July 29, 2022 12:30 am ET
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Some of the big-money investment funds on Wall Street have been moving out of Big Tech stocks and into other growth names.
Hedge funds, in aggregate, cut the percentage of their portfolios invested in a “sweet 16” group of stocks to 16.1% from 23.8%, according to Jefferies data encapsulating several trillions of dollars worth of assets. That group includes Nvidia (NVDA), Qualcomm (QCOM) Advanced Micro Devices (AMD), Tesla (TSLA), PayPal Holdings (PYPL), and Fiserv ( FISV ), as well as the so-called FAANG stocks: Facebook now called Meta Platforms (META); Apple (AAPL); Amazon.com (AMZN); Netflix (NFLX); and Google’s parent company, Alphabet (GOOGL).