Billionaire 13Fs rotate out of Micron as TSMC draws fresh smart-money interest
August 14 Form 13F filings put Taiwan Semiconductor Manufacturing (NYSE: TSM) in focus: eight billionaires trimmed or exited Micron Technology (NASDAQ: MU) in the second quarter while five added TSM exposure, with Wall…
Key takeaways
- August 14 Form 13F filings showed eight billionaires trimmed or exited Micron Technology (NASDAQ: MU) in Q2 while five added Taiwan Semiconductor Manufacturing (NYSE: TSM).
- Micron shares effectively quadrupled between March 30 and June 25, reaching a trillion-dollar market cap and a 228% year-to-date gain through Aug. 19.
- Wall Street consensus projects TSMC to more than double earnings per share between 2025 and 2027.
- As of Q3 last year, TSMC held 72% of global contract chip manufacturing share.
- David Tepper's Appaloosa and Stanley Druckenmiller's Duquesne Family Office both sold Micron and bought TSMC in the same quarter.
August 14 Form 13F filings put Taiwan Semiconductor Manufacturing (NYSE: TSM) in focus: eight billionaires trimmed or exited Micron Technology (NASDAQ: MU) in the second quarter while five added TSM exposure, with Wall Street consensus projecting TSMC to more than double earnings per share between 2025 and 2027. The disclosures arrive after Micron shares effectively quadrupled between March 30 and June 25, lifting the stock to a trillion-dollar market cap and a 228% year-to-date gain through Aug. 19.
The Micron exits
The sellers include Ken Griffin's Citadel Advisors, David Siegel and John Overdeck's Two Sigma Investments, Israel Englander's Millennium Management, David Tepper's Appaloosa, Stanley Druckenmiller's Duquesne Family Office, Steven Cohen's Point72 Asset Management, and Cliff Asness's AQR Capital Management. Some of these funds hedge common stock positions with options. Profit-taking was likely the primary driver; the run from March 30 to June 25 gave those managers ample room to lock in gains. Historical precedent may also factor in: memory providers at single-digit forward price-to-earnings multiples with strong pricing power have traditionally attracted sellers.
The TSMC build
Five managers added TSM in Q2: Terry Smith's Fundsmith, Tepper's Appaloosa, Ken Fisher's Fisher Asset Management, Dan Loeb's Third Point, and Druckenmiller's Duquesne Family Office. TSMC also holds the No. 1 spot in portfolios managed by Chase Coleman of Tiger Global Management and Philippe Laffont of Coatue Management.
The draw is TSMC's foundry position. As of Q3 last year, the company held 72% of global contract chip manufacturing share. It has been expanding monthly chip-on-wafer-on-substrate capacity to meet GPU demand in AI data centers, and booking customers in advance has generated pricing power. Consensus from Wall Street analysts projects TSMC to more than double earnings per share between 2025 and 2027. Advanced chips drive the bulk of that growth; TSMC also manufactures for smartphones, next-generation vehicles, and Internet of Things applications.
What to watch
Both Tepper and Druckenmiller show up as MU sellers and TSM buyers in the same quarter. A softening in AI data center investment would weigh on TSMC, though its foundry position and diversified manufacturing base put it in better shape than memory-focused peers to absorb a demand shift. Q3 13F filings will show whether the rotation held.