George Soros Is High On the Tech Sector


George Soros Is High On the Tech Sector

George Soros Hates Donald Trump

Billionaire investor George Soros is moving his money from banks into high tech. Why does this matter?

There is a global recession going on right now because of the Corona Virus pandemic. This recession has led mountains of debt. People have lost their jobs and so are having trouble paying their bills and making their mortgage payments. Businesses have taken on new debt to keep afloat during this time of contractions and falling sales.

Governments are also racking up a great deal of debt as they have seen their tax revenues fall due to the recession and social expenditures increase on things like unemployment insurance welfare and money to help small businesses keep their doors open.

So what does this have to do with banking? Well the question is really when the Covid-19 crisis will end because when that happens businesses and governments will be able to start paying off their debts. If the recovery comes soon then banks and financial institutions will begin to cash in on the interest payments of all that debt while having capital on hand to loan out again. But if the recession lasts longer then financial institutions may end up in the same boast as they were back in 2009.

Yahoo Finance has reported that according to George Soros’ third-quarter 13-F filing of Soros Fund Management, he has divested from Bank of America Cor. (NYSE:BAC) and JPMorgan Chase & Co. (NYSE:JPM). In their place George Soros invested in new tech firms like Palantir Technologies Inc. (NYSE:PLTR).

Soros Fund Management has made many new investments, according to Yahoo Finance. It bought 70,000 shares in the chip maker NXP Semiconductors NV (NASDAQ:NXPI), 91,000 shares of paint, coatings and materials supplier PPG Industries Inc (NYSE:PPG) valued at $11.1 million, 400,000 shares of National General Holdings Corp, 150,000 shares in the Walt Disney Company (NYSE:DIS) valued at $18.61 million, and 294,369 shares of Maxim Integrated Products Inc. (NASDAQ:MXIM), valued at $19.90 million.

According to Insider Monkey, the big stocks which George Soros invested in are:

Varian Medical Systems, Inc. (NYSE:VAR) in which Soros Fund Management bought 145,058 valued at $24.5 million; Unity Software Inc. (NYSE:U), 300,000 shares valued at $26.18, chip maker Microchip Technology Incorporated (NASDAQ:MCHP) 267,956 shares valued at $27.54 million; Immunomedics, Inc. (NASDAQ:IMMU) 384,096 shares valued at $32.66 million; Palantir Technologies (NYSE:PLTR), 18.45 million at the company’s IPO valued at over $175 million.