Scale AI plans to promote Jason Droege, the company's strategy chief, to run the artificial intelligence startup, CNBC confirmed. Meta is finalizing a $14 billion investment into Scale AI, CNBC previously reported.

Here's how billionaires Tepper, who oversees $8.3 billion, and Laffont, who manages $22 billion, took action on Nvidia and Meta in the first quarter: Tepper sold 55% of his Nvidia stock and now holds 300,000 shares. He increased his Meta position by 12% to 550,000 shares. It's his fifth-biggest stock position.