Valued at a market capitalization of nearly $3.3 billion, Nvidia (NVDA) is among the world’s largest companies. The chip stock has surged over 800% since late 2022, as it is at the epicenter of the artificial intelligence (AI) megatrend.

Steven Cohen of Point72 Asset Management bought 1.5 million shares of Nvidia, increasing his stake by 75%. It is now his largest position excluding options. Meanwhile, he sold 1.5 million shares of Apple, completely exiting the position.