Billionaire Soros and other investment firms cut their holdings in the tech "Big Seven" long before the summer plunge

Early before this year's euphoric rally in tech stocks turned into a sharp decline in mid-July, George Soros and Stanley Druckenmiller's investment firms cut their holdings in the "Big Seven" tech stocks. Soros Fund Management sold a portion of its Alphabet holdings totaling $58 million, as well as about $15 million in Amazon shares, according to regulatory filings for the three months ending in June. Druckenmiller was among the investors who cut their holdings in Nvidia. The market's enthusiasm for artificial intelligence companies has accompanied the chipmaker's stock price. His Duquesne Family Office reduced its holdings by more than 1.5 million shares, the filings show. Meanwhile, David Tepper's Appaloosa Management reduced its three largest positions - Amazon, Microsoft and Meta, continuing similar reductions disclosed in late March. David Bonderman's Wildcat Capital Management also reduced its holdings in Meta during the quarter, selling $24 million worth of shares.