Nvidia stock is up over 200% on the heels of the AI revolution, but competition is quickly rising for the chip leader.

Tiger Global Management reduced its position in Nvidia in Q4 by nearly 13%. Nvidia still claims the No. 10 spot in the hedge fund's portfolio with a stake valued at roughly $480 million at the end of 2023. However, Coleman is taking some of his profits off the table with the stock after making big gains.

At its core, AI involves the development of software and systems capable of performing tasks that traditionally required human intelligence. What sets AI apart is its ability to learn and adapt autonomously,

Louis Bacon of Moore Capital Management sold 873,000 shares of Nvidia, reducing his stake by 99%. He simultaneously increased his stake in Amazon by more than 1,000%, such that it now ranks as his third-largest position.