Steve Cohen’s Point72 Asset Management signaled a rotation away from marquee artificial-intelligence holdings, trimming positions in Amazon and Nvidia while increasing exposure to medical device company Boston Scientific, according to the firm’s most recent 13F filing. The moves come as both Amazon and Nvidia have underperformed the broader market trend since the start of 2026, despite their prior multi-year rallies.
Point72’s decision is notable to investors tracking hedge fund disclosures, because it suggests the AI trade may be losing some momentum among early leaders while value-oriented opportunities in other sectors regain attention.
Key takeaways
- Price move: Amazon and Nvidia have largely flatlined since the start of 2026, lagging the S&P 500.
- Catalyst: Point72’s latest 13F showed trim actions in Amazon and Nvidia alongside a material build in Boston Scientific.
- Key implication: The filing points to a potential shift from AI beneficiaries toward areas seen as cheaper or more turnaround-oriented.
- Investor focus: Boston Scientific’s recent guidance suggests near-term pressure, but investors may be watching for stabilization and recovery.
What drove the move
According to Point72’s latest 13F, Steve Cohen took profits in AI-linked leaders by trimming his holdings in Amazon and Nvidia during the first quarter. The filing also showed a sharp increase in his stake in Boston Scientific.
The AI narrative has been a powerful catalyst for both companies in recent years, but the start of 2026 has been less supportive. The report cited results through early in the year showing neither Amazon nor Nvidia has delivered meaningful outperformance versus the S&P 500, a marked contrast to their earlier surge.
Point72 reduced its stake in Amazon by 6% and cut its Nvidia position by 24% between the fourth quarter of 2025 and the first quarter of 2026, according to the article’s summary of the filing. While profit-taking is common after extended gains, the scale and timing underscore that the manager is responding to changing performance dynamics rather than simply rotating for diversification.
Market reaction and sector rotation
Through early 2026, Amazon and Nvidia were described as having risen roughly 5% year to date in the article, compared with about 10% for the S&P 500 at the time of writing. The relative gap matters because it frames why investors following the AI complex may be re-evaluating leadership within the theme.
The article argued that the AI trade could be shifting from early dominant players toward suppliers of infrastructure and enabling technologies. In that context, it pointed to companies associated with building out the “backbone” supporting AI demand, such as Bloom Energy. While the 13F did not offer detailed explanations for sector timing, Cohen’s trimming of Amazon and Nvidia alongside a move into healthcare implicitly reflects a search for returns beyond the most crowded AI exposures.
Cohen’s healthcare bet: Boston Scientific
While trimming AI leaders, Cohen substantially increased his investment in Boston Scientific. The article said the position in the medical device maker was up 50% since the start of the year, even though the stock itself had been trending lower sharply over the same period. That combination—higher shares alongside a declining price—suggests Point72’s emphasis on valuation and potential mean reversion rather than short-term momentum.
Boston Scientific serves customers in cardiac care (accounting for 66% of revenue) and medical-surgical products (34% of revenue), according to the article. Its portfolio is positioned around procedures and devices that are generally less discretionary than many consumer-oriented categories, a characteristic investors often value during periods of economic uncertainty.
The company’s near-term outlook, however, has been mixed. The article reported that Boston Scientific delivered 9.4% organic sales growth in the first quarter of 2026, but expected a slowdown in organic sales growth to as low as 5% in the second quarter. It also said management lowered its full-year adjusted earnings guidance range to $3.34 to $3.41 per share, down from an earlier range of $3.43 to $3.49.
For investors, the guidance adjustment is significant because it implies a weaker second-half trajectory than previously anticipated. Even with confidence in the company’s longer-term competitive position, downward revisions can compress sentiment and keep valuation support tested until results stabilize.
Bigger picture: valuation and what to watch next
The article framed Boston Scientific’s main appeal as valuation. It cited a price-to-sales ratio of 3.2x, below its five-year average of 6x, and a price-to-earnings multiple of 19x, far under a longer-term average of 64x. Such a spread typically points to a market that is discounting either slower growth, margin pressure, or execution risk—conditions that can change if management demonstrates an improvement in orders, procedure demand, or product uptake.
Looking ahead, investors watching Point72’s moves may focus on whether Boston Scientific can translate early quarter strength into a more consistent operating trend despite the company’s cautious outlook. Key signals likely include subsequent quarterly organic growth trajectories, whether guidance narrows or is revised, and any evidence that demand and pricing power are stabilizing. For the broader market, investors will also be watching next major reads on rates and economic activity, which can influence valuation levels across both growth-heavy AI names and healthcare defensives.
