Technology stocks again attracted the attention of the world’s largest funds in the second quarter, according to regulatory filings, while the S&P 500 SPX hit a series of record highs that preceded the recent turmoil in U.S. stocks.

Buyers of technology stocks included Renaissance Technologies, which bought 1.5 million shares of chipmaker Nvidia. NVDA to Lee Ainslie’s Maverick Capital, which more than tripled its Microsoft revenue MSFT Position on 600,000 shares.

The positioning was disclosed in 13-F filings, a snapshot of fund positioning at the end of the quarter. While they don’t reveal current holdings, they are one of the few ways to get a glimpse into the portfolios of often secretive market participants such as hedge funds and sovereign wealth funds.

The S&P 500 rose nearly 4 percent from early April to late June, hitting nine straight record highs in a rally fueled by enthusiasm about artificial intelligence and expectations that the Federal Reserve can lower U.S. inflation without hurting growth.

Markets were thrown into turmoil at the start of the third quarter as concerns about high valuations hit the stocks of many technology heavyweights. Worries about the US economy and the unwinding of a global yen-based carry trade further roiled markets, leading to a sharp drop in the S&P 500 in early August. The index has largely recouped those losses recently.

Here is a snapshot of the positioning of some of the largest funds at the end of June:

BRIDGEWATER EMPLOYEES

The macro hedge fund founded by legendary investor Ray Dalio has more than doubled its stake in Amazon Amazon to 2.6 million shares, a position worth $551.3 million at the end of June. The fund roughly doubled its Microsoft shares to 1.09 million, worth $487.3 million. But it trimmed its Apple shares AAPL Shares increased by almost three-quarters to 469,324 shares or $98.8 million.

SOROS FUND MANAGEMENT

Not all large funds were tech buyers. George Soros’ family office reduced its stake in Google’s parent company Alphabet GOOG by nearly 39% to nearly 915,000 shares valued at $166.7 million. The company reduced its stake in Amazon by just over 26% to around 290,850 shares valued at $56.2 million.

Outside the technology sector, a position was established in UnitedHealth Group worth $12.7 million. UNHThe fund also reduced its stake in weight loss manufacturer Novo Nordisk NOVO_B and at the same time increased its stake in Merck & Co MRC on 300,000 shares valued at $37.1 million.

LIGHT STREET CAPITAL

Technology-focused equity hedge fund Light Street Capital bought 77,459 Apple shares while dumping all 110,000 Alphabet shares and selling 46,000 Microsoft shares in the second quarter. The fund reduced its holdings in Meta META and Nvidia. Dell Technologies was added dELL-and bought 126,279 shares worth $17.4 million.

MAVERICK CAPITAL

Lee Ainslie’s hedge fund more than tripled its Microsoft holdings in the second quarter, holding 600,000 shares. It increased its positions in Meta and Amazon, but drastically reduced its holding in Alphabet. Maverick also reduced its exposure to Nvidia.

RENAISSANCE TECHNOLOGIES AND OTHERS

Nvidia, which has helped drive the broader stock market higher this year, continued to attract interest from big-name investors, including hedge fund Renaissance Technologies, which added about 1.5 million shares during the quarter.

Large asset managers such as BlackRock, State Street and Vanguard also made significant purchases. Among the funds that unwound their Nvidia positions was Texas-based Twin Tree Asset Management, which sold nearly 900,000 shares.

TIGER GLOBAL MANAGEMENT

Chase Coleman’s hedge fund bought 1.9 million shares of Qualcomm QCOMtotaling $370 million. Outside the technology sector, the company initiated a new position in UnitedHealth Group worth $1.2 billion – or 2.3 million shares – and made no changes to its positions in the so-called Magnificent Seven technology and growth stocks, which included Nvidia, Alphabet and Amazon.

SCION ASSET MANAGEMENT

Fund manager Michael Burry, whose bets against the U.S. housing market before the 2008 financial crisis were documented in the film “The Big Short,” reduced the number of companies in his portfolio from 16 in March to 10 in June. However, he added some new stocks to the portfolio, including real estate company Hudson Pacific Properties. HPP and Molina Healthcare MOHwhich provides healthcare services under government-supported programs, and the payment company Shift4 FOUR.

ROKOS CAPITAL MANAGEMENT

The macro hedge fund, led by Chris Rokos, sold a position of 961,403 Apple shares worth $164.9 million that it held at the end of the first quarter, while reducing its stake in Alphabet by almost 90 percent. Rokos increased his holdings in other stocks of the “Magnificent Seven”: Meta, Nvidia, Microsoft and Amazon.

SOROS CAPITAL MANAGEMENT

The family office of George Soros’ son Robert Soros liquidated its stake of 63,640 shares in Microsoft worth $26.6 million at the end of March and sold all 103,000 shares it owned in Advanced Micro Devices. AMD in the second quarter, while reducing exposure to other major technology companies such as Amazon, Uber Technologies ABOVETaiwanese semiconductor company 2330 and Meta. Soros unwound a sizable put position, normally considered bearish, in the iShares iBoxx $ High Yield Corporate Bond exchange-traded fund. HYG.

Saudi Public Investment Fund

The Saudi Public Investment Fund has closed its position in weight-loss biotech company Allurion Technologies ALURand sold nearly 1.2 million shares. It tripled its position in Brazilian digital banking company Nu Holdings NOWadding about 2.6 million shares and increasing existing call positions – normally considered bullish – in large technology stocks such as PayPal PYPLMicrosoft and Meta.

The fund held US stocks worth around $20.7 billion in the second quarter. In the first quarter, it had almost halved its holdings and now stood at $18 billion.

JANA PARTNER

Activist investor Jana Partners built a new stake in US enterprise software company BlackLine Systems BL in the second quarter. Jana owned 1.15 million shares as of June 30, representing a stake of nearly 2%.