The latest round of 13F filings provides a useful snapshot of how some of Wall Street’s largest investors were positioned as the market moved through the second quarter. The disclosures always require an important caveat: 13Fs are filed quarterly and arrive 45 days after quarter-end, meaning investors are looking at portfolios as of June 30 rather than current holdings. They also provide only a partial view of a manager’s overall positioning. Still, when the filings are examined collectively, they can reveal important themes—and this quarter produced several.
The broad message was not that institutional investors abandoned technology or the artificial-intelligence trade. Instead, managers appear to have become more selective. There was meaningful profit-taking in several megacap technology winners, while new money moved toward semiconductors, memory, data-center infrastructure and power. At the same time, several managers used the quarter to establish entirely new positions, making those purchases arguably the most interesting part of the filings.
One of the clearest trends was a rotation within the AI trade rather than away from it.
Tiger Global established new positions in Advanced Micro Devices (AMD), Seagate Technology (STX), Applied Digital (APLD), Core Scientific (CORZ) and other AI-related infrastructure names while increasing Intel (INTC) by 159%. At the same time, it reduced Broadcom (AVGO) by 51% and trimmed positions including Alphabet (GOOGL), Taiwan Semiconductor Manufacturing (TSM), Microsoft (MSFT), Meta Platforms (META), Nvidia (NVDA), Amazon (AMZN) and Applied Materials (AMAT).
That combination captures the broader tone well: managers weren't necessarily betting against AI, but some were taking profits in established winners and looking for the next beneficiaries.
Stanley Druckenmiller’s Duquesne provided another example. The fund initiated positions in Alphabet (GOOGL), Advanced Micro Devices (AMD), Rambus (RMBS) and several other companies while increasing Seagate Technology (STX) by 141%. At the same time, Duquesne exited Broadcom (AVGO) and Intel (INTC) and cut Arm Holdings (ARM) by 74%.
George Soros' Soros Capital also leaned aggressively into semiconductors, establishing new positions in Micron Technology (MU), Applied Materials (AMAT) and Advanced Micro Devices (AMD). Micron and Applied Materials were subsequently listed among the portfolio's largest holdings.
Semiconductor Buying Stands Out
Perhaps the strongest recurring theme among new positions was semiconductor exposure.
Altimeter Capital established new stakes in Qualcomm (QCOM), KLA (KLAC), Lam Research (LRCX), Applied Materials (AMAT), Micron Technology (MU), Alphabet (GOOGL) and Synopsys (SNPS). It also increased existing positions in CoreWeave (CRWV), Amazon (AMZN), Microsoft (MSFT) and Taiwan Semiconductor Manufacturing (TSM).
Lone Pine also established a new Applied Materials (AMAT) position alongside new holdings in Seagate Technology (STX), TTM Technologies (TTMI), Nebius Group (NBIS) and Bitdeer Technologies (BTDR). Those investments span semiconductor equipment, storage, electronic components, AI infrastructure and computing capacity—a useful cross-section of where institutional investors appear to be searching for the next leg of AI exposure.
The overlap is particularly notable. Advanced Micro Devices (AMD), Applied Materials (AMAT), Seagate Technology (STX), Micron Technology (MU) and Alphabet (GOOGL) appeared repeatedly among new positions or meaningful additions across different managers.
That does not make any of them automatic buys today—the filings are dated—but recurring purchases across unrelated funds can indicate where institutional research was uncovering attractive risk-reward during the quarter.
Alphabet Became a Battleground
Alphabet (GOOGL) may have produced the most interesting disagreement among major investors.
Third Point increased its position dramatically, taking its Alphabet holdings from roughly 180,000 shares to more than 1 million. Berkshire Hathaway also made a significant addition, while Paulson & Co. established a new position and other managers added exposure.
Yet there was plenty of selling on the other side. Tiger Global cut its Alphabet position by roughly 45%, Pershing Square exited Alphabet, and Viking Global also eliminated its position. The divergence is revealing. Alphabet is increasingly becoming a debate over whether its massive AI capital spending and Google Cloud opportunity can outweigh concerns about disruption to traditional search.
