Key Points

Amazon and Nvidia have lagged in the AI sector and posted modest gains so far in 2026.
Steve Cohen's Point72 Asset Management exited positions in Amazon and Nvidia during the first quarter.
Cohen substantially raised his stake in struggling Boston Scientific.
10 stocks we like better than Boston Scientific ›

Steve Cohen leads Point72 Asset Management, and market participants track his moves via the firm's 13F disclosures. The latest filing revealed notable shifts. Cohen realized gains from artificial intelligence standouts Amazon (NASDAQ: AMZN) and Nvidia (NASDAQ: NVDA). At the same time, he markedly expanded exposure to Boston Scientific (NYSE: BSX).

Below is an overview of Cohen's recent trades and the rationale that could encourage similar steps by other investors.

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The AI trade could be changing

Since the beginning of 2026, Amazon and Nvidia have delivered limited returns. Both names advanced roughly 5 percent year to date, trailing the S&P 500 index advance of about 10 percent. These results follow extended rallies for each firm.

Over the past ten years, Amazon climbed more than 560 percent versus a 260 percent rise for the S&P 500. Nvidia surged over 16,000 percent in the same period. Realizing profits after strong runs is common, particularly when shares begin to trail the broader market following years of outperformance.

Still, the artificial intelligence theme that propelled these equities appears to be evolving. Early leaders may cede ground to infrastructure providers such as hydrogen fuel cell specialist Bloom Energy (NYSE: BE) that enable AI network expansion. From the fourth quarter of 2025 to the first quarter of 2026, Cohen reduced Amazon by 6 percent and Nvidia by 24 percent.

NVDA data by YCharts

Cohen is betting on an unloved healthcare giant

While trimming Nvidia and Amazon, Cohen added to Boston Scientific. His holding grew 50 percent from the start of the year. The dollar amount of the position remained nearly unchanged because the shares declined sharply. The stock is down more than 50 percent year to date. This represents a value-oriented approach, with Cohen likely expecting a long-term recovery.

Boston Scientific produces devices for cardiac procedures (66 percent of sales) and medical-surgical items (34 percent). Demand stays consistent because the offerings address essential needs irrespective of economic conditions. The firm has maintained a leading role in medical technology, yet every business experiences cycles. Boston Scientific currently faces headwinds.

The company posted solid first-quarter results yet issued cautious guidance for the balance of the year. Organic revenue rose 9.4 percent in the first quarter, but second-quarter projections point to growth as low as 5 percent. Full-year adjusted earnings guidance was trimmed from a prior range of $3.43 to $3.49 per share to a new range of $3.34 to $3.41.

Investors remain cautious because the revised high end falls below the previous low end. Nevertheless, the firm possesses a track record of innovation and enduring client ties. It ranks among a limited group of device makers with durable market positions. The business is expected to regain momentum over time.

Boston Scientific: A deep value opportunity

The standout feature for investors centers on valuation. The price-to-sales multiple of 3.2 times sits well below the five-year average of 6 times. The price-to-earnings ratio of 19 times compares with a longer-term average of 64 times. Acquiring a value name such as Boston Scientific should be treated as a multi-year commitment.

Reviving a healthcare enterprise valued above $60 billion requires patience. Yet the leading medical device maker is likely to stabilize eventually. That outlook appears to underpin Cohen's decision, and other investors may reach the same conclusion.

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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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.