AQR

AQR declares $76.7B in 211 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 26.7% of its $286.8B 13F portfolio. Largest positions: NVIDIA (0.16% of the company) and Apple (0.12% of the company). Over time: $76.7B in 211 of these companies for Q2 2026, against $20.8B in 135 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $11.8B and sold $4.9B of these stocks, at the quarter's prices: a net purchase of $7.0B; 7 new positions.

Performance of its AI picks

The AI-stock portfolio AQR declared for Q2 2026 (Form 13F), held unchanged, returned +1.0% in Q3 2026 (SMH -7.1%), ranked 1251 of 1,785 active managers. Over the last 12 months, quarter after quarter: +46.8% (SMH +87.2%), ranked 193 of 1,360 active managers. Over three years, quarter after quarter: +194.5% (SMH +325.8%), ranked 116 of 784 active managers. Over five years, quarter after quarter: +209.2% (SMH +389.8%), ranked 73 of 535 active managers. 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): $7.5B, 37.8M shares, 0.16% of the company, 2.6% of its portfolio (added this quarter); held since Q4 2019 or earlier
2. Apple (AAPL): $5.0B, 17.6M shares, 0.12% of the company, 1.7% of its portfolio (added this quarter); held since Q4 2019 or earlier
3. Micron (MU): $4.4B, 3.8M shares, 0.34% of the company, 1.5% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
4. Alphabet (GOOGL): $4.4B, 12.3M shares, 0.10% of the company, 1.5% of its portfolio (added this quarter); held since Q4 2019 or earlier
5. Microsoft (MSFT): $4.3B, 11.5M shares, 0.15% of the company, 1.5% of its portfolio (added this quarter); held since Q4 2019 or earlier
6. Amazon (AMZN): $2.8B, 11.9M shares, 0.11% of the company, 0.99% of its portfolio (added this quarter); held since Q4 2019 or earlier
7. Broadcom (AVGO): $2.5B, 6.7M shares, 0.14% of the company, 0.88% of its portfolio (added this quarter); held since Q4 2019 or earlier
8. Comfort Systems USA (FIX): $2.1B, 1.1M shares, 3.0% of the company, 0.73% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
9. Western Digital (WDC): $1.9B, 2.9M shares, 0.79% of the company, 0.65% of its portfolio (trimmed this quarter); held since Q4 2020
10. GE Vernova (GEV): $1.7B, 1.5M shares, 0.57% of the company, 0.60% of its portfolio (added this quarter); held since Q2 2024
11. Lam Research (LRCX): $1.5B, 3.5M shares, 0.28% of the company, 0.53% of its portfolio (added this quarter); held since Q4 2019 or earlier
12. Intel (INTC): $1.5B, 10.7M shares, 0.20% of the company, 0.51% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
13. Fortinet (FTNT): $1.3B, 8.7M shares, 1.2% of the company, 0.46% of its portfolio (added this quarter); held since Q4 2019 or earlier
14. Meta Platforms (META): $1.2B, 2.2M shares, 0.08% of the company, 0.42% of its portfolio (added this quarter); held since Q4 2019 or earlier
15. Seagate (STX): $1.2B, 1.2M shares, 0.54% of the company, 0.42% of its portfolio (added this quarter); held since Q4 2019 or earlier

By sector

• Cloud & AI giants: $17.7B, 23% of its AI holdings, 5 companies
• Chips & compute: $14.9B, 19% of its AI holdings, 36 companies
• Power, electrical & cooling: $11.3B, 15% of its AI holdings, 46 companies
• AI software: $9.4B, 12% of its AI holdings, 31 companies
• Memory & storage: $8.7B, 11% of its AI holdings, 7 companies
• Equipment & test: $5.5B, 7% of its AI holdings, 26 companies
• Servers & systems: $3.1B, 4% of its AI holdings, 12 companies
• Interconnect: $2.8B, 4% of its AI holdings, 11 companies
• Neoclouds & data centers: $2.0B, 3% of its AI holdings, 27 companies
• Optics: $1.4B, 2% of its AI holdings, 10 companies

Biggest changes this quarter

• added to NVIDIA (NVDA): +$1.1B at the quarter's price
• added to Apple (AAPL): +$846.5M at the quarter's price
• trimmed Micron (MU): -$796.1M at the quarter's price
• added to Synopsys (SNPS): +$609.8M at the quarter's price
• added to Amazon (AMZN): +$585.3M at the quarter's price
• trimmed Sandisk (SNDK): -$538.8M at the quarter's price
• added to Microsoft (MSFT): +$534.1M at the quarter's price
• added to Alphabet (GOOGL): +$478.6M at the quarter's price
• added to AMD (AMD): +$390.3M at the quarter's price
• trimmed Arista Networks (ANET): -$341.3M at the quarter's price

Schedule 13D/G declarations

• Elastic (ESTC): 13G filed Aug 13, 2026: 6.1M shares as of Jun 30, 2026, 5.9% as declared
• GitLab (GTLB): 13G filed May 14, 2026: 8.7M shares as of Mar 31, 2026, 5.7% as declared
• Elastic (ESTC): 13G filed Feb 13, 2026: 7.5M shares as of Dec 31, 2025, 7.2% as declared

Other holders of this size

• BNP PARIBAS FINANCIAL MARKETS: $75.4B in 222 of these companies
• National Pension Service: $77.8B in 102 of these companies
• California Public Employees Retirement System: $74.4B in 137 of these companies
• CANADA PENSION PLAN INVESTMENT BOARD: $78.1B in 160 of these companies
• Swedbank AB: $68.1B in 111 of these companies
• BANK OF MONTREAL /CAN/: $78.3B in 199 of these companies
• Victory Capital Management, Inc.: $65.0B in 203 of these companies
• PRIMECAP MANAGEMENT CO/CA/: $80.3B in 61 of these companies

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