Third Point LLC

Third Point's NVIDIA position fell from 2.95 million shares to just 190,000 — a 93.6% reduction and a real $481.3 million outflow, the single largest sale in the portfolio. It wasn't isolated: Union Pacific fell 94.5% ($414.9 million real outflow), Norfolk Southern fell 89.7% ($251.1 million), Capital One fell 87.3% ($175.1 million), and SharkNinja fell 89.1% ($113.3 million), alongside ten full exits led by a $551.2 million PG&E liquidation and a $447.3 million Microsoft exit. Total reported AUM fell from $7.27 billion to $2.08 billion. Only a fraction of that scale returned as new positions — ten additions totaling roughly $291 million, concentrated in semiconductor-equipment names (KLA, Lam Research, ASML, Broadcom, plus the VanEck Semiconductor ETF) alongside Meta Platforms, Alphabet, gold, and Hut 8 Corp.