Billionaire Paul Singer Just Sold Nvidia to Buy This Chip Stock

Billionaire Paul Singer and his fund, Elliott Investment Management, is making waves. The fund had been in active discussions with Starbucks on a turnaround plan that subsequently saw the company name a new CEO. It’s also been in a very public fight with Southwest Airlines and just nominated 10 new board members for the airline.

In tech land, meanwhile, the fund dumped its shares of Nvidia (NASDAQ: NVDA) while starting a new position in Arm Holdings (NASDAQ: ARM).

The sale of Nvidia isn’t surprising after Elliott called artificial intelligence (AI) “overhyped” in a letter to shareholders earlier this month. He added that the technology consumes too much energy and will never become cost-efficient. The letter added that Nvidia was currently in “bubble land.”

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