Q2 2026 13F Digest — AI infrastructure in, semiconductor exposure split
Q2 2026 13F filings show hedge funds buying selected AI infrastructure and storage names while cutting Micron, SanDisk, and other semiconductor exposures; the article separates consensus clusters from fund-specific whale bets.
Data cutoff: August 15, 2026 at 09:00 (UTC-05:00) · Positions as of June 30, 2026
The Q2 filings do not describe one broad hedge-fund bet on AI. They describe a selection process. Tiger Global opened Cerebras and added Intel; Citadel and Two Sigma opened SpaceX lines; three funds added AMD and Seagate. At the same time, four of the seven filings in this pass cut Micron, three cut Taiwan Semiconductor, and Citadel sharply reduced its Nvidia, Micron, and TSM lines. The money is moving toward parts of the AI buildout, but away from other parts of the semiconductor complex.
The figures below come from the Q2 2026 13F-HR filings for seven managers: Berkshire Hathaway, Appaloosa, Tiger Global, Bridgewater, Renaissance Technologies, Citadel Advisors, and Two Sigma. The filings were submitted on August 13 or 14 and report positions held on June 30. The SEC filing for Berkshire is the underlying regulatory record; the manager pages linked throughout provide the quarter-over-quarter tables used here.1
A 13F is a holdings snapshot, not a complete trading book. It shows reportable long securities and selected option positions at quarter-end; it does not show a manager's short book, financing, or trades made after June 30. Dollar changes below are changes in the disclosed position value, so market-price moves can make the dollar and share-count signals point in different directions.
Scope note: This edition has filing-level data for seven managers, rather than the channel's broader 15–20-fund target universe. D.E. Shaw, Pershing Square, Viking Global, and several other tracked managers are therefore excluded from the cross-fund totals below. Citadel and Two Sigma also report very large option and aggregated-manager books, so their headline portfolio values are not directly comparable with Berkshire's common-stock portfolio.
Quick scan: the moves that matter
| Manager | Largest disclosed change | Q2 position value or reported delta | What it says |
|---|---|---|---|
| Berkshire Hathaway | Alphabet Class A and C combined: 57.8M to 106.0M shares | $37.76B, up about $21.14B | A much larger Alphabet position, plus more Delta Air Lines 2 |
| Tiger Global | New Cerebras; Intel shares up 159.5% | $662.8M new Cerebras line; +$521.5M Intel value | AI infrastructure and selected hardware, fewer software winners 3 |
| Bridgewater | SPY up 955,446 shares | +$1.13B reported value change | More index exposure while cutting Micron, TSM, and Amazon 4 |
| Appaloosa | Amazon, Micron, and TSM became its largest common-stock exposures | 15.4% / 14.6% / 10.2% of disclosed portfolio | Concentrated tech and semiconductor exposure, with a new Apple put line 5 |
| Renaissance Technologies | Meta and Nvidia additions | +$994.7M / +$978.2M | Bought large-cap AI beneficiaries while cutting Micron and SanDisk 6 |
| Citadel Advisors | New SpaceX line; AMD added | $876.5M new SpaceX line; +$801.5M AMD | Active rotation inside an options-heavy book 7 |
| Two Sigma | New XLE and SpaceX lines; Applied Digital added | $309.1M / $303.3M new lines; +$346.3M APLD | Energy ETF and digital-infrastructure exposure rose together 8 |
Berkshire's Alphabet bet became the quarter's largest whale move
Berkshire's disclosed equity portfolio grew from $263.10B to $299.25B while the number of holdings stayed at 29. The change was concentrated in a familiar name: Alphabet.2
| Alphabet line | Q1 shares | Q2 shares | Q1 value | Q2 value | Value change | CUSIP |
|---|---|---|---|---|---|---|
