Just caught the latest 13F filings and there's some interesting moves worth paying attention to. Dan Loeb's Third Point has been piling on Nvidia shares for four straight quarters now - we're talking 100,000 shares just added in Q4, with 50,000 in Q3 before that, plus 1.35 million in Q2 and 1.45 million back in Q1. The thesis is pretty straightforward: Nvidia's H100 and Blackwell chips basically own the AI data center space, and with GPU shortages still real, the company keeps commanding premium pricing. Plus there's CUDA - that software ecosystem keeps customers locked in and makes older chips stay relevant longer. Gross margins sitting in the mid-70s tell you everything about the pricing power here.

But here's where it gets interesting. Third Point just completely bailed on Meta - dumped all 220,000 shares after buying for two straight quarters. Now, Meta stock did run over 50% from April through October, so profit-taking is the obvious explanation. Loeb's average hold time is under 18 months anyway, so cashing in chips is just his style.

That said, there might be more going on. Meta's been hiking capex forecasts for their AI Superintelligence Lab almost every quarter, and while AI gets everyone excited, ballooning costs could pressure earnings. Plus Meta's nearly 98% dependent on ad revenue - that's cyclical, meaning it moves with the economy. If Loeb's getting nervous about a potential recession, betting against an ad-dependent business makes sense.

The contrast is pretty telling though. Piling into the AI infrastructure play while stepping back from the ad-dependent consumer bet. That's positioning for a specific market view.