Loeb’s Third Point Says AI Makes Up Almost 50% of Stock Exposure
- Flagship fund returned 7.8% in first quarter, trailing the S&P
- Firm’s funds added positions in TSMC, London Stock Exchange
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Third Point LLC has nearly half of its equity portfolio in artificial intelligence-related companies, including Alphabet Inc., which it made a “substantial investment” in during the first quarter.
The Mountain View, California-based company “has both a substantial distribution and technology advantage over competitors and is positioned to use its AI capabilities to unify, enhance, and better monetize the entire suite of its products,” Daniel Loeb, the firm’s billionaire founder and chief executive officer, said in a letter to investors dated April 30.