Prominent investors such as Bill Ackman and David Tepper reduced their holdings in several major technology stocks in the second quarter before a global sell-off earlier this month amid recession fears, according to recent 13F filings.

The Securities and Exchange Commission (SEC) requires most companies with $100 million or more in assets under management to file a quarterly Form 13F disclosing their equity holdings.

Ackman, Tepper and Daniel Loeb’s hedge funds reduced their stakes in Google parent company Alphabet (GOOGL) in the second quarter, as did other major hedge funds such as Renaissance, Bridgewater Associates and Seth Klarman’s Baupost Group. Tepper, Loeb and others have also sold some of their meta (META) holdings.

Major investors have turned away from Alphabet and Meta as the companies face pressure to show that their heavy spending on artificial intelligence (AI) is paying off.

Intel (INTC) also stood out as several hedge funds reduced their holdings in the second quarter. The chipmaker’s stock plunged after the company recently reported a larger-than-expected loss and a $10 billion cost-cutting plan that includes layoffs.

Warren Buffett’s Berkshire Hathaway (BRK.A) (BRK.B) has significantly reduced its stake in Apple (AAPL), although the iPhone maker’s stock still represents Berkshire’s largest holding. Some like Renaissance bought Apple shares, while Dan Loeb’s Third Point added a stake in Apple during the same period.

Meanwhile, several hedge funds, including Bridgewater, Renaissance and Teppers Apaloosa, have increased their holdings in AI chipmaker Nvidia (NVDA), which could benefit from increased spending on AI infrastructure.