Dan Loeb's Third Point fully exited five semiconductor positions during the second quarter, according to the fund's latest 13F disclosure — and NVIDIA, the most widely held AI chip stock among institutional investors, was among the names the fund sold out of entirely.

The disclosure, reported by Benzinga, confirms that Third Point's semiconductor exposure contracted sharply during Q2. A 13F filing reveals long positions in U.S.-listed equities as of the end of each quarter, so the moves reflect decisions executed sometime during the three-month period, not necessarily a single trading event.

NVIDIA is the most consequential name on the exit list. The company's data center GPUs remain the dominant compute substrate for AI training and inference, and its shares have anchored institutional portfolios across the hedge fund industry for the past two years. A complete liquidation by a major activist fund such as Third Point stands out precisely because exposure to the stock has been near-universal among peers.

The disclosure does not state Third Point's motives, the size of the positions before the sales, or whether the fund has re-entered any of the names since the quarter closed. Hedge funds rebalance for many reasons — valuation discipline, sector concentration limits, redemptions, or rotation into other AI-linked exposures such as power infrastructure or software — and a 13F alone cannot distinguish among them.

Third Point, founded by Dan Loeb in 1995, has historically combined activist equity positions with credit and macro bets. The fund did not publicly detail its semiconductor rationale alongside the filing.

For semiconductor investors, the signal is directional rather than definitive: one prominent fund reduced its chip exposure to zero in these five names at a moment when AI semiconductor demand — and NVIDIA's data center revenue in particular — remains the sector's central growth engine. Whether other funds followed in the quarter will become clear as additional Q2 filings are parsed.

The next round of 13F disclosures, and any commentary Third Point offers in its upcoming investor letter, will show whether the exits mark a broader de-risking of AI hardware exposure or a narrower portfolio decision.