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Philippe Laffont’s Portfolio Changes
Billionaire Philippe Laffont sold 1.6 million shares of Nvidia and purchased 355,000 shares of Meta Platforms during the third quarter of this year. Meta has become Laffont’s largest position, comprising over 7% of his portfolio, according to a recently filed Form 13F.
Nvidia’s Market Challenges
Nvidia currently holds over 90% of market share in data center GPUs, but export restrictions have reduced its market share in China, the second-largest AI market, to near zero. As of now, Nvidia is not planning to ship products to China, affecting its potential growth as Wall Street anticipates earnings to grow at 36% annually over the next three years.
Meta Platforms’ Financial Performance
Meta reported a 26% revenue increase to $51 billion and a 20% increase in net income at $7.25 per diluted share for the third quarter. Despite a recent 23% drop in share prices due to increased spending on AI, Wall Street expects earnings to rise by 16% annually over the next three years.
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