Who bought the AI trade in Q2 2026?

We read 9,067 Form 13F filings for the quarter ended Jun 30, 2026, 7,958 of them holding AI stocks: 7,656 managers declared $28.6T in the 219 AI and semiconductor companies tracked on Silicon Floor. Managers that filed both quarters put a net $228.7B into these stocks ($1.8T bought, $1.6T sold, at the quarter's prices). Stock pickers were net sellers of $15.8B; index funds, market makers and wealth platforms added $244.5B.

Where the money went

Most bought

  1. Alphabet (GOOGL): +$60.9B (+1.4% of the capital); biggest active buyer Berkshire Hathaway Inc (+$17.2B)
  2. AMD (AMD): +$33.4B (+3.4% of the capital); biggest active buyer JPMorgan (+$8.7B)
  3. Amazon (AMZN): +$22.5B (+0.84% of the capital); biggest active buyer Capital Group (+$2.9B)
  4. NVIDIA (NVDA): +$21.8B (+0.44% of the capital); biggest active buyer Fidelity (FMR) (+$6.4B)
  5. Intel (INTC): +$12.0B (+1.6% of the capital); biggest active buyer Fidelity (FMR) (+$5.2B)
  6. Broadcom (AVGO): +$10.0B (+0.51% of the capital); biggest active buyer Fidelity (FMR) (+$7.6B)
  7. Nebius (NBIS): +$9.4B (+12.2% of the capital); biggest active buyer Goldman Sachs (+$1.9B)
  8. Apple (AAPL): +$8.9B (+0.20% of the capital); biggest active buyer Franklin Templeton (+$6.0B)
  9. Applied Materials (AMAT): +$8.5B (+1.3% of the capital); biggest active buyer JPMorgan (+$6.2B)
  10. Lam Research (LRCX): +$8.3B (+1.5% of the capital); biggest active buyer JPMorgan (+$5.2B)

Most sold

  1. Sandisk (SNDK): -$12.3B (-3.9% of the capital); biggest active seller Fidelity (FMR) (-$12.6B)
  2. Micron (MU): -$10.6B (-0.97% of the capital); biggest active seller Capital Group (-$13.3B)
  3. Western Digital (WDC): -$9.5B (-4.6% of the capital); biggest active seller Fidelity (FMR) (-$3.6B)
  4. Salesforce (CRM): -$7.9B (-5.9% of the capital); biggest active seller Capital Group (-$2.3B)
  5. Marvell (MRVL): -$6.9B (-3.7% of the capital); biggest active seller Fidelity (FMR) (-$22.1B)
  6. Dell (DELL): -$5.9B (-2.3% of the capital); biggest active seller Two Sigma (-$1.0B)
  7. Seagate (STX): -$4.7B (-2.4% of the capital); biggest active seller Sanders Capital, LLC (-$9.1B)
  8. Accenture (ACN): -$3.9B (-3.5% of the capital); biggest active seller Sanders Capital, LLC (-$2.2B)
  9. Qualcomm (QCOM): -$3.5B (-1.9% of the capital); biggest active seller Franklin Templeton (-$998.9M)
  10. ServiceNow (NOW): -$3.5B (-3.4% of the capital); biggest active seller T. Rowe Price (-$1.8B)

What stock pickers did

Active managers only: index funds, market makers and wealth platforms trade on flows, hedges or thousands of accounts.

Bought

  1. Alphabet (GOOGL): +$35.5B; biggest active buyer Berkshire Hathaway Inc (+$17.2B)
  2. AMD (AMD): +$29.1B; biggest active buyer JPMorgan (+$8.7B)
  3. Intel (INTC): +$12.1B; biggest active buyer Fidelity (FMR) (+$5.2B)
  4. Amazon (AMZN): +$6.1B; biggest active buyer Capital Group (+$2.9B)
  5. Corning (GLW): +$5.8B; biggest active buyer JPMorgan (+$6.2B)
  6. Snowflake (SNOW): +$5.5B; biggest active buyer T. Rowe Price (+$1.5B)
  7. Nebius (NBIS): +$5.2B; biggest active buyer Goldman Sachs (+$1.9B)
  8. ASML (ASML): +$4.8B; biggest active buyer Fidelity (FMR) (+$4.6B)

Sold

  1. Sandisk (SNDK): -$24.0B; biggest active seller Fidelity (FMR) (-$12.6B)
  2. Marvell (MRVL): -$22.5B; biggest active seller Fidelity (FMR) (-$22.1B)
  3. Micron (MU): -$19.8B; biggest active seller Capital Group (-$13.3B)
  4. Microsoft (MSFT): -$19.1B; biggest active seller T. Rowe Price (-$12.0B)
  5. Apple (AAPL): -$12.8B; biggest active seller T. Rowe Price (-$14.1B)
  6. NVIDIA (NVDA): -$11.8B; biggest active seller California Public Employees Retirement System (-$4.5B)
  7. Meta Platforms (META): -$9.6B; biggest active seller Fidelity (FMR) (-$11.7B)
  8. Western Digital (WDC): -$5.8B; biggest active seller Fidelity (FMR) (-$3.6B)

The biggest moves

New big bets

New lines weighing 5% to 50% of an active manager's whole 13F portfolio.

Walked away

Where the crowd went

Number of managers declaring each stock, against the previous quarter.

Gaining holders

Losing holders

Whose picks paid off

Held unchanged from Mar 31, 2026 to Jun 30, 2026, the AI-stock portfolios that 1,559 active managers declared at the start of the quarter returned +27.4% at the median; SMH returned +71.1%. 13F filings show no trades within a quarter: this is the return of their declared picks, not of their funds.

  1. GENDELL JEFFREY L — +141.7% (+70.6% vs SMH); largest positions SNDK, GLW, WDC
  2. HAWK RIDGE CAPITAL MANAGEMENT LP — +130.1% (+59.1% vs SMH); largest positions SIMO, HPE, STX
  3. Anther Capital Ltd — +129.2% (+58.1% vs SMH); largest positions SNDK, GLW, LITE
  4. Tensor Edge Capital, LLC — +124.6% (+53.5% vs SMH); largest positions MU, INTC, TER
  5. KCM Capital Inc — +124.4% (+53.4% vs SMH); largest positions SNDK, NVDA, MU
  6. DISCOVERY CAPITAL MANAGEMENT, LLC / CT — +123.5% (+52.4% vs SMH); largest positions SNDK, MU, ON
  7. Trivest Advisors Ltd — +116.8% (+45.8% vs SMH); largest positions MU, LRCX, LITE
  8. Evergreen Quality Fund GP, Ltd. — +114.6% (+43.5% vs SMH); largest positions GOOGL, INTC, GLW
  9. Amanah Holdings Trust — +112.6% (+41.6% vs SMH); largest positions SNDK, STX, LITE
  10. Tairen Capital Ltd — +112.2% (+41.2% vs SMH); largest positions MU, TSM, GOOGL

Companies that invest

Coming in: Q3 2026

80 Form 13F filings read so far for the quarter ended Sep 30, 2026; the deadline is Nov 16, 2026. What the first filers did

How we read it

A 13F lists long positions in US-listed stocks at quarter-end, filed up to 45 days later: it is not what a fund holds today. Flows count only managers that filed both quarters, as the change in shares valued at the quarter's price. 1,248 lines whose value contradicts their share count were set aside; CBRS and SPCX, listed during the quarter, have no flows. Two managers can report the same shares: each company's page shows its ownership as a range. Not investment advice.

Every quarter

Who owns AI · Insider Report · All tracked companies · The AI market