Baron Funds, an asset management company, released its “Baron Global Advantage Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund gained 1.7% (Institutional Shares) compared to a 6.8% decline for the MSCI ACWI Index and a 5.9% decline for the MSCI ACWI Growth Index. Stock selection contributed to the fund’s outperformance in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Baron Funds discussed stocks like Rivian Automotive, Inc. (NASDAQ:RIVN) in the Q3 2022 investor letter. Based in San Jose, California, Rivian Automotive, Inc. (NASDAQ:RIVN) is an electric vehicle company that designs, develops, manufactures, and distributes electric vehicles. On November 2, 2022, Rivian Automotive, Inc. (NASDAQ:RIVN) stock closed at $31.52 per share. One-month return of Rivian Automotive, Inc. (NASDAQ:RIVN) was -12.76% and its shares lost 69.60% of their value over the last 52 weeks. Rivian Automotive, Inc. (NASDAQ:RIVN) has a market capitalization of $27.845 billion.
Baron Funds made the following comment about Rivian Automotive, Inc. (NASDAQ:RIVN) in its Q3 2022 investor letter:
“Rivian Automotive, Inc. (NASDAQ:RIVN) designs, manufactures, and sells consumer and commercial electric vehicles (EVs). Shares of Rivian were up 28% in the third quarter driven by second quarter production that beat expectations, a new partnership with Mercedes Benz, and the positive potential impact of the recently announced Inflation Reduction Act on accelerating broader EV adoption. While Rivian continues to be impacted by supply-chain issues that are causing delays in its production ramp, it is addressing the challenges by diversifying its supply chain to alleviate shortages while also consolidating the number of variants in development to reduce cash burn (the company guided that current cash will be enough to support the company’s future platform launch R2 in 2025). The company also recently reported stronger than-expected third quarter production results while reiterating its annual guidance of producing 25,000 units. As semiconductor shortages ease, we believe the company will be able to rapidly ramp its production. While we retain conviction in the shares given the company’s vision, product positioning, relationship with Amazon.com, and strong balance sheet, we have reduced the size of our position.”
Rivian Automotive, Inc. (NASDAQ:RIVN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held Rivian Automotive, Inc. (NASDAQ:RIVN) at the end of the second quarter which was 29 in the previous quarter.
We discussed Rivian Automotive, Inc. (NASDAQ:RIVN) in another article and shared the largest IPOs of all time. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard.
Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences.
At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000.
Do the math. According to Musk, this technology could be worth $250 trillion by 2040.
Put another way, that’s roughly equal to:
175 Teslas
107 Amazons
140 Metas
84 Googles
65 Microsofts
And 55 Nvidias
And here’s the wild part — this $250 trillion wave isn’t tied to one company, but to an entire ecosystem of AI innovators set to reshape the global economy.
It’s a leap so massive, it could reshape how businesses, governments, and consumers operate worldwide.
Even if that $250 trillion figure sounds ambitious, major firms like PwC and McKinsey still see AI unlocking multi-trillion-dollar potential.
How could anything be worth that much?
The answer lies in a breakthrough so powerful it’s redefining how humanity works, learns, and creates.
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What most investors don’t realize is that one under-owned company holds the key to this $250 trillion revolution.
In fact, Verge argues this company’s supercheap AI technology should concern rivals.
Before I reveal the details, let’s talk about how some of the richest people on the planet are positioning themselves.
Bill Gates sees artificial intelligence as the “biggest technological advance in my lifetime,” more transformative than the internet or personal computer, capable of improving healthcare, education, and addressing climate change.
Larry Ellison — through Oracle, is spending billions on Nvidia chips and partnering with Cohere to embed generative AI across Oracle’s cloud and apps.
Warren Buffett — not known for tech hype — says this breakthrough could have a ‘hugely beneficial social impact.
When billionaires from Silicon Valley to Wall Street line up behind the same idea — you know it’s worth paying attention to.
Even as we admire what Tesla, Nvidia, Alphabet, and Microsoft have built, we believe an even greater opportunity lies elsewhere…
But the real story isn’t Nvidia — it’s a much smaller company quietly improving the critical technology that makes this entire revolution possible.
And judging by what I’m hearing from both Silicon Valley insiders and Wall Street veterans…
This prediction might not be bold at all:
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