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. (NASDAQ:META). The biggest sovereign wealth fund also sold about three-fourths of its holdings each in Alibaba Group Holding, Inc. (NYSE:BABA) and Nvidia Corporation (NASDAQ: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. (NASDAQ:BIDU), along with Apple, Inc. (NASDAQ:AAPL), which continued to be among the bank's biggest tech holdings.
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Here're all the big tech stocks Norges Bank bought and sold in Q1:
