Major funds double their Palantia shares and sell Apple, Tesla, and Microsoft
The asset management company of Norway's largest bank has cut some of the members of Magnificent Seven and has just placed a big bet on tech stocks outside of the group.
DNB Asset Management reduced the positions of Apple, Tesla, and Microsoft in the first quarter, and more than doubled its shares in the data analysis company Parantia Technologies. The DNB disclosed stock transactions etc. in a form submitted to the Securities and Exchange Commission.
$Apple(AAPL.US$ It fell 11% in the first quarter, but the S&P 500 index rose 10%. So far in the second quarter, the stock price has fallen 11% and the index has fallen 5%.
DNB sold 668,300 Apple shares and ended the first quarter with 3.6 million shares.
Apple has been considering new manufacturing sites in Asia in order to reduce exposure to China, where many of its products are manufactured. Like many competitors in the same industry that appear in “The Magnificent Seven,” Apple has large sums of money that cannot be easily utilized. Apple recently ended an automobile project that once had the potential to have a disruptive impact on the electric vehicle field in general, and Tesla in particular.
$Tesla(TSLA.US$ The number of units delivered in the first quarter showed the worst year-on-year decline in the company's history. In April, the company also announced personnel cuts, and the two top deputies retired. Also, people who pre-ordered Tesla's signature Cybertruck this month complained that the company was delaying delivery dates.
DNB sold 103,200 Tesla shares and ended the first quarter with 599,600 shares. Tesla shares fell 29% in the first quarter, and stock prices for the second quarter have fallen 16% so far.
The manager sold 750,000 Microsoft shares in the first quarter and reduced the number of shares held to 3.5 million shares. Microsoft shares rose 12% in the first quarter. The second time it has fallen 5% so far.
$Microsoft(MSFT.US$ This month, it was announced that Teams will be separated from Office applications for enterprise customers. The company was under pressure from regulators to make changes. Morgan Stanley said this month that cloud computing and artificial intelligence could double Microsoft's revenue by fiscal year 2029.
$Palantir(PLTR.US$ has just signed an AI software agreement with Oracle. At the beginning of 2024, there were concerns about the company's slowing growth in dealing with the government. However, large-scale defense contracts are still ongoing.
DNB purchased an additional 429,300 shares of Palantia shares and raised its holdings to 753,600 shares at the end of the first quarter. Palantia's stock price rose 34% in the same quarter, but has fallen 11% so far in the second quarter.
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