Third Point trims Nvidia and Broadcom, adds a new position in Warner Bros. Discovery in the second quarter

Third Point, the investment firm run by Daniel Loeb, exited positions in both Nvidia and Broadcom during the second quarter, according to reporting tied to the firm’s most recent portfolio disclosures.

The same filings also point to a shift in positioning elsewhere. Third Point opened a new bet on Warner Bros. Discovery, a company whose shares trade as a proxy for the broader media and streaming sector, where leverage, content spending, and subscriber growth expectations can swing investor sentiment.

The round-trip across these two highly visible themes, chips and media, underscores how investors have been coping with an uneven market narrative. Semiconductors have been a leadership area, but performance has often been concentrated in a small set of winners tied to artificial intelligence infrastructure and data-center capex cycles. Third Point’s move away from Nvidia and Broadcom suggests it does not intend to stay tied to those crowded themes at the same weight as before.

Broadcom’s inclusion in the exited names is notable because the company is widely viewed as more than a pure-play semiconductor stock. Broadcom is a large infrastructure supplier with exposure to custom silicon, networking and connectivity hardware, and a software business that includes enterprise and infrastructure offerings. It also has a reputation for using acquisitions and a mix of hardware and recurring software revenue streams to smooth earnings volatility compared with some chip peers. Third Point’s reported exit, however, indicates the firm chose not to maintain Broadcom exposure through the quarter.

In the media segment, Warner Bros. Discovery’s business mix differs sharply from semiconductors. Investors typically weigh factors such as advertising demand, streaming economics, sports and entertainment content strategy, and the company’s capital structure. Third Point’s newly reported position implies the firm saw a valuation or turnaround setup that it preferred over the semiconductor leadership trade.

Third Point’s portfolio rotations are usually associated with concentrated conviction bets rather than broad index-style rebalancing. When the firm exits a flagship technology name and replaces it with a different sector, the move can be read as a change in risk posture, timing, or expectations for the next leg of earnings momentum.

Still, important details were not disclosed in the coverage. The cited reporting does not provide the size of Third Point’s positions, the exact timing of the exits, or the investment thesis level. It also does not spell out whether Warner Bros. Discovery is a short-term tactical entry or a longer-term thesis position.