| GOOGL Class A | 54,249,798 | 78,791,167 | $15.60B | $28.16B | +$12.56B | 02079K305 |
| GOOG Class C | 3,585,215 | 27,188,433 | $1.03B | $9.61B | +$8.58B | 02079K107 |
| Combined | 57,835,013 | 105,979,600 | $16.63B | $37.76B | +$21.14B | — |
At Q2 values, the two Alphabet lines together were about 12.6% of Berkshire's disclosed portfolio. That is larger than the single-name percentage usually associated with the company's headline portfolio: Apple was still its largest holding at $65.95B, or 22.0%; American Express was $51.28B, or 17.1%; and Coca-Cola was $32.51B, or 10.9%.2
Berkshire also increased Delta Air Lines from 39.81M to 57.32M shares, taking the disclosed value from $2.65B to $5.37B, a $2.72B increase. It opened a small D.R. Horton line worth $580,000 and fully exited Constellation Brands, whose prior-quarter disclosed value was $94.9M. The more consequential reductions were Kroger, down 11.0M shares and $1.45B in reported value, and Capital One, down 4.15M shares and $702.5M.2
The Berkshire signal is therefore specific: a much larger Alphabet position, a larger airline position, and continued concentration in a handful of large holdings. It is not evidence that every large fund agreed with the trade. Tiger Global cut Alphabet by 45.4%, reducing its disclosed value by $982.4M, while Bridgewater cut its Alphabet line by 33.8%.34
Tiger Global bought the buildout and sold software winners
Tiger Global reported 46 holdings worth $23.98B. Its largest new line was Cerebras Systems: 2,999,000 shares valued at $662.8M, or about 2.8% of the disclosed portfolio. It also opened AMD at $392.0M, Seagate Technology at $275.1M, Visa at $274.0M, and smaller positions in Applied Digital, Cipher Digital, and Core Scientific.3
The largest existing-stake increase was Intel. Shares rose from 1,638,700 to 4,252,690, a 159.5% increase; the reported position value rose from $72.3M to $593.8M, a $521.5M increase. That combination is more informative than a new small position: Intel became a material holding in the filing rather than a token option on a turnaround.3
Tiger also made a clean break with several software and internet names. It fully exited AppLovin at a prior-quarter value of $398.0M, Zillow at $304.9M, Netflix at $234.5M, and Zscaler at $221.6M. Alphabet, Broadcom, and Spotify were reduced as well. The read is not simply "buy technology": Tiger moved toward compute, storage, and data-center power while trimming some of the software and consumer-internet names that had already worked.3
Bridgewater paired more index exposure with semiconductor cuts
Bridgewater's Q2 filing showed 997 holdings worth $24.38B. Its SPY position rose from 4,364,862 to 5,320,308 shares, taking the reported value from $2.84B to $3.97B. The $1.13B increase made SPY 16.3% of the disclosed portfolio. VOO also rose from 158,628 to 458,381 shares, with reported value increasing from $94.8M to $314.8M.4
The individual-stock side moved in a different direction. Bridgewater cut Amazon by 53.8%, Micron by 92.1%, and TSM by 96.8%. The reported value changes were –$431.3M, –$363.9M, and –$347.5M, respectively. GE Vernova and Marvell were also cut by more than 70% in share count.4
Bridgewater added exposure to utilities and energy infrastructure through a long list of smaller positions: PG&E rose by $99.3M, Shell by $89.3M, Edison International by $81.6M, Petrobras by $81.6M, Marathon Petroleum by $70.4M, EOG Resources by $68.2M, and Vistra by $66.8M. That is a different expression of the AI buildout from Tiger's Cerebras purchase: Bridgewater's filing leans toward broad market exposure and the power system around data-center demand, while reducing several semiconductor lines.4
Appaloosa made its concentration visible
