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Peter Hargreaves’ Blue Whale sells major tech stocks over AI concerns

Fund cuts exposure to ‘Magnificent Seven’ because of heavy spending on artificial intelligence
Blue Whale Growth manager Stephen Yiu is backing Nvidia of the Magnificent Seven but says the other six ‘could be a drag on the market’

Blue Whale Growth, the investment fund backed by billionaire Peter Hargreaves, has reduced its exposure to the ‘Magnificent Seven’ group of major US tech companies due to concerns over their vast expenditure on artificial intelligence.

Stephen Yiu, manager of the fund, told the Financial Times that he had “aggressively” sold shares in Microsoft to cash in profits, pushing the stock out of the fund’s top 10 holdings in the third quarter for the first time since its launch in 2017.

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