Hedge Fund Managers Shift Investments in Q3
In the third quarter of 2023, hedge fund managers Israel Englander, Ken Griffin, and Steven Schonfeld sold significant shares of Amazon (NASDAQ: AMZN) and bought shares of Rigetti Computing (NASDAQ: RGTI). Englander sold 787,900 shares of Amazon (17% of his position) and acquired 522,100 shares of Rigetti. Griffin reduced his Amazon holdings by 1.6 million shares (35%) while adding 51,700 shares of Rigetti. Schonfeld offloaded 253,700 shares of Amazon (72%) and purchased 8,900 shares of Rigetti.
Amazon reported a revenue increase of 13% to $180 billion in the third quarter, driven by strong growth in advertising and cloud services, while Rigetti’s stock has surged 3,050% since January 2023 despite reporting only $5 million in revenue and a net loss of $198 million year-to-date, presenting a staggering valuation of 860 times sales. The hedge fund managers’ shift reflects a strategic move toward emerging opportunities in quantum computing.
