Asia Tech Wire (Aug 16) -- George Soros and Stanley Druckenmiller's investment firms cut their positions in the "Big Seven" tech companies long before this year's euphoric rally in tech stocks turned into a sharp decline in mid-July.

According to a regulatory filing for the three months ending in June 30, Soros Fund Management sold a portion of its Alphabet position totaling $58 million, as well as about $15 million in Amazon stock.

Druckenmiller was among the investors who reduced their holdings in Nvidia, and the market's enthusiasm for artificial intelligence companies has accompanied the chipmaker's stock price upward.

His investment firm, Duquesne Family Office, cut its stake by more than 1.5 million shares, a filing showed.

Meanwhile, David Tepper's Appaloosa Management cut its three largest positions - Amazon, Microsoft and Meta Platform, extending similar reductions disclosed in late March.

David Bonderman's Wildcat Capital Management also reduced its position in Meta during the quarter, selling $24 million worth of shares.