Dan Loeb's Third Point Bets Big On AI, Tech With $442 Million Nvidia Stake—Exits Energy, Steel In Q2 Portfolio Overhaul

Third Point LLC, the hedge fund led by billionaire investor Dan Loeb, has significantly reshaped its portfolio in the second quarter of 2025, doubling down on artificial intelligence and technology with a massive $442.37 million stake in Nvidia Corp., according to its latest 13F filing.

Dan Loeb Doubles Down On Nvidia

The fund increased its Nvidia holdings by 93%, by adding 1.35 million shares, reflecting a 182% surge in its value from the first quarter, signaling strong confidence in the AI and semiconductor boom.

Alongside this, Third Point exited several traditional sectors, completely divesting from energy giant EQT Corp., delisted firm United States Steel Corp., and others, shedding over $500 million in value.

The filing reveals a strategic pivot toward high-growth tech and financial sectors. Third Point initiated new positions in Meta Platforms Inc. with a $110.71 million stake, Danaher Corp. at $98.77 million, and Workday Inc. WDAY at $72 million, underscoring a focus on innovation-driven companies.

The fund also boosted its Capital One Financial Corp. position by 72% or 754,204 shares, increasing its value by 104% to $383.86 million, and added 118% more shares in Sharkninja Inc. SN, reaching a $118.79 million stake. These moves suggest Loeb is betting on consumer finance and niche growth sectors to drive returns.

Major Portfolio Changes In Q2 2025

Third Point Slashes Exposure To Traditional Industries

In contrast, Third Point slashed exposure to traditional industries. Apart from the complete exit from EQT Corp and U.S. Steel, it exited Discover Financial Services, AT&T Inc. T, and Hess Corp. HSE, indicating a retreat from cyclical sectors like energy, steel, and telecom, possibly due to macroeconomic headwinds or regulatory pressures.

The fund also reduced its Taiwan Semiconductor Manufacturing Co. Ltd. TSM stake by 20% or 350,000 shares, and Fortive Corp. FTV by 39% or 740,000 shares, reallocating capital to higher-conviction bets.

Stable holdings included PG&E Corp. PCG and LPL Financial Holdings Inc. LPLA, both unchanged in share count, though PG&E's value dropped 19% to $712.33 million due to market fluctuations.

Third Point also increased its stake in CoStar Group by 56% or 1.11 million shares to $248.03 million and Vistra Corp. by 47% or 400,000 shares to $242.26 million, reflecting optimism in real estate data and energy transition sectors.

Smaller Adjustments In Third Point’s Q2 Portfolio

The overhaul comes as markets navigate rising interest rates and geopolitical uncertainties, with tech and AI stocks gaining traction amid innovation-driven growth.

Smaller adjustments included a new $67.36 million stake in Rocket Companies Inc. RKT and a $48.68 million position in DocuSign Inc. DOCU, alongside a 108% increase in Primo Brands Corp. PRMB shares to $171.06 million.

Reductions in Apollo Global Management APO by 15% or 225,000 shares and Intercontinental Exchange Inc. ICE by 14% or 150,000 shares further refined the portfolio.

Price Action

The SPDR S&P 500 ETF Trust SPY and Invesco QQQ Trust ETF QQQ, which track the S&P 500 index and Nasdaq 100 index, respectively, fell on Monday. The SPY was down 0.44% at $642.47, while the QQQ also declined 0.29% to $570.32, according to Benzinga Pro data.

On Tuesday, the futures of the S&P 500, Dow Jones, and Nasdaq 100 indices were trading lower.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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