Billionaires Cliff Asness, Israel Englander, and Steven Cohen, all prominent hedge fund managers, acquired shares in Nvidia and Western Digital during the third quarter of 2023. Nvidia, a leader in artificial intelligence infrastructure, has seen its stock price surge by 1,180% since January 2023, while Western Digital, which specializes in hard disk drives, has experienced an 830% increase over the same period.
Asness, whose AQR Capital Management beat the S&P 500 by 10 percentage points over the past three years, holds Nvidia as his largest investment, contributing 3% of his portfolio. Englander from Millennium Management has also made Nvidia his top holding, with both stocks comprising 2% of his portfolio, while Cohen of Point72 Asset Management reports similar investments. Wall Street estimates that Nvidia’s earnings will grow at 67% annually through the fiscal year ending in January 2027, with a target price of $250 per share, suggesting a potential 33% upside from its current price of $187.
Western Digital reported a revenue increase of 27% to $2.8 billion in the first quarter of fiscal 2026, driven by high demand for HDDs, which are projected to grow at 22% annually through 2030 due to AI infrastructure needs. However, its current stock price of $200 may face pressure due to market cyclicality, with expectations of a potential downturn after the supply shortage.
