Top 5 Technology Stocks to Buy in 2023 According to Ray Dalio

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1. Baidu, Inc. (NASDAQ:BIDU)

Value of Bridgewater Associates’ 13F Position: $80.35 million
Percentage of Bridgewater Associates’ 13F Portfolio: 0.43%
Number of Hedge Fund Shareholders: 40

Baidu, Inc. (NASDAQ:BIDU) is a Chinese multinational tech company that offers internet search services through Baidu Core and iQIYI segments. In addition, Baidu provides various mobile apps, including Baidu App, Baidu Search, Baidu Feed, Baidu Health, Haokan, and more. Baidu, Inc. (NASDAQ:BIDU) also offers online marketing, cloud services, self-driving services, and iQIYI online entertainment. Baidu has a strategic partnership with Zhejiang Geely Holding Group.

Bridgewater Associates holds 702,473 shares in Baidu, Inc. (NASDAQ:BIDU), worth over $80.35 million. This represents 0.43% of their portfolio. The hedge fund’s stake in Baidu, Inc. (NASDAQ:BIDU) stock decreased by 24% in the fourth quarter of 2022. Baidu, Inc. (NASDAQ:BIDU) has featured on Bridgewater Associates’ portfolio since the second quarter of 2018.

On April 17, Citi’s Alicia Yap lowered Baidu, Inc. (NASDAQ:BIDU)’s price target to $186 but maintained a ‘Buy’ rating. She expected Q1 results to meet expectations but lowered Q2 and fiscal 2023 assumptions due to slower macro improvements affecting advertising spend and cloud projects rollout.

At the end of the fourth quarter of 2022, 40 hedge funds in the database of Insider Monkey held stakes worth $1.74 billion in Baidu, Inc. (NASDAQ:BIDU), down from 43 the preceding quarter worth $1.46 billion. Ariel Investments is the company’s largest shareholder, with shares worth $326.31 million.

Horos Asset Management stated in its Q4 2022 investor letter about Baidu, Inc. (NASDAQ:BIDU):

“As I mentioned at the beginning of this quarterly letter, we took advantage of the meltdown in technology platforms to initiate new positions in companies in which we had already been shareholders in the past and whose valuation did not, until now, provide a sufficiently high margin of safety. Such is the case of PayPal and Baidu, Inc. (NASDAQ:BIDU).…” (Click here to read the full text)

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