13F Highlights: Where Top Investors Moved in Q2 2026

13F Highlights: Where Top Investors Moved in Q2 2026

Retail investors closely watch quarterly 13F filings for clues to what star investors are buying or selling. The Q2 2026 filings, covering holdings as of June 30, were due on August 14. They landed with a different message than last quarter’s. This was not a season of managers piling into the same names. It was a season of managers disagreeing about which part of the AI trade is still worth owning.

Below we break down the key moves from Warren Buffett’s Berkshire Hathaway, Coatue Management, Tiger Global, Bill Ackman’s Pershing Square, Altimeter Capital, David Tepper’s Appaloosa Management, Stanley Druckenmiller’s Duquesne Family Office, and NVIDIA’s own investment portfolio. Every figure below comes from the funds’ own filings with the SEC.

Warren Buffett (Berkshire Hathaway) turns Alphabet into a franchise-sized position

Berkshire’s Q2 filing reported 299.25 billion of 13F securities, up from 263.10 billion in Q1. The headline is Alphabet (GOOG/GOOGL). Berkshire now holds 78.79 million Class A shares worth 28.16 billion and 27.19 million Class C shares worth 9.61 billion, a combined 106 million shares worth 37.77 billion.

At the end of March those two classes totaled about 57.8 million shares. Berkshire added roughly 48.1 million shares in three months, an 83% increase, and Alphabet is now its third-largest holding at the issuer level. Only Apple (AAPL) at 65.95 billion and American Express (AXP) at 51.28 billion are bigger. Coca-Cola (KO) sits fourth at 32.51 billion on an unchanged 400 million shares.

Berkshire also raised Delta Air Lines (DAL) by 44% to 57.32 million shares worth 5.37 billion, lifted Lennar (LEN) by about 30%, more than doubled Macy’s (M) to 7.35 million shares, and added slightly to The New York Times (NYT).

The selling was concentrated in financials and consumer names. Capital One (COF) was cut 58% to three million shares, Kroger (KR) by 22%, Bank of America (BAC) by another 5.9% to 483.4 million shares, and Ally Financial (ALLY) by 6.9%. Constellation Brands (STZ) was exited entirely.

Coatue Management turns the AI supply chain into the portfolio

Coatue’s Q2 filing reported 48.63 billion, up from 29.06 billion, spread across 63 issuers. The composition tells the story better than the total.

The five largest positions were Taiwan Semiconductor (TSM) at 4.26 billion, Lam Research (LRCX) at 4.09 billion, Micron (MU) at 3.63 billion, SpaceX (SPCX) at 3.17 billion and Applied Materials (AMAT) at 3.05 billion. Not one of them is a hyperscaler or a consumer internet platform.

Micron was the standout. Coatue went from 165,931 shares to 3.14 million, an increase of nearly 1,800%. It also opened new positions in Intel (INTC) at 1.69 billion, Cerebras (CBRS) at 1.55 billion, Forgent Power Solutions (FPS) at 1.15 billion and Hut 8 (HUT) at 1.12 billion. Forgent, which makes electrical distribution equipment for data centers and the grid, listed on the NYSE in February. Amazon (AMZN) shares rose 49%, Microsoft (MSFT) 18% and Equinix (EQIX) 17%.

The trimming hit names Coatue already owned. ASML (ASML) was cut 41%, Applied Materials 20%, Meta (META) 10%, Lam Research 6% and Taiwan Semiconductor 4%. Nvidia (NVDA), at 1.21 billion, is now only the fifteenth-largest position.

Coatue is the clearest example of what AI broadening looks like in practice. Its biggest exposures run from foundry to wafer equipment to memory to power to compute infrastructure.

Tiger Global trims Big Tech and buys the chip layer

Tiger’s Q2 filing reported 23.98 billion across 46 positions, down from 54. The dollar total barely moved, but the trading underneath it was aggressive.

Tiger cut Alphabet from 10.63 million shares to 5.81 million, a 45.4% reduction that dropped the position from first to fourth. It also reduced Lam Research by 18.9%, Taiwan Semiconductor by 12.3%, Microsoft by 9.3%, Meta by 8.5% and Nvidia by 6.8%. Broadcom (AVGO) fell to 663 million from 1.11 billion, and Netflix (NFLX) was sold out completely.

The buying went somewhere specific. Intel shares rose 160% to a 594 million position. Tiger opened a 663 million stake in Cerebras, 392 million in AMD (AMD), 275 million in Seagate (STX) and 274 million in Visa (V), plus a smaller new SpaceX holding.

