Billionaire David Tepper Dumped Sandisk for This Trillion-Dollar AI Chip Giant
Sandisk is growing faster, but that's the only thing that matters.
Overview
Sandisk (NASDAQ: SNDK) has been one of the most spectacular stories of the year as the memory crunch creates staggering demand for its products. However, the market seems to have moved on; although Sandisk stock has gained 1,230% over the past year, it's down 27% from its 52-week high.
Billionaire investor David Tepper, who runs hedge fund Appaloosa Management, has moved on, too. He completely closed out his $179 million position in the second quarter and, at the same time, opened a new position in trillion-dollar chip giant Broadcom (NASDAQ: AVGO). Should you follow suit?
Image source: The Motley Fool.
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Originally published at www.fool.com.
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