Billionaire Ken Griffin Sells Broadcom Stock and Buys an AI Stock Up 2,700% Since 2023

Billionaire Ken Griffin is one of Wall Street's most esteemed money managers. He runs Citadel Advisors, the best performing hedge fund in history in terms on cumulative net gains, according to LCH Investments. Citadel also outperformed the S&P 500 (SNPINDEX: ^GSPC) by 20 percentage points over the last three years, making the hedge fund a great source of inspiration.On that note, Griffin and his team made thousands of trades in the second quarter, but the decisions to sell 99% of their stake in Broadcom (NASDAQ: AVGO) and start a small position in Palantir (NASDAQ: PLTR) stand out.Why? Broadcom is the second largest supplier of artificial intelligence accelerators behind Nvidia, and it will benefit as more companies look for cost savings in custom chips. Meanwhile, Palantir is considered too expensive by most analysts. The stock has advanced 2,700% since January 2023, but the median target price of $165 per share implies 8% downside from its current share price of $180.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool