Sir Christopher Hohn’s hedge fund TCI has dumped almost all of its $8bn stake in US software giant Microsoft, telling investors that artificial intelligence poses a threat to the company’s dominant software products.
TCI, one of the world’s biggest and best-performing hedge funds, has held a large stake in the tech giant for much of the past decade, but slashed it from 10 per cent of its portfolio at the end of last year to just 1 per cent by the end of March, according to an investor letter seen by the FT.
“We reduced our investment in Microsoft because the rapid progress in AI introduces uncertainty over Microsoft’s competitive position in the future,” Hohn told investors in the letter.
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