Key Points
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Amazon and Nvidia have been caught up in the AI trade, but have flatlined so far in 2026.
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Steve Cohen’s Point72 Asset Management sold Amazon and Nvidia in the first quarter.
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Cohen materially increased his investment in sagging Boston Scientific.
- 10 stocks we like better than Boston Scientific ›
Steve Cohen runs Point72 Asset Management, and investors closely watch his investment decisions through that hedge fund’s 13F filings. The most recent 13F highlighted two interesting moves. First, Cohen took profits in artificial intelligence leaders Amazon (NASDAQ: AMZN) and Nvidia (NASDAQ: NVDA). Second, he dramatically increased his position in Boston Scientific (NYSE: BSX).
Here’s a look at Steve Cohen’s stock buying and selling and why you might want to consider making similar investment moves.
The AI trade could be changing
Since the start of 2026, neither Amazon nor Nvidia have been a particularly strong performer. Amazon and Nvidia were only up around 5% year to date as of this writing, trailing the roughly 10% gain of the S&P 500 index (SNPINDEX: ^GSPC). That comes after a multi-year advance for each company.
Over the past decade, Amazon was up over 560% compared to a gain of 260% for the S&P 500 index. Nvidia’s stock rose more than 16,000% over the same span. Taking profits from strongly performing stocks is hardly shocking, especially as they start to lag the broader market after a long period of strength.
However, what’s notable is that the artificial intelligence trade that helped push these two stocks higher appears to be shifting. The early leaders may be giving way to infrastructure companies, such as hydrogen fuel cell maker Bloom Energy (NYSE: BE), that support the build-out of the AI backbone. Between the fourth quarter of 2025 and the first quarter of 2026, Cohen trimmed his stake in Amazon by 6% and his Nvidia position by a whopping 24%.
NVDA data by YCharts
Cohen is betting on an unloved healthcare giant
While Cohen was selling Nvidia and Amazon shares, he was buying Boston Scientific shares. His position in this medical device maker increased by 50% from the start of the year. What’s interesting is that the dollar value of the Boston Scientific position barely budged because the stock has been heading sharply lower. It is down over 50% year to date as of this writing. This is a value play, with Cohen likely betting that the company turns its fortunes around over the long term.
Boston Scientific makes medical devices used in cardiac care (66% of revenues) and medical-surgical products (34%). The products it sells are not optional, so demand is steady regardless of economic trends and market cycles. The company has long been a top player in the medical technology space. However, all companies go through good periods and bad ones. Right now, Boston Scientific isn’t hitting on all cylinders.
Notably, the company reported a strong first quarter, but provided a particularly weak outlook for the rest of the year. The numbers here speak volumes. In the first quarter of 2026, Boston Scientific posted organic sales growth of 9.4%, but in the second quarter, it projects organic sales growth could slow to as low as 5%. For the full year, the company lowered its adjusted earnings guidance range from $3.43 to $3.49 per share to a range of $3.34 to $3.41.
There’s a reason investors are downbeat right now: the new high end of the guidance range is lower than the old low end. But the company has a long history of success, driven by innovation and strong customer relationships. It is one of a small number of medical device makers that have entrenched industry positions. It is highly likely that the company will eventually emerge from its current funk.
Boston Scientific: A deep value opportunity
The big story for investors right now, however, is Boston Scientific’s valuation. For example, its price-to-sales ratio of 3.2x is far below its five-year average of 6x. And its price-to-earnings ratio of 19x is well below its longer-term average of 64x. To be fair, buying a value-oriented stock like Boston Scientific should be viewed as a long-term investment.
Indeed, you can’t turn an over $60 billion market cap healthcare giant around on a dime. But it seems highly likely that this industry-leading medical device maker does, eventually, get back on track. Which is likely what Steve Cohen is betting on, and you might want to, too.
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Reuben Gregg Brewer has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon, Bloom Energy, and Nvidia. The Motley Fool has a disclosure policy.
