Nvidia Stock Favored Over Sandisk by Billionaire Investors

Hedge fund managers Cliff Asness and Steven Schonfeld bought Nvidia and sold Sandisk in Q4 2025.

Published on Mar. 4, 2026

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Two prominent hedge fund managers, Cliff Asness of AQR Capital Management and Steven Schonfeld of Schonfeld Strategic Advisors, made significant portfolio moves in the fourth quarter of 2025, buying Nvidia stock while selling Sandisk. This comes as Nvidia stock has risen 46% over the past year, while Sandisk shares have surged 1,220%.

Why it matters

The investment decisions of these billionaire fund managers, who have handily outperformed the S&P 500 over the past three years, provide valuable insights into the relative merits of Nvidia and Sandisk as semiconductor investments. Their actions suggest Nvidia may have a stronger competitive position and more durable economic moat compared to Sandisk.

The details

Asness increased his stake in Nvidia by 18%, making it the largest position in his portfolio, while reducing his Sandisk holding by 22%. Schonfeld more than tripled his Nvidia position and cut his Sandisk stake by 27%, making Nvidia his third-largest holding. Both fund managers appear to favor Nvidia over Sandisk due to Nvidia's larger market opportunity in AI infrastructure and more sustainable competitive advantages.

  • In the fourth quarter of 2025, Cliff Asness and Steven Schonfeld made these portfolio moves.

The players

Cliff Asness

The founder and chief investment officer of AQR Capital Management, a prominent hedge fund.

Steven Schonfeld

The founder and CEO of Schonfeld Strategic Advisors, another major hedge fund.

Nvidia

An American semiconductor company that designs graphics processing units (GPUs) and networking hardware, making it a leader in AI infrastructure.

Sandisk

An American semiconductor company that designs data storage solutions based on NAND flash memory, competing in a more commoditized market.

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What they’re saying

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee (Instagram)

The takeaway

This case highlights the differing competitive positions and market opportunities of Nvidia and Sandisk, with Nvidia's leadership in AI infrastructure and stronger economic moat making it a more attractive investment for savvy hedge fund managers like Asness and Schonfeld.