US Hedge Fund Q2 Holdings Revealed: SpaceX Emerges as Top Consensus Long, Alphabet Sees Most Concentrated Buying Spree in History, NVIDIA Faces Reductions

As US Q2 13F holding reports were disclosed in concentration, the holdings of dozens of hedge funds and sovereign wealth funds as of June 30 were fully exposed.

Scramble for SpaceX, collective bet on Alphabet, quiet exit from NVIDIA—became a major feature of portfolio adjustments. Meanwhile, sell signals for AI hardware leader Broadcom became clearer, while Amazon emerged as the biggest point of divergence between bulls and bears this quarter. Another direction of capital flow was downstream along the AI industry chain—storage and computing power infrastructure targets like Seagate Tech and CoreWeave saw concentrated position building.

From a macro perspective, a significant signal from this quarter's 13F filings is that value-oriented and macro funds significantly moved towards tech stocks, while some growth funds took profits at high levels.

SpaceX: Unilateral Consensus with Zero Sales

SpaceX was the cleanest trade in this round of US 13F quarterly disclosures—9 institutions built positions simultaneously, with not a single one reducing holdings.

The largest holder was the Saudi Arabian Public Investment Fund (PIF), disclosing a stake of 154.2 million shares. D1 Capital followed closely with 126 million shares, while NVIDIA ranked third with 122.8 million shares, entering as a strategic shareholder. Additionally, AMD disclosed a new position of 3.3 million shares.

Among hedge funds, Altimeter Capital built a position of 1.78 million shares, Viking Global 1.2 million shares, Tiger Global 375,000 shares, Appaloosa 230,000 shares, and Third Point 180,000 shares.

With sovereign funds, two chip giants, and five top-tier hedge funds appearing in the same listing quarter, SpaceX instantly became one of the consensus long targets with the highest agreement in the growth stock camp.

Alphabet: The Most Concentrated Buying Spree

Among all large-cap tech stocks, Google's parent company Alphabet had the most skewed buy-sell ratio—11 buyers versus 6 sellers.

Warren Buffett's Berkshire Hathaway was the biggest driver. Its holdings in Alphabet increased from 54.25 million to 78.79 million shares for Class A, and from 3.59 million to 27.19 million shares for Class C, representing a total position increase of over 60%.

Other buyers included heavyweights: Third Point expanded its holdings from 180,000 to 1.03 million shares, an increase of over five times; Duquesne (under Stanley Druckenmiller) built a new position of 336,000 shares; Altimeter built a new position of 180,000 shares; TCI, D1 Capital, Baupost, Lone Pine, Soros Fund, and Appaloosa all increased their stakes. Even John Paulson symbolically opened a new Google position of 5,000 shares.

Sellers were concentrated among growth funds: Pershing Square (Bill Ackman) completely liquidated its position, Viking Global exited 2.4 million shares, Tiger Global cut its holdings from 10.63 million to 5.81 million shares, a reduction of nearly half, and Leon Cooperman also cleared his position and exited.

The overall pattern is clear: Value and macro funds surged in, while some long-term growth holders cashed out amid the strong rally.

Amazon: The Most Intense Battlefield for Bulls and Bears

Amazon was the most frequently traded target this quarter—a total of 18 funds took action, with 9 buyers and 9 sellers, perfectly split.

Buyer Camp: Appaloosa increased its holdings from 4.32 million to 5 million shares; Viking Global significantly increased its stake from 1.2 million to 3.7 million shares, nearly tripling it; Baupost, Glenview, Altimeter, Corvex, Lansdowne, and Discovery all increased their positions; Duquesne's Amazon holdings soared from 46,000 to 542,000 shares (also holding call options).

Seller Camp: Pershing Square reduced its holdings from 11.5 million to 8.6 million shares; Tiger Global made some cuts; D1 Capital reduced its stake from 1.81 million to 628,000 shares; Soros Fund, Third Point, Meritage, Iconiq, and Scopia also reduced their positions.

David Tepper (Appaloosa) and Andreas Halvorsen (Viking) effectively stood on the opposite side of Bill Ackman and Chase Coleman, who reduced their positions. Amazon has evolved into a true battleground for bulls and bears.

NVIDIA and AI Hardware: Net Reduction Signals Emerge

Overall changes in NVIDIA holdings quietly leaned negative. Broadcom also faced reductions, as capital migrated downstream along the industry chain.

Sellers: D1 Capital, Discovery Capital, and Third Point all completely liquidated their positions; Tiger Global slightly reduced its holdings from 12.01 million to 11.2 million shares; Iconiq Capital cut its stake from 1.1 million to 142,000 shares.

Buyers were relatively limited: Appaloosa slightly increased its holdings from 1.47 million to 1.53 million shares; Altimeter modestly increased its stake from 9.34 million to 9.41 million shares; Soros Capital and Mizuho also made small additions.