One nuance is worth flagging. Taiwan Semiconductor became Tiger’s largest position at 2.33 billion even though Tiger sold shares, because the stock rose enough to more than offset the reduction. “Fund cuts tech” is too simple a description of this filing.

Bill Ackman (Pershing Square) makes his biggest overhaul in years

Pershing Square Inc. (PS) filed a consolidated Q2 report covering six affiliated managers, with 15 line items totaling 19.47 billion. That is up from 13.71 billion and 11 positions in Q1, and the included-manager list on the cover page now names holding entities tied to Pershing Square USA and to Howard Hughes.

Six investments were new: Visa (V) at 1.12 billion, Mastercard (MA) at 1.09 billion, S&P Global (SPGI) at 1.06 billion, Netflix (NFLX) at 934 million, plus Intercontinental Exchange (ICE) and Alcon (ALC). For a manager who has run fewer than a dozen positions for years, adding six at once is a structural change, not a tweak.

Alphabet finally disappeared. Ackman had already cut the position by roughly 95% in Q1, and the residual stubs he sold were worth only 89 million in GOOG and 9 million in GOOGL at the end of March.

The existing book paid part of the bill. Amazon was cut about 25% by share count. Howard Hughes (HHH) rose roughly 48%, Meta about 20%, Uber (UBER) 15% and Restaurant Brands (QSR) 14%. Uber remains the largest position at 2.48 billion, or 12.7% of the book, ahead of Brookfield (BN) at 2.45 billion, Microsoft at 2.32 billion, Amazon at 2.04 billion and Howard Hughes at 1.99 billion.

This is the filing where copying tickers is least useful and studying portfolio construction is most useful. Ackman did not simply buy six stocks. He widened a very concentrated portfolio from restaurants, real estate and technology platforms into payments, ratings, exchanges and healthcare.

Altimeter Capital makes Cerebras its second-largest holding

Altimeter’s Q2 filing reported 9.83 billion, up from 5.70 billion, across just 20 line items. Nvidia stayed at the top at 1.88 billion on an essentially unchanged 9.41 million shares. Second place went to a brand-new 7.23 million-share position in Cerebras worth 1.60 billion. Those two names alone are more than a third of the book.

Altimeter opened eight new positions in the quarter: Cerebras, Qualcomm (QCOM) at 348 million, SpaceX at 304 million, Micron at 242 million, Applied Materials at 189 million, KLA (KLAC) at 174 million, Lam Research at 171 million, and small stakes in Alphabet and Synopsys (SNPS) at roughly 63 million each. CoreWeave (CRWV) shares rose 35% to a 605 million position.

The funding came from the consumer side. Meta was cut 31% by share count, from 1.95 million shares to 1.35 million, and Uber by 7.5%. Broadcom and Axon (AXON) were both exited.

That is an aggressive barbell between proven AI beneficiaries and newer, higher-beta infrastructure names.

David Tepper (Appaloosa) sells Micron into strength and adds cyclicals

Appaloosa’s Q2 filing reported 7.73 billion across 27 line items, up from 5.93 billion. It also contains the best trap of the season.

Micron’s reported value doubled from 562.5 million to 1.125 billion, which looks like a huge purchase. It was the opposite. Tepper’s share count fell from 1,665,000 to 975,000, a 41.4% cut. The value rose only because Micron’s quarter-end mark went from roughly 338 a share to about 1,154. In trading terms, Micron was Appaloosa’s largest reduction of the quarter.

Amazon stayed the top holding at 1.19 billion after Tepper added 680,000 shares. Taiwan Semiconductor climbed from fifth to third as the share count rose from 1.33 million to 1.65 million. Alibaba (BABA) was cut 42% by share count and dropped from sixth to eleventh.

The new money went somewhere unusual for an AI-heavy book. Appaloosa initiated 800,000 shares of Boeing (BA) worth 173 million and 7.5 million shares of American Airlines (AAL) worth 136 million, plus new stakes in CoreWeave, Broadcom and SpaceX. The filing also carries a put position on Apple.

Stanley Druckenmiller (Duquesne Family Office) re-risks and buys Alphabet back

Duquesne’s Q2 filing shows a much larger and much busier book: 5.21 billion across 95 line items, up from 3.38 billion and 70 line items in Q1. After a quarter spent clearing out macro exposure, Druckenmiller put money back to work across a long list of names.

Natera (NTRA) remains the anchor at 864.9 million, or 16.6% of the portfolio, on a modest 4% share increase. Taiwan Semiconductor and STMicroelectronics (STM) were each raised about 19%, to 281.6 million and 232.4 million. Insmed (INSM) common rose 23%, and Druckenmiller added a separate 143.9 million call position on the same stock.

