Greenlight Capital's David Einhorn has been vocal about his concerns around artificial intelligence driving overvaluation in the stock market. His fund's latest moves reflect those views. Einhorn spent tens of millions of dollars buying shares of Graphic Packaging , Capri Holdings and healthcare stocks in the fourth quarter of 2025, avoiding big tech names and clear beneficiaries of artificial intelligence investment, regulatory filings show. The hedge fund manager also established a position in software payments stock Global Payments , suggesting he views it as safe from AI's technological disruption. Consumer-centric picks The Cornell graduate added more than 70% to Greenlight's stakes in Graphic Packaging and Capri. Both are now worth more than $100 million, with the former among the top five largest holdings, according to Insider Score. Graphic Packaging shares tumbled about 23% in the final three months of 2025, its worst quarter since 2020. Shares of the packaging maker dropped more than 44% in 2025, its steepest decline in more than a decade. On the other hand, Capri shares jumped more than 22% in the quarter. The Michael Kors and Jimmy Choo parent ended the year up nearly 16%, breaking a three-year slump capped by the collapse of its planned acquisition by Coach owner Tapestry in late 2024 . Both stocks have tumbled by more than 10% in 2026. GPK CPRI 1Y mountain Graphic Packaging and Capri, 1-year But Wall Street sees rebounds ahead. While the typical analyst polled by LSEG has a hold rating on Graphic Packaging, the average price target implies more than 35% upside. Most analysts rate Capri a buy with a price target implying shares can rise another 22%, according to LSEG. Healthcare picks Einhorn also aimed new money at several health care stocks. He more than doubled his Acadia Healthcare position, up by roughly 150%, to more than $58 million. Shares plunged 43% in the fourth quarter, bringing its full-year loss to 64%, adding to a 49% plunge in 2024 and 6% decline in 2023. But Acadia has since bounced back, climbing more than 19% so far in 2026. The majority of analysts have a buy rating, with a price target suggesting shares can add more than 16% over the next 12 months, per LSEG. Einhorn told CNBC this month that he expects CEO Debbie Osteen, who took the role late last month, to "stabilize operations." "It's a company that's been a bearer of bad news. The stock over the last couple of years has gone from 80 to 13," he said. "If 80 was the wrong price, 13 is also the wrong price, and maybe over the next couple years, it wouldn't surprise me at all if it made it halfway back." ACHC 5Y mountain Acadia, 5-year Einhorn added around 70% to his holding in Centene , a managed health care provider, bringing its value above $108 million. While shares rose more than 15% in the fourth quarter, the stock tumbled 37% in 2025. Shares have risen almost 5% in 2026. Most analysts have a hold rating on the St. Louis-based company, according to LSEG. The average price target implies shares can add another 8% over the next year. Einhorn opened a stake worth more than $35 million in health care product maker Henry Schein . Shares rose more than 13% in the fourth quarter and finished last year up about 9%. But most analysts have a hold rating and the consensus price target points to little movement in the year ahead, according to LSEG. On the other hand, the 57-year-old investor reduced his holdings in Teva Pharmaceutical and Roivant Sciences . Tech Though Einhorn has made voiced concerns about tech valuations, he built a stake worth about $35 million in Global Payments in the latest quarter. Global Payments slid nearly 7% in the period, dragging shares down about 31% for 2025. But shares have since rebounded nearly 5% in 2026, despite investor concerns about AI making certain software applications offerings obsolete. Global Payments shares surged more than 16% Wednesday after reporting stronger-than-expected earnings in the fourth quarter and upbeat current-quarter guidance. While most analysts surveyed by LSEG have a hold rating, the typical price target would equate to upside of more than 25%. Einhorn told CNBC he was mostly "to the side" when it comes to AI investing. Although obviously a "really big thing" like the internet, that doesn't necessarily mean that the boom will immediately result in strong returns for investors. "Thirty years from now, this is probably going to have enormous impacts on society, probably in ways that none of us can can even fathom right now," he said. "But then, when you compare that to the opportunity in the stocks, it's a little bit more confusing to me."
