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Key Facts
Amazon (NASDAQ: AMZN) divested its entire stake in IonQ (NYSE: IONQ), a significant player in quantum computing, and Advanced Micro Devices (NASDAQ: AMD) during the third quarter of 2023. The deadline for institutional investors to file Form 13F with the Securities and Exchange Commission was November 14, 2023, reporting on their stock transactions for the quarter ending September 30.
Specifically, Amazon sold all 854,207 shares of IonQ, which rallied in price from the low $40s to the mid-$70s during that quarter. Amazon also offloaded its 822,234 shares in AMD, a position valued at approximately $117 million as of June 30, before selling.
These moves come amidst concerns over the sustainability of tech valuations, with IonQ’s price-to-sales ratio nearing 147 and AMD facing competitive pressures from Nvidia in the AI market. Amazon has over $2.5 billion in assets under management, primarily tied to its investment in Rivian Automotive.
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