Steven Cohen of Point72 Asset Management bought 1.5 million shares of Nvidia, increasing his stake by 75%. It is now his largest position excluding options. Meanwhile, he sold 1.5 million shares of Apple, completely exiting the position.

Valued at a market capitalization of nearly $3.3 billion, Nvidia (NVDA) is among the world’s largest companies. The chip stock has surged over 800% since late 2022, as it is at the epicenter of the artificial intelligence (AI) megatrend.