Key Points
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Amazon and Nvidia have been central to the AI trade, yet their performance has stalled in 2026.
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Steve Cohen’s Point 72 Asset Management sold stakes in Amazon and Nvidia during the first quarter.
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Simultaneously, Cohen increased his position in Boston Scientific, a beleaguered healthcare firm.
Steve Cohen manages Point 72 Asset Management, and his investment moves are closely tracked through 13F filings. The latest filing indicated two notable actions: first, he took profits in the AI leaders Amazon (NASDAQ: AMZN) and Nvidia (NASDAQ: NVDA). Second, he substantially increased his stake in Boston Scientific (NYSE: BSX).
Below is an analysis of Cohen’s recent trades and the potential reasons behind them.
The AI Trade Could Be Changing
Up to this point in 2026, Amazon and Nvidia have only posted modest year‑to‑date gains of roughly 5%, lagging behind the approximately 10% rally of the S&P 500 index (SNP’]==”^GSPC). While the two companies enjoyed multi‑year advances—Amazon up over 560% and Nvidia over 16,000% in the past decade—their recent returns have plateaued.
Artificial intelligence’s early winners now seem to be ceding ground to infrastructure firms that underpin AI workloads. For example, hydrogen fuel‑cell maker Bloom Energy (NYSE: BE) is positioned to benefit from the expanding AI ecosystem.
Cohen’s reduction of his Amazon position by 6% and Nvidia by 24% between Q4 2025 and Q1 2026 reflects a shift in focus toward these supporting players.
NVDA data by YCharts
Cohen is Betting on an Unloved Healthcare Giant
While purging shares of Amazon and Nvidia, Cohen’s allocation to Boston Scientific grew by 50% from the beginning of the year. Even though the stock has declined over 50% year‑to‑date, the increase in the dollar value of the position is limited because of the steep price fall.
Boston Scientific specializes in cardiac devices (66% of revenue) and medical‑surgical products (34%). Its products are essential, offering demand resilience amid economic cycles. Despite recent setbacks—strong Q1 earnings but a cautious outlook, with projected unit growth slowing from 9.4% to just 5% and adjusted earnings guidance tightening from $3.43–$3.49 to $3.34–$3.41 per share—órios believe the company’s long‑term fundamentals remain solid.
The firm’s valuation metrics are attractive: a price‑to‑sales ratio of 3.2× versus a five‑year average of 6×, and a price‑to‑earnings of 19× versus a long‑term average of 64×. These figures suggest significant upside potential for a disciplined investor willing to endure a current period of volatility.
Should You Consider Buying Boston Scientific Now?
Given its discounted valuation and entrenched market position, Boston Scientific presents a compelling long‑term value opportunity. However, it is currently not recognized in the top ten picks of many research teams, reflecting market pessimism. Investors with a tolerance for cyclic downturns may find Cohen’s thesis aligns with their strategy.
