Hedge funds on Wall Street are reducing investments in the "Magnificent Seven" and diversifying their portfolios towards software, payments, and traditional sectors.

In the third quarter, the largest hedge funds on Wall Street, including Bridgewater, significantly reduced their exposure to the stocks of the 'Magnificent Seven' group, which includes companies like Nvidia, Amazon, Alphabet, and Meta Platforms. This change comes in the context of a decline in valuations in the technology sector, in contrast to the optimism of the previous quarter. At the same time, the funds opened new positions in companies in the software, e-commerce, and payments sectors. The American market had a positive performance, with the S&P 500 rising by nearly 8%, and the Nasdaq 100 by about 9%. Regulatory documents show that the funds have reduced exposure to major names in healthcare and energy, and Bridgewater has significantly cut its stakes in Nvidia and Alphabet. Additionally, Berkshire Hathaway revealed a $4.3 billion stake in Alphabet, continuing to reduce its holdings in Apple.