Norwegian Central Bank Substantially Reduces Stakes In Alibaba And This Chipmaker: Here's What Norges Bought Instead

Zinger Key Points
  • The Norwegian bank sold Nvidia shares after tripling its stake in the company in the fourth quarter.
  • Norges picked up shares of Chinese search engine Baidu, along with adding more Apple shares.
Loading...
Loading...

Amid the ongoing tech rout, Norges Bank made some cosmetic moves on its tech investments, barring a few liquidations and stake builds.

Norges Quits Facebook: Norges Bank, which operates the Oil Fund, exited its position in Meta Platforms, Inc. META. The biggest sovereign wealth fund also sold about three-fourths of its holdings each in Alibaba Group Holding, Inc. BABA and Nvidia Corporation NVDA.

Alibaba's stock has been tumbling since late-2020, when the Chinese government first confronted the company for its anti-competitive practices and issues related to user data privacy. Although the sell-side is prepared to look past the near-term headwinds and focus on the long-term opportunity, big money has begun moving out of the stock.

Nvidia, meanwhile, has continued to execute and is seen as a winner among techs, given its massive market opportunity. Incidentally, the Norwegian bank more than tripled its stake in Nvidia in the fourth quarter.

Among the notable tech buys is the Chinese search engine Baidu, Inc. BIDU, along with Apple, Inc. AAPL, which continued to be among the bank's biggest tech holdings.

Related Link: Apple Said To Be Planning Instacart-Like Service And This Would Be The X Factor

Here're all the big tech stocks Norges Bank bought and sold in Q1:

Loading...
Loading...
Market News and Data brought to you by Benzinga APIs
Posted In: TechTrading Ideas13FNorges BankOil Fund
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...