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Dan Loeb’s Third Point dialed up its conviction in big tech winners last quarter, buying still larger positions in Microsoft , Nvidia and Amazon , according to a quarterly regulatory filing. The fund added to all three megacap stocks in the third quarter and, in Microsoft’s case, more than doubled its stake, making the Xbox and Windows maker Third Point’s fourth-largest holding at the end of September. Loeb had dumped almost all of positions in the so-called Magnificent 7 earlier this year amid tariff concerns, but the latest moves show he’s rebuilding his tech bets as market sentiment improves. Still, Third Point’s largest holding remained PG & E , the beaten-down California utility working to repair its finances after a series of catastrophic wildfires. Loeb has been one of the company’s strongest backers during its long restructuring, arguing that PG & E’s turnaround remains significantly undervalued. The filing also showed Third Point holds a sizable put position against the SPDR S & P 500 ETF (SPY). Loeb has been broadly constructive on markets this year, so the bearish options stance is likely a portfolio hedge rather than a directional call. Meanwhile, Loeb has also been leaning further into credit, particularly private credit, where he sees some of the most compelling opportunities today.
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