Billionaire Stephen Mandel Dumped His Fund's Entire Stake in Meta Platforms -- Meaning This AI Stock Is Lone Pine's New No. 1 Holding

Core Insights - Lone Pine Capital has shifted its top holding from Meta Platforms to Taiwan Semiconductor Manufacturing, indicating a strategic pivot towards companies critical to the AI infrastructure supply chain [1][11]. Group 1: Meta Platforms - Stephen Mandel's Lone Pine Capital completely sold its stake in Meta Platforms, which was previously valued at approximately $971 million, representing 7.1% of the fund's assets [4]. - The decision to exit Meta may be influenced by profit-taking, as the stock had more than doubled over the past two years [5]. - Meta's aggressive AI capital expenditure guidance has raised concerns among investors, contributing to the stock's decline [8]. Group 2: Taiwan Semiconductor Manufacturing - Taiwan Semiconductor Manufacturing (TSMC) has become Lone Pine's new top holding, reflecting its significant role in the AI revolution and demand for GPUs [11][13]. - TSMC's stock has seen a near-parabolic rise, making it the top holding by market value despite a reduction in stake over the past three years [12]. - The company is projected to grow its sales by 24% in 2027, with a forward price-to-earnings ratio of 21, indicating a reasonable valuation for a nearly $2 trillion company [14].