California's Largest Pension Fund Cuts Apple Holdings, Boosts Meta Investments
Recently, the California Public Employees' Retirement System (CalPERS) disclosed its asset allocation for the first quarter, significantly reducing its Apple (AAPL) stakes by 5.1 million shares, leaving it with 34.7 million shares. The stock price of Apple has faced substantial pressure, dropping 12% in the second quarter due to various factors. In contrast, CalPERS has increased its stake in Meta (META) by 579,000 shares, bringing its total holdings to 5.5 million shares, and added 325,000 shares of AMD (AMD), totaling 3.3 million. Additionally, it has acquired 494,000 shares of McDonald's (MCD). Market analysts note that these shifts reflect concerns regarding Apple's future, while Meta and AMD's strong recent performance driven by recovering ad revenues and strategic AI investments have attracted investor interest.