Appaloosa's disclosed portfolio grew from $5.93B to $7.73B and shrank from 31 to 27 holdings. Amazon was the largest common-stock position at $1.19B, or 15.4% of the portfolio. Micron was $1.13B, or 14.6%; TSM was $788.0M, or 10.2%. Those three positions alone accounted for about 40% of the disclosed portfolio.5
The new positions were more varied than the top-line concentration suggests. Appaloosa opened a 13F line tied to Apple put exposure with a reported value of $241.6M and 835,000 underlying shares, plus Boeing at $173.2M, American Airlines at $135.5M, CoreWeave at $107.3M, and Broadcom at $56.7M. The option type matters: the Apple line should not be read as a new long-equity Apple position.5
Appaloosa fully exited SanDisk, Corning, PDD, L3Harris, RTX, Ball, JD.com, Lyft, Microsoft, and the KraneShares China Internet ETF. It added to TSM by 24.3% in shares and to Meta by 54.6%, while cutting Micron's shares by 41.4%. Micron's reported value nevertheless rose by $562.9M, from $562.5M to $1.13B, because the market value of the remaining shares increased. That is the cleanest reminder in this quarter's data that share count is the better measure of what the manager actually changed.5
The other three books separate the layers further
Renaissance Technologies reported 3,140 holdings worth $72.62B. It opened CrowdStrike at $571.6M and Amazon at $546.0M. It increased Meta by $994.7M, Nvidia by $978.2M, and Alphabet's Class A and Class C lines by a combined $1.17B. At the same time, it cut SanDisk by $496.7M, Micron by $486.5M, and Apple by $321.5M.6
Citadel Advisors reported a $875.10B book across 13,575 lines, a scale dominated by options and aggregated manager positions. Its largest new common-stock line in the extracted comparison was SpaceX at $876.5M. It also opened Alphabet lines worth about $261.1M combined. Among existing lines, AMD rose by $801.5M, Amazon by $906.1M, Apple by $788.0M, and Seagate by $685.7M. On the other side, the reported lines for SMH, Nvidia, Micron, and TSM fell by $1.61B, $891.0M, $859.7M, and $822.3M, respectively.7
Citadel's figures should be read as line-item changes, not as a simple long-only verdict. The filing includes calls, puts, ETFs, and other managers; a put reduction can look like a sale in the table without telling the reader whether the fund's total economic exposure became bullish or bearish.7
Two Sigma reported 5,017 holdings worth $138.12B. It opened XLE at $309.1M, SpaceX at $303.3M, and ICE at $249.8M. It increased Applied Digital by $346.3M, CME Group by $534.1M, and Republic Services by $485.6M. Its full exits included Bloom Energy at a prior-quarter value of $194.2M, the XLK technology ETF at $172.1M, and the XLRE real-estate ETF at $111.5M.8
Where three or more funds moved together
The table below sums the Q1-to-Q2 share changes and the reported value changes for the seven-fund sample. It includes common-stock or ETF rows and excludes the option-only interpretation problem. The dollar column is a reported-value delta, not the amount of cash invested and not a return calculation.
Consensus additions
| Ticker | Funds adding | Shares added | Reported value delta | Funds |
|---|---|---|---|---|
| DAL | 3 | 17,668,708 | +$2.74B | Berkshire, Citadel, Two Sigma 278 |
| AMD | 3 | 2,259,445 | +$1.61B | Tiger, Renaissance, Citadel 367 |
| STX | 3 | 1,076,709 | +$1.28B | Tiger, Renaissance, Citadel 367 |
| SPY | 3 | 1,263,601 | +$1.40B | Bridgewater, Renaissance, Citadel 467 |
| APLD | 3 | 10,658,947 | +$423.3M | Tiger, Citadel, Two Sigma 378 |
AMD and STX are the cleanest stock-level consensus buys. APLD is smaller in dollar terms but more revealing as a thematic cluster: three different managers increased exposure to a company tied to digital-infrastructure capacity. DAL and SPY are broader positioning signals rather than narrow AI bets.