That disagreement makes Alphabet one of the more interesting names to emerge from the filings. Some prominent investors were aggressively buying while others were heading for the exit.
New Positions Reveal Where Managers See Opportunity
Beyond semiconductors, several new positions stand out.
Third Point established a massive 20 million-share position in Warner Bros. Discovery (WBD), while David Einhorn's Greenlight Capital also initiated a roughly 2.25 million-share position. Fairfax increased its existing Warner Bros. Discovery position as well, creating another notable area of overlap among value-oriented investors.
Pershing Square made several major portfolio changes, establishing new positions in Netflix (NFLX), Visa (V), S&P Global (SPGI) and Mastercard (MA). The combination suggests Bill Ackman was willing to deploy capital into high-quality businesses with powerful networks, recurring revenue and strong competitive positions rather than simply chasing the highest-growth portions of technology.
Power was another important theme. Peter Thiel's Thiel Macro disclosed a highly concentrated portfolio with Amazon (AMZN) alongside Vistra (VST), American Electric Power (AEP), DTE Energy (DTE), FirstEnergy (FE) and CMS Energy (CMS). Roughly 72% of the disclosed portfolio was concentrated in energy and power-related holdings.
That fits neatly with the AI infrastructure thesis. Data centers require enormous quantities of electricity, and institutional investors increasingly appear to be treating utilities and power generation as another way to gain exposure to AI capital spending without buying semiconductor stocks directly.
Profit-Taking in the Biggest Winners
The other side of the filings was widespread trimming among some of the market's most successful technology positions.
Third Point completely exited Nvidia (NVDA), Broadcom (AVGO), KLA (KLAC), Lam Research (LRCX), Meta Platforms (META) and the VanEck Semiconductor ETF (SMH). Tiger Global trimmed Broadcom (AVGO), Nvidia (NVDA), Meta Platforms (META), Microsoft (MSFT), Amazon (AMZN), Taiwan Semiconductor Manufacturing (TSM) and Applied Materials (AMAT). D1 Capital exited Nvidia (NVDA) and Broadcom (AVGO), while other managers reduced various semiconductor and megacap positions.
Broadcom (AVGO) appears particularly notable as a recurring source of profit-taking, with several prominent managers either cutting or exiting the stock.
Amazon (AMZN) also appeared frequently among reductions, although the signal was far from unanimous. Third Point reduced its position, Tiger Global trimmed shares and other managers cut exposure, while Altimeter and Viking Global increased their positions. The same push-and-pull appeared across several megacap names.
That disagreement is arguably more informative than a simple "hedge funds sold technology" narrative.
The Takeaway: AI Isn't Dead—It's Broadening
The Q2 filings suggest institutional investors were becoming more discriminating after an enormous run in technology. There was clear profit-taking in some megacap and semiconductor winners, but capital wasn't simply rotating into defensive sectors.
Instead, money was spreading across the AI ecosystem.
Advanced Micro Devices (AMD), Applied Materials (AMAT), Micron Technology (MU), Seagate Technology (STX), semiconductor equipment companies, data-center operators and power providers repeatedly surfaced as new holdings. At the same time, selective opportunities appeared outside technology, including Warner Bros. Discovery (WBD), financial networks such as Visa (V) and Mastercard (MA), and transportation names.
The most important conclusion from the filings may therefore be that institutional investors weren't abandoning risk during the second quarter. They were recycling gains and searching for the next layer of beneficiaries.
That makes the new positions particularly worth watching. The biggest winners of the AI boom have already generated extraordinary returns. The Q2 13Fs suggest some of Wall Street's best-known investors spent the quarter asking the question that increasingly matters for the second half of 2026: where does the next dollar of the AI investment cycle go?
