Jim Simons' Renaissance Technologies Makes AI Moves: Sells Big Tech, Buys Chinese Stocks, Robinhood In Q4
Late investor Jim Simons‘ fund Renaissance Technologies LLC made some significant changes within its artificial intelligence bets during the fourth quarter of 2024. The 13F SEC filings reveal that Renaissance increased its stake in a few Asia-based AI companies during the quarter.
What Happened: Mathematician Simons who died in May 2024 achieved remarkable success in finance by founding the quantitative hedge fund Renaissance Technologies. The key changes in its fourth-quarter holdings are as follows.
- Renaissance cut its stake in Palantir Technologies Inc. (NASDAQ:PLTR) by 41% but its position in value terms increased by $294.4 million or 21% during the said quarter.
- The fund sold all 304,140 shares of Super Micro Computer Inc. (NASDAQ:SMCI), exiting the company as the company underwent a 10-for-1 stock split in mid-quarter, which lowered the price per share but increased the number of shares. The fund repurchased about $1.637 million of the new class of shares valued at $49.898 million.
- The company increased its stake in Asian AI plays like Alibaba Group Holding ADR (NYSE:BABA) by 209%, Taiwan Semiconductor Mfg. Co. (NYSE:TSM) by 92% and JD.Com Inc. (NASDAQ:JD) by a staggering 1331%.
- Furthermore, Renaissance added 1303% of Nike Inc. (NYSE:NKE) and 32% of Robinhood Markets Inc. (NASDAQ:HOOD) during the fourth quarter.
Company
Holdings (as of Sept. 30)
Holdings (as of Dec. 31)
Change (in %)
Value As Of Dec. 31
Palantir Technologies Inc.
38,419,240
22,789,809
-41%
$1.723 billion
Alphabet Inc. Class C
815,000
0
-100%
0
Alphabet Inc. Class A
743,614
3,050
-99.6%
$592,000
Super Micro Computer Inc.
304,140
0
-100%
0
Alibaba Group Holding – ADR
971,000
2,995,640
209%
$254 million
Taiwan Semiconductor Mfg. Co.
848,420
1,629,242
92%
$321.759 million
JD.Com Inc.
79,900
1,143,700
1331%
$39.652 million
Robinhood Markets Inc.
8,986,602
12,078,116
34%
$450.030 million
Nike Inc.
185,500
2,602,101
1303%
$196.900 million
Why It Matters: As of its fourth quarter filings, the hedge fund had 3,533 holdings with a total value of $67.553 billion as per its 13F filings.
Simons in an old conversation had revealed the key to Renaissance Technologies’ staggering returns.
“My algorithm has always been you get smart people together. You give them a lot of freedom,” Simons explained in a transcript of his old interview.
His words offer a glimpse into the inner workings of the famously secretive and astoundingly successful Medallion Fund. Managed exclusively for Renaissance employees, the fund has achieved near-mythical status in the finance world due to its unprecedented performance. This exclusivity, coupled with its consistent outperformance, has fueled both intrigue and admiration from investors worldwide.
Simons’ final ingredient for building a multi-billion dollar empire is to ensure everyone has a vested interest. “Make everyone partners,” he advised. In short, Simons’ Renaissance Technologies model rests on four pillars: brilliant minds, a collaborative environment, cutting-edge infrastructure, and shared ownership.
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