Consensus reductions
| Ticker | Funds reducing or exiting | Shares removed | Reported value delta | Funds |
|---|---|---|---|---|
| MU | 4 | 7,996,293 | –$1.15B | Appaloosa, Bridgewater, Renaissance, Citadel 4567 |
| SNDK | 4 | 1,625,343 | –$913.5M | Appaloosa, Bridgewater, Renaissance, Citadel 4567 |
| APP | 3 | 1,446,649 | –$575.7M | Tiger, Renaissance, Two Sigma 368 |
| C | 3 | 3,804,254 | –$372.8M | Bridgewater, Renaissance, Citadel 467 |
| SPOT | 3 | 663,583 | –$370.0M | Tiger, Renaissance, Citadel 367 |
The Micron row needs the same caution as Appaloosa's individual filing: Appaloosa reduced shares while the reported value of its remaining position rose. The consensus is therefore strongest in the share-count direction. It is weaker as a statement about how much capital left the sector after prices moved.
Sector rotation: a directional read, not false precision
A clean GICS allocation table is not available from these raw filing records alone. The seven files list issuers, CUSIPs, share counts, values, and option types, but they do not carry a common GICS-sector field. Citadel and Two Sigma add a second comparability problem because their disclosures include large option books and aggregated managers. I therefore do not convert issuer names into an exact sector-dollar ranking that the source data cannot support.
The directional read is still useful:
- AI infrastructure and data-center capacity gained attention. AMD, STX, and APLD each attracted additions from at least three funds. SpaceX appeared as a new line at Citadel and Two Sigma, with a smaller new line at Tiger. Bridgewater also increased multiple utility and energy-infrastructure names.
- Memory and foundry exposure weakened. MU was reduced by four funds in this sample, while TSM was reduced by Bridgewater and Citadel and heavily cut by Bridgewater in share count. Appaloosa was the exception, adding TSM and retaining it as a top-three position.
- Index exposure rose even as sector ETFs diverged. Bridgewater, Renaissance, and Citadel increased SPY. Two Sigma opened XLE but exited XLK and XLRE. That is a rotation between broad market, energy, technology, and real-estate exposures—not a single sector call.
- Software and consumer internet were mixed. Tiger exited AppLovin, Zillow, Netflix, and Zscaler; Renaissance opened or increased Amazon, CrowdStrike, Netflix, and Meta; the common signal is selection, not a wholesale exit from software.
The practical conclusion is narrower than a sector leaderboard: the Q2 sample favored the physical and power layers of the AI buildout more consistently than it favored memory or every semiconductor name. A full GICS aggregate requires a broader manager set and a consistent sector-mapping layer; this edition leaves that calculation open rather than presenting an invented number.
How to use the disclosure without over-reading it
Three checks separate a useful 13F signal from a misleading headline.
- Start with shares, then inspect value. Berkshire's Alphabet increase is large in both measures. Appaloosa's Micron reduction is large in shares but not in reported Q2 value because the remaining shares appreciated.
- Separate common stock from options. Appaloosa's Apple line is a put exposure. Citadel's figures include puts and calls. A line item that looks like a purchase or sale may be part of a hedge rather than a directional long.
- Treat June 30 as the observation date. The filings arrived in mid-August, so the positions are already about six weeks old at this edition's cutoff. Use the filing to build a watch list, then verify current ownership, subsequent filings, earnings, valuation, and the fund's risk exposure before acting.
The strongest repeatable signal in this filing set is the three-fund addition cluster in AMD, Seagate, and Applied Digital, paired with the four-fund reduction cluster in Micron and SanDisk. Berkshire's Alphabet purchase and Bridgewater's SPY increase are larger dollar events, but they are fund-specific. The quarter's broader message is a split inside the AI trade: funds were willing to add capacity, storage, and selected chip designers while cutting other semiconductor exposures and trimming several software winners.
References
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
This story was produced automatically by a channel. One sentence is all it takes for Neodrop to keep producing for you.