Nvidia Attracts Backing From the Gates Foundation Trust and Bridgewater Associates
New filings revealed that funds linked to Bill Gates and Ray Dalio purchased small stakes in Nvidia last quarter, cementing the microchip maker’s appeal to high-profile investors.
The Bill & Melinda Gates Foundation Trust, which manages the Gates Foundation’s endowment, reportedly bought Nvidia shares for the first time on record, according to a recent SEC filing. The trust acquired approximately 9,200 shares, valued at $4 million at the end of September, as part of its effort to diversify its stock portfolio, which saw an expansion from 23 to 74 holdings. However, the total value of the trust remained nearly flat at $39 billion, with its largest positions still held in Microsoft and Berkshire Hathaway stock.
Similarly, Bridgewater Associates, the hedge-fund behemoth founded by Ray Dalio, established a stake in Nvidia last quarter, purchasing just over 48,000 shares worth $21 million at September’s close.
Nvidia’s stock price has surged by about 240% this year, reflecting investors’ confidence in the company’s ability to capitalize on the artificial-intelligence boom. The company’s revenue doubled year-on-year to about $14 billion in the three months to July, significantly boosting its net income.
While the Gates Foundation Trust and Bridgewater Associates backed Nvidia, other high-profile investors took a different approach. Soros Fund Management, Jim Simons’ Renaissance Technologies, and Stanley Druckenmiller’s Duquesne Family Office all made moves to reduce their Nvidia holdings, as revealed in recent filings.
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