AI growth. Hedge funds cut exposure to aerospace, defense, and retail stocks. UnitedHealth Group was also a popular bet. Bridgewater added shares in Nvidia, Alphabet, and Microsoft.

Tech stocks rebounded, with the S&P 500 up 10% this year, driven by tech giants. Hedge funds like Lone Pine and Discovery also invested in UnitedHealth. Shares in UnitedHealth fell 46% this year due to various challenges. Hedge fund positions were revealed in quarterly filings known as 13Fs.

Bridgewater Associates doubled bets in Nvidia, Alphabet, and Microsoft in the second quarter. Other AI-related stocks added were Broadcom and Palo Alto Networks. Discovery Capital doubled its stake in America Movil and increased holdings in Big Tech. Tiger Global Management bought more stocks in Magnificent Seven companies.

Coatue Management focused on AI-related stocks, unveiling new positions in Arm Holdings and Oracle. It also increased holdings in Nvidia-backed CoreWeave. Lone Pine Capital took a new position in UnitedHealth Group during the June quarter. Hedge funds made strategic investments based on market trends.

Read more at Yahoo Finance: Hedge funds shift bets to double down on Big Tech amid AI boom