Third Point’s Dan Loeb built a new stake in Apple last quarter, making the tech giant one of his top 10 holdings, according to a regulatory filing. The hedge fund placed a $411 million bet on the iPhone maker in the second quarter. Loeb had owned Apple in 2016, holding it for less than a year. The famed manager said in April that he’s grown increasingly bullish on artificial intelligence and almost half of his portfolio is somehow tied to the theme. He held onto most of his AI-related stocks last quarter. Amazon remained Third Point’s biggest holding at the end of June with a stake worth $986 million. Microsoft and Meta stayed the hedge fund’s third and fourth biggest holdings even after Loeb trimmed these stakes by about 10% each last quarter. Loeb also hiked his stake in Taiwan Semiconductor Manufacturing , another AI name, by 72% last quarter. The chip maker is now Third Point’s 10th largest holding. “In the years to come we see a combination of cyclical recovery plus structural growth in AI demand fueling substantial earnings growth for the company,” Loeb said of TSM in April.