The reversals are the interesting part. He sold every Alphabet share he owned in Q1, then opened a fresh 336,300-share position worth 120.2 million in Q2. Amazon went from 45,800 shares to 541,600, and he added to his Amazon calls. Seagate rose 141% and United Airlines (UAL) 203%. New positions included Fox (FOXA) at 115.0 million, CDW (CDW) at 104.6 million, Bitdeer (BTDR) at 64.7 million, Delta at 56.5 million, Fluor (FLR) at 51.5 million and D.R. Horton (DHI) at 48.7 million.

This is still a concentrated book at the top, but a far less defensive one than the Q1 filing suggested.

NVIDIA’s own portfolio and the SpaceX line item

NVIDIA (NVDA) files its own 13F each quarter. Its Q2 filing is the quietest and the most striking of the season at the same time: eight positions worth 63.44 billion, up from 18.37 billion, with seven of the eight showing no change in share count at all.

Intel remained the largest holding at 214,776,632 shares worth 29.99 billion, unchanged from Q1. The one addition to the list was SpaceX at 122,764,805 Class A shares worth 20.98 billion, immediately the second-largest position. Together the two are about 80% of the disclosed book.

CoreWeave at 4.70 billion, Coherent (COHR) at 3.07 billion, Nokia (NOK) at 2.21 billion, Synopsys at 2.15 billion, Nebius (NBIS) at 329 million and Generate Biomedicines at 14 million round out the list, all at unchanged share counts.

The SpaceX line items are new to 13Fs, not necessarily new investments

SpaceX (SPCX) appears in a lot of Q2 filings, and it is easy to read that as a wave of institutions buying the stock during the quarter. That is not what the filings show.

SpaceX only became a publicly listed security in June. Before that it was private, which means it was not a 13F-reportable holding no matter how long an investor had owned it or how large the stake was. A position appearing for the first time in a June 30 filing may have been bought that quarter, or it may have been sat on for years and simply became disclosable.

Alphabet’s own Q2 13F makes the point plainly. It reports 551,189,500 SpaceX shares worth 94.18 billion, roughly 95% of Alphabet’s entire 99.08 billion disclosed portfolio. Nobody accumulated that in one quarter. It is a long-held private stake that became visible.

The same caution applies to NVIDIA’s 20.98 billion and to the smaller stakes at Coatue (3.17 billion), Altimeter (303.5 million), Tiger (64.1 million) and Appaloosa (38.4 million). Every one of these filings marks SpaceX at the same June 30 price of 170.86 a share, so the values are comparable, but the filings say nothing about when the shares were acquired.

What the disclosures do give retail investors is a first look at how large investors are sizing SpaceX against traditional technology holdings.

Bottom line

Q1 2026 was about concentration. Q2 2026 was about disagreement.

Alphabet is the clearest example. Berkshire added 48 million shares while Tiger cut its stake 45% and Pershing sold the last of it. Altimeter and Druckenmiller each opened new positions, and Druckenmiller was buying back a stock he had fully exited three months earlier. Micron is another: Coatue multiplied its share count nearly nineteen times in the same quarter Appaloosa sold 41% of its own. Taiwan Semiconductor is a third: Tiger and Coatue sold shares while Appaloosa and Druckenmiller bought them.

What most of these portfolios do share is a direction of travel down the AI stack. Cerebras, CoreWeave, Micron, Intel, Lam Research, Applied Materials, KLA, Qualcomm, Synopsys, and power and data-center names all picked up money this quarter, often funded by sales of the best-known mega-cap winners. NVIDIA’s own filing is the purest version of the theme, with the company selling the chips now sitting on large equity stakes in companies across its own supply chain and customer base.

One caution applies more this quarter than most. Dollar changes in a 13F are not the same as buying and selling. Appaloosa’s Micron value doubled while it sold. Tiger’s Taiwan Semiconductor position grew while it sold. A disciplined read looks at share-count change first, then new or exited status, then portfolio weight, then rank, and only then market value.

And as always, these filings are backward-looking. They show what these managers held on June 30, not what they own today, and they exclude cash, short positions, most derivatives and non-U.S. holdings. A large new long can look bullish in isolation while being hedged somewhere the filing does not show.

This article is for informational purposes only and is neither investment advice nor a solicitation to buy or sell securities. All investment involves inherent risks, including the total loss of principal, and past performance is not a guarantee of future results. Always conduct thorough research or consult with a financial expert before making any investment decisions. BBAE has no position in any investment mentioned.