Billionaires shift from Nvidia to Broadcom as AI demand grows

Billionaire investors Ray Dalio, Philippe Laffont, and Stanley Druckenmiller are selling shares of Nvidia and investing in Broadcom, another AI-related company. This shift comes as Nvidia's stock has surged 170% this year, while Broadcom's stock has risen 40%. Dalio sold 27% of his Nvidia shares and increased his Broadcom holdings by over 290%. Laffont reduced his Nvidia stake by 26% and raised his Broadcom investment by 52%. Druckenmiller sold all his Nvidia shares and bought 239,980 shares of Broadcom. Broadcom is benefiting from rising demand for AI products, reporting a 47% revenue increase due to cloud service providers. The company forecasts $12 billion in AI revenue for fiscal 2024, up from $11 billion, and its stock is seen as more affordable compared to Nvidia.