Billionaires Sell Nvidia Shares Amid AI Boom, Turn to Snowflake and CrowdStrike
-
Nvidia has benefited greatly from the AI revolution, but billionaires sold over 5 million shares last quarter as growth is expected to slow.
-
Billionaires bought shares in CrowdStrike, a cybersecurity company Growing quickly thanks to AI and high customer retention rates.
-
Billionaires also bought over 4 million shares of Snowflake, a cloud data company poised to benefit from AI and enterprise cloud growth.
-
Snowflake revenue growth has slowed from triple digits 3 years ago to a still-strong 22% expected this year.
-
Snowflake trades at a high 115x forward earnings, so its valuation may take time to grow into.