Read full article here »
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Hedge Funds Are Rotating the AI Trade: The Stocks Wall Street’s Biggest Investors Bought—and Dumped
The latest round of 13F filings provides a useful snapshot of how some of Wall Street’s largest investors were positioned as the market moved through the second quarter. The disclosures always require an important caveat: 13Fs are filed quarterly and arrive 45 days after quarter-end, meaning investors are looking at portfolios as of June 30 rather than current holdings. They also provide only a partial view of a manager’s overall positioning. Still, when the filings are examined collectively, they can reveal important themes—and this quarter produced several.
The broad message was not that institutional investors abandoned technology or the artificial-intelligence trade. Instead, managers appear to have become more selective. There was meaningful profit-taking in several megacap technology winners, while new money moved toward semiconductors, memory, data-center infrastructure and power. At the same time, several managers used the quarter to establish entirely new positions, making those purchases arguably the most interesting part of the filings.
One of the clearest trends was a rotation within the AI trade rather than away from it.
Tiger Global established new positions in Advanced Micro Devices (AMD), Seagate Technology (STX), Applied Digital (APLD), Core Scientific (CORZ) and other AI-related infrastructure names while increasing Intel (INTC) by 159%. At the same time, it reduced Broadcom (AVGO) by 51% and trimmed positions including Alphabet (GOOGL), Taiwan Semiconductor Manufacturing (TSM), Microsoft (MSFT), Meta Platforms (META), Nvidia (NVDA), Amazon (AMZN) and Applied Materials (AMAT).
That combination captures the broader tone well: managers weren't necessarily betting against AI, but some were taking profits in established winners and looking for the next beneficiaries.
Stanley Druckenmiller’s Duquesne provided another example. The fund initiated positions in Alphabet (GOOGL), Advanced Micro Devices (AMD), Rambus (RMBS) and several other companies while increasing Seagate Technology (STX) by 141%. At the same time, Duquesne exited Broadcom (AVGO) and Intel (INTC) and cut Arm Holdings (ARM) by 74%.
George Soros' Soros Capital also leaned aggressively into semiconductors, establishing new positions in Micron Technology (MU), Applied Materials (AMAT) and Advanced Micro Devices (AMD). Micron and Applied Materials were subsequently listed among the portfolio's largest holdings.
Semiconductor Buying Stands Out
Perhaps the strongest recurring theme among new positions was semiconductor exposure.
Altimeter Capital established new stakes in Qualcomm (QCOM), KLA (KLAC), Lam Research (LRCX), Applied Materials (AMAT), Micron Technology (MU), Alphabet (GOOGL) and Synopsys (SNPS). It also increased existing positions in CoreWeave (CRWV), Amazon (AMZN), Microsoft (MSFT) and Taiwan Semiconductor Manufacturing (TSM).
Lone Pine also established a new Applied Materials (AMAT) position alongside new holdings in Seagate Technology (STX), TTM Technologies (TTMI), Nebius Group (NBIS) and Bitdeer Technologies (BTDR). Those investments span semiconductor equipment, storage, electronic components, AI infrastructure and computing capacity—a useful cross-section of where institutional investors appear to be searching for the next leg of AI exposure.
The overlap is particularly notable. Advanced Micro Devices (AMD), Applied Materials (AMAT), Seagate Technology (STX), Micron Technology (MU) and Alphabet (GOOGL) appeared repeatedly among new positions or meaningful additions across different managers.
That does not make any of them automatic buys today—the filings are dated—but recurring purchases across unrelated funds can indicate where institutional research was uncovering attractive risk-reward during the quarter.
Alphabet Became a Battleground
Alphabet (GOOGL) may have produced the most interesting disagreement among major investors.
Third Point increased its position dramatically, taking its Alphabet holdings from roughly 180,000 shares to more than 1 million. Berkshire Hathaway also made a significant addition, while Paulson & Co. established a new position and other managers added exposure.