Sell signals for Broadcom were more pronounced. D1 Capital, Altimeter, Duquesne, and Third Point all completely liquidated their positions, while Iconiq and Soros Capital trimmed their stakes. Only Appaloosa built a small new position on the buy side, resulting in a six-to-one sell-to-buy ratio.

TSMC saw a six-to-six split: Appaloosa, Altimeter, Third Point, Duquesne, Lansdowne, and Soros Capital bought, while Tiger Global, Viking Global, Lone Pine, SoftBank, and SRS Capital reduced their positions, and D1 Capital liquidated its stake. AMD also saw mixed moves: Tiger Global built a new position of 675,000 shares, while Appaloosa, Glenview, and SRS Capital reduced their holdings, and Iconiq liquidated its position.

Intel deserves separate attention: SoftBank maintained its strategic holding of 86.97 million shares, NVIDIA held its 214.8 million shares unchanged, and Tiger Global increased its stake from 1.64 million to 4.25 million shares. However, Kerrisdale, Duquesne, and Glenview have all completely exited.

Capital Moves Downstream: Seagate, CoreWeave, and Computing Infrastructure Become New Favorites

A structural shift worth noting this quarter is the movement of capital downstream along the AI industry chain.

Seagate Tech saw zero reductions, attracting five institutions to build or increase positions: Tiger Global built a new position of 285,000 shares, D1 Capital built a new position of 30,000 shares, Lone Pine built a new position of 1 million shares, Sachem Head built a new position of 470,000 shares, and Duquesne increased its stake to 122,000 shares. Behind this concentrated activity lies the market's bet on tight memory/storage supply—a logic corroborated by scattered increases in SanDisk and Micron positions found across multiple filings.

CoreWeave also attracted capital: D1 Capital and Appaloosa built new positions, Altimeter significantly increased its stake from 4.5 million to 6.07 million shares, NVIDIA held its 47.21 million shares unchanged, and only Viking Global exited.

CBRS emerged as the most prominent target for clustered new position building this quarter: Tiger Global (3 million shares), Altimeter (7.23 million shares), D1 Capital, AMD, and Soros Fund all built positions in the same quarter, sending a highly concentrated signal.

Computing Power Energy Peripherals (WULF, CIFR, APLD, CORZ, RIOT, BTDR, etc.) also welcomed new capital: Tiger Global, Duquesne, Discovery Capital, and Soros Capital all built positions. This indicates that institutional investment in AI infrastructure is extending its reach into a broader ecosystem.

Consumer Internet and Payments: Netflix, Uber, Visa Each Have Highlights

Uber continued its accumulation logic: Pershing Square increased its holdings from 30 million to 34.33 million shares, Appaloosa from 6.33 million to 7.69 million shares, and Glenview Capital and Marathon Partners both increased their stakes. Saudi PIF held its 72.84 million shares unchanged. Sellers were limited to Altimeter and Soros Fund, with modest reductions.

Visa quietly regained institutional favor: Pershing Square confirmed a new position of 3.3 million shares and simultaneously built a new position in Mastercard (MA/2.12 million shares); Tiger Global built a new position of 799,000 shares; TCI Fund Management and Lone Pine both made small additions, with only Soros Capital making a slight reduction.

Netflix showed significant divergence: Pershing Square built a new position of 13.08 million shares, one of the largest single new positions this quarter; meanwhile, Tiger Global completely liquidated its position (reducing by 2.44 million shares).

Microsoft also saw mixed bull and bear activity: Pershing Square increased its holdings from 5.65 million to 6.21 million shares, and Altimeter and Meritage Group both increased their stakes; TCI Fund Management completely exited (reducing by 2.7 million shares), while Tiger Global and Viking Global made slight cuts.

Quick Look at Major Institutional Moves

Berkshire Hathaway: In addition to significantly increasing its Alphabet holdings, it built a new position in Delta Air Lines totaling 57.32 million shares, increased stakes in Macy's, Lennar, and The New York Times, exited Constellation Brands, and continued to reduce positions in Bank of America, Kroger, Capital One, and others.

Pershing Square (Bill Ackman): The most active operator this quarter, building four new positions in Netflix (13.08 million shares), Visa (3.27 million shares), S&P Global (SPGI/2.59 million shares), and Mastercard (MA/2.12 million shares), while completely exiting Alphabet.

Tiger Global (Chase Coleman): While increasing holdings in Intel and Coupang, it exited multiple growth stocks including Zillow, Netflix, PCOR, and Zscaler, making its portfolio structure adjustment the most prominent this quarter.

Duquesne (Stanley Druckenmiller): Built the highest number of new positions, including over 20 new targets such as BTDR, Riot Platforms, Fox, and Delta Air Lines, while exiting several AI-related stocks including Intel, Broadcom, and Cohere.

Himalaya Capital (Li Lu): Significantly increased its Pinduoduo holdings from 4.6 million to 10.8 million shares, while completely liquidating positions in Bank of America, Occidental Petroleum, S&P Global, Moody's, and others.