Tiger Global Management sharply cut its exposure to Meta Platforms in the third quarter, reducing its stake by 63%, according to a report by Reuters citing the the fund’s 13F regulatory filing for the third quarter of the year.

The significant trim follows a period of cooling sentiment toward the “Magnificent Seven” tech giants, as hedge funds reassessed positions after this year’s sharp run-up in AI-linked valuations.

Tiger Global’s move aligns with broader industry trends. Several major stock-picking hedge funds scaled back their large-cap tech holdings during the quarter, rotating instead into software, e-commerce and payments names.

The filing provides only a backward-looking snapshot and does not reveal Tiger Global’s current exposure or any short positions.