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That divide has become especially visible within the semiconductor and software industries. Chip stocks connected to the buildout of AI infrastructure have delivered enormous gains as corporations continue pouring billions of dollars into data centers and cloud computing platforms. Meanwhile, longtime software players have faced more difficult questions about execution, competitiveness, and whether they can truly benefit from the enormous spending wave surrounding AI. Yet, Wall Street knows today’s winners do not always remain tomorrow’s leaders.
One billionaire investor trying to separate the long-term AI winners from the potential laggards is Cliff Asness, whose reputation within quantitative investing has been built during more than three decades on Wall Street. In 1998, he co-founded AQR Capital Management, which later grew into one of the world’s best-known quantitative hedge funds.
Last year was an especially good one for Asness. AQR saw its assets under management increase by $73 billion in 2025, bringing the total to $187 billion.
That background makes Asness’ latest portfolio activity especially interesting. Both Microsoft (NASDAQ:MSFT) and Intel (NASDAQ:INTC) remain important AI-related holdings within Asness’ firm’s portfolio, yet Asness recently moved in different directions with those positions. His fund has been adding shares of one company while trimming exposure to the other.
