Three major hedge funds piled into TSM while dumping AVGO, with TSM gaining 41% YTD versus AVGO's 8% single-week drop. Druckenmiller exited Intel and Micron while opening new positions in LRCX, AMD, and Entegris, signaling selective bets on process equipment over legacy chips. Despite AVGO posting 48% revenue growth with AI sales up 143%, funds sold over six-customer concentration risk and 230 basis-point margin compression.
The most widely read finance newsletter on Substack isn't published by a bank, it's Doomberg, where 383,000+ readers get the energy and macro analysis the mainstream press misses. 24/7 Wall St. readers save 17% on their first year here. Second-quarter 13F filings, disclosed late last week for positions held as of June 30, tell a clear story inside the semiconductor trade: the biggest hedge funds rotated out of Broadcom (NASDAQ:AVGO) and into Taiwan Semiconductor Manufacturing (NYSE:TSM). Let's take a look at what funds bought and sold the two chip titans.
On Taiwan Semiconductor, David Tepper's Appaloosa added 322,500 shares to reach 1,650,000 shares worth $787,990,500, Dan Loeb's Third Point added 185,000 shares to reach 460,000 shares worth $219,682,200, and Stanley Druckenmiller's Duquesne Family Office added 94,400 shares to reach 589,680 shares worth $281,613,000. On Broadcom, the same books moved the opposite direction: Dan Loeb's Third Point exited entirely, selling all 50,000 shares, and Stanley Druckenmiller's Duquesne also exited entirely, selling all 195,955 shares. Loeb's rotation extended across the fabless and equipment ecosystem.
Third Point exited Lam Research (75,000 shares), KLA (11,000), the VanEck SMH semiconductor ETF (40,000), and his entire NVIDIA position (190,000 shares), while adding ASML (+18,000). Before Doomberg published a word, its team spent long careers in heavy industry, private equity, and the hard sciences. They take no advertisers and serve no institution — which is why their lateral-thinking coverage of energy, finance, and geopolitics reads nothing like consensus financial media.
Doomberg has set aside a discounted rate exclusively for 24/7 Wall St. readers — it isn't available on their main page. Druckenmiller's book is more selective: Duquesne exited Intel (411,400 shares), Micron (23,400) and Lattice (323,135), while adding STMicroelectronics (+490,000) and opening new positions in Lam Research (43,600), AMD (72,900), Entegris (118,300) and Rambus (173,000). The dissent: David Tepper's Appaloosa opened a new Broadcom position of 150,000 shares valued at $56,662,500 in the same quarter, making Tepper the only manager who added both names.
These are point-in-time snapshots, not real-time trading records, and value changes reflect price moves as much as share deltas. Recent price action has validated the smart-money read. Taiwan Semi is up 41% year-to-date and 78.82% over one year to $426.35, while Broadcom trades at $392.99, down 8.13% in the past week and up only 13.97% year-to-date.
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