There is something peculiarly human about the way fortunes rise and fall, like leaves caught in an autumn breeze. August came bearing two events that seemed to hold the weight of entire seasons within them: Nvidia’s fiscal second-quarter results, released on Aug. 27, and the Aug. 14 deadline for billionaire investors to file their 13Fs with the Securities and Exchange Commission. These filings, dry as they may seem, are not merely lists of stocks but confessions-quiet admissions of belief or doubt, expressed in the language of shares bought and sold.
What struck me, as I sifted through these documents, was how the wealthy, who had once turned their backs on Nvidia with decisive coldness, were now returning to it like prodigal sons. Yet, for all this warmth, there lingered two notable exceptions-two billionaires who stood apart from the chorus of enthusiasm, their reservations casting long shadows over the rest.
A Gathering Storm of Optimism
Five prominent hedge fund managers, each a titan in his own right, added Nvidia stock to their portfolios during the second quarter. Among them:
- Philippe Laffont of Coatue Management: Purchased 2,942,694 shares, ending an eight-quarter streak of divestment.
- Karthik Sarma of SRS Investment Management: Acquired 2,653,210 shares, signaling renewed faith.
- David Tepper of Appaloosa: Increased his stake nearly sixfold after reducing it by 97% since September 2023.
- Dan Loeb of Third Point: Bought 1,350,000 shares, perhaps seeing opportunity where others saw risk.
- Chase Coleman of Tiger Global Management: Added 742,202 shares, joining the quiet revolution.
One might say these men were drawn back to Nvidia by the same force that pulls birds southward in winter-an instinctive recognition of survival. In early April, when markets faltered under the weight of President Trump’s tariff announcements, Nvidia’s stock tumbled by nearly 40%. But such losses can be intoxicating to those who dream of artificial intelligence reshaping the world. They saw not ruin but promise, believing that Nvidia’s GPUs-their unmatched compute power-would keep the company ahead of rivals for years to come.
Trade restrictions lifted too, allowing Nvidia to ship its H20 chip to China once more. It was as if a door had been opened, letting light flood into what had been a dim room. And so, these billionaires wagered high, confident that Nvidia’s relentless pace of innovation-new chips unveiled almost yearly-would sustain its dominance. But one wonders: Is confidence always wise?
The Quiet Dissenters
Not everyone shared this optimism. Two figures stood aside, their actions speaking louder than words:
- Ole Andreas Halvorsen of Viking Global Investors: Sold 2,861,172 shares, reducing his stake by 44%.
- Paul Singer of Elliott Investment Management: Purchased 2,580,000 put contracts, betting against Nvidia’s future.
Halvorsen, known for his swift trading style, may have simply sought to lock in gains. Yet, behind such practicality lies a deeper unease. History whispers warnings: every great technological leap has been followed by a bubble’s burst, as investors overestimate both speed and utility. Perhaps Halvorsen hears this whisper more clearly than others.
Singer, meanwhile, seems to look beyond present glories, envisioning a day when scarcity-the very edge that sets Nvidia apart-will fade. Competitors emerge; clients develop their own solutions. What then? Will Nvidia’s premium pricing crumble like sandcastles at high tide?
And so we find ourselves suspended between hope and caution. Nvidia trades at a price-to-sales ratio nearing 30-a valuation that invites both admiration and skepticism. Its rapid growth promises relief from such heights, yet history reminds us that even the loftiest towers must eventually bow to gravity. The market moves forward, indifferent to our predictions, leaving us to ponder whether these bets on the future are acts of courage or folly.
In the end, life-and the market-goes on, carrying with it dreams unfulfilled and possibilities untapped. 🌬️
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2025-08-28 10:55