In a significant portfolio shift, Steve Cohen's Point72 Asset Management reduced its holdings in SanDisk Corp. by approximately 87%. According to quarterly securities filings, the firm's position decreased from over 376,000 shares to just under 50,000. This disclosure, filed on August 14, 2026, reflects trades made during the second quarter ending June 30. Investors are reminded that these 13F filings are delayed, so the trades occurred sometime between April and June.
The reduction came during a period of strong performance for SanDisk, which reported a significant earnings beat and a stock surge in its second quarter, largely driven by high demand from the AI and data center sectors. While Point72's reasons weren't disclosed, the move is notable as other hedge funds have shown divided sentiment on the stock following a massive rally in 2026.