Altimeter Capital Management, LP

Altimeter Capital Management, LP declares $9.2B in 17 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 93.7% of its $9.8B 13F portfolio. Largest positions: NVIDIA (0.04% of the company) and Cerebras Systems (3.0% of the company). Over time: $9.2B in 17 of these companies for Q2 2026, against $1.6B in 7 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $1.6B and sold $383.9M of these stocks, at the quarter's prices: a net purchase of $1.2B; 7 new positions and 1 sold out.

Performance of its AI picks

The AI-stock portfolio Altimeter Capital Management, LP declared for Q2 2026 (Form 13F), held unchanged, returned +1.3% in Q3 2026 (SMH -7.1%), ranked 1227 of 1,785 active managers. Over the last 12 months, quarter after quarter: +8.3% (SMH +87.2%), ranked 1324 of 1,360 active managers. Over three years, quarter after quarter: +129.3% (SMH +325.8%). Over five years, quarter after quarter: +41.5% (SMH +389.8%). Trades made during a quarter are not visible in 13F filings: this measures its declared picks, not the return of its funds.

Largest positions

1. NVIDIA (NVDA): $1.9B, 9.4M shares, 0.04% of the company, 19.2% of its portfolio (added this quarter); held since Q4 2022
2. Cerebras Systems (CBRS): $1.6B, 7.2M shares, 3.0% of the company, 16.2% of its portfolio
3. Meta Platforms (META): $763.3M, 1.4M shares, 0.05% of the company, 7.8% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
4. TSMC (TSM): $682.6M, 1.4M shares, 0.03% of the company, 6.9% of its portfolio (added this quarter); held since Q2 2025
5. CoreWeave (CRWV): $604.6M, 6.1M shares, 1.1% of the company, 6.2% of its portfolio (added this quarter); held since Q4 2025
6. Arm Holdings (ARM): $582.2M, 1.6M shares, 0.15% of the company, 5.9% of its portfolio (trimmed this quarter); held since Q1 2026
7. Amazon (AMZN): $578.1M, 2.4M shares, 0.02% of the company, 5.9% of its portfolio (added this quarter); held since Q2 2023
8. Snowflake (SNOW): $490.2M, 1.9M shares, 0.55% of the company, 5.0% of its portfolio; held since Q3 2020
9. Microsoft (MSFT): $473.0M, 1.3M shares, 0.02% of the company, 4.8% of its portfolio (added this quarter); held since Q4 2019 or earlier
10. Qualcomm (QCOM): $347.9M, 1.9M shares, 0.18% of the company, 3.5% of its portfolio (new position this quarter)
11. SpaceX (SPCX): $303.5M, 1.8M shares, 0.01% of the company, 3.1% of its portfolio
12. Micron (MU): $241.8M, 209,520 shares, 0.02% of the company, 2.5% of its portfolio (new position this quarter)
13. Applied Materials (AMAT): $189.4M, 261,950 shares, 0.03% of the company, 1.9% of its portfolio (new position this quarter)
14. KLA (KLAC): $174.5M, 578,230 shares, 0.04% of the company, 1.8% of its portfolio (new position this quarter)
15. Lam Research (LRCX): $170.8M, 394,080 shares, 0.03% of the company, 1.7% of its portfolio (new position this quarter)

By sector

• Chips & compute: $5.1B, 55% of its AI holdings, 5 companies
• Cloud & AI giants: $2.2B, 24% of its AI holdings, 5 companies
• Neoclouds & data centers: $604.6M, 7% of its AI holdings, 1 company
• AI software: $552.8M, 6% of its AI holdings, 2 companies
• Equipment & test: $534.6M, 6% of its AI holdings, 3 companies
• Memory & storage: $241.8M, 3% of its AI holdings, 1 company

Biggest changes this quarter

• opened a position in Qualcomm (QCOM): +$347.9M at the quarter's price
• trimmed Meta Platforms (META): -$337.1M at the quarter's price
• opened a position in Micron (MU): +$241.8M at the quarter's price
• opened a position in Applied Materials (AMAT): +$189.4M at the quarter's price
• opened a position in KLA (KLAC): +$174.5M at the quarter's price
• opened a position in Lam Research (LRCX): +$170.8M at the quarter's price
• added to CoreWeave (CRWV): +$156.7M at the quarter's price
• added to Amazon (AMZN): +$80.0M at the quarter's price
• opened a position in Alphabet (GOOGL): +$62.6M at the quarter's price
• opened a position in Synopsys (SNPS): +$62.6M at the quarter's price

Other holders of this size

• ASSETMARK, INC: $9.1B in 191 of these companies
• MetLife Investment Management, LLC: $9.3B in 206 of these companies
• AMF Tjanstepension AB: $9.0B in 33 of these companies
• AGF MANAGEMENT LTD: $9.4B in 88 of these companies
• COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS: $9.0B in 152 of these companies
• MACQUARIE GROUP LTD: $9.4B in 136 of these companies
• KING LUTHER CAPITAL MANAGEMENT CORP: $9.0B in 78 of these companies
• ONTARIO TEACHERS PENSION PLAN BOARD: $9.5B in 9 of these companies

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