Yet there was plenty of selling on the other side. Tiger Global cut its Alphabet position by roughly 45%, Pershing Square exited Alphabet, and Viking Global also eliminated its position. The divergence is revealing. Alphabet is increasingly becoming a debate over whether its massive AI capital spending and Google Cloud opportunity can outweigh concerns about disruption to traditional search.
That disagreement makes Alphabet one of the more interesting names to emerge from the filings. Some prominent investors were aggressively buying while others were heading for the exit.
New Positions Reveal Where Managers See Opportunity
Beyond semiconductors, several new positions stand out.
Third Point established a massive 20 million-share position in Warner Bros. Discovery (WBD), while David Einhorn's Greenlight Capital also initiated a roughly 2.25 million-share position. Fairfax increased its existing Warner Bros. Discovery position as well, creating another notable area of overlap among value-oriented investors.
Pershing Square made several major portfolio changes, establishing new positions in Netflix (NFLX), Visa (V), S&P Global (SPGI) and Mastercard (MA). The combination suggests Bill Ackman was willing to deploy capital into high-quality businesses with powerful networks, recurring revenue and strong competitive positions rather than simply chasing the highest-growth portions of technology.
Power was another important theme. Peter Thiel's Thiel Macro disclosed a highly concentrated portfolio with Amazon (AMZN) alongside Vistra (VST), American Electric Power (AEP), DTE Energy (DTE), FirstEnergy (FE) and CMS Energy (CMS). Roughly 72% of the disclosed portfolio was concentrated in energy and power-related holdings.
That fits neatly with the AI infrastructure thesis. Data centers require enormous quantities of electricity, and institutional investors increasingly appear to be treating utilities and power generation as another way to gain exposure to AI capital spending without buying semiconductor stocks directly.
Profit-Taking in the Biggest Winners
The other side of the filings was widespread trimming among some of the market's most successful technology positions.
Third Point completely exited Nvidia (NVDA), Broadcom (AVGO), KLA (KLAC), Lam Research (LRCX), Meta Platforms (META) and the VanEck Semiconductor ETF (SMH). Tiger Global trimmed Broadcom (AVGO), Nvidia (NVDA), Meta Platforms (META), Microsoft (MSFT), Amazon (AMZN), Taiwan Semiconductor Manufacturing (TSM) and Applied Materials (AMAT). D1 Capital exited Nvidia (NVDA) and Broadcom (AVGO), while other managers reduced various semiconductor and megacap positions.
Broadcom (AVGO) appears particularly notable as a recurring source of profit-taking, with several prominent managers either cutting or exiting the stock.
Amazon (AMZN) also appeared frequently among reductions, although the signal was far from unanimous. Third Point reduced its position, Tiger Global trimmed shares and other managers cut exposure, while Altimeter and Viking Global increased their positions. The same push-and-pull appeared across several megacap names.
That disagreement is arguably more informative than a simple "hedge funds sold technology" narrative.
The Takeaway: AI Isn't Dead—It's Broadening
The Q2 filings suggest institutional investors were becoming more discriminating after an enormous run in technology. There was clear profit-taking in some megacap and semiconductor winners, but capital wasn't simply rotating into defensive sectors.
Instead, money was spreading across the AI ecosystem.
Advanced Micro Devices (AMD), Applied Materials (AMAT), Micron Technology (MU), Seagate Technology (STX), semiconductor equipment companies, data-center operators and power providers repeatedly surfaced as new holdings. At the same time, selective opportunities appeared outside technology, including Warner Bros. Discovery (WBD), financial networks such as Visa (V) and Mastercard (MA), and transportation names.
The most important conclusion from the filings may therefore be that institutional investors weren't abandoning risk during the second quarter. They were recycling gains and searching for the next layer of beneficiaries.
That makes the new positions particularly worth watching. The biggest winners of the AI boom have already generated extraordinary returns. The Q2 13Fs suggest some of Wall Street's best-known investors spent the quarter asking the question that increasingly matters for the second half of 2026: where does the next dollar of the AI investment cycle go?
Read full article here »