Atreides Management, LP

Atreides Management, LP declares $9.7B in 22 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 67.9% of its $14.3B 13F portfolio. Largest positions: SpaceX (0.10% of the company) and Micron (0.06% of the company). Over time: $9.7B in 22 of these companies for Q2 2026, against $130.8M in 6 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $870.3M and sold $1.5B of these stocks, at the quarter's prices: a net sale of $612.1M; 5 new positions and 5 sold out.

Performance of its AI picks

The AI-stock portfolio Atreides Management, LP declared for Q2 2026 (Form 13F), held unchanged, returned -10.7% in Q3 2026 (SMH -7.1%), ranked 1659 of 1,785 active managers. Over the last 12 months, quarter after quarter: +162.1% (SMH +87.2%), ranked 3 of 1,360 active managers. Over three years, quarter after quarter: +708.9% (SMH +325.8%), ranked 1 of 784 active managers. Over five years, quarter after quarter: +775.2% (SMH +389.8%), ranked 1 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. SpaceX (SPCX): $4.7B, 27.3M shares, 0.10% of the company, 32.6% of its portfolio
2. Micron (MU): $821.1M, 711,364 shares, 0.06% of the company, 5.7% of its portfolio (trimmed this quarter); held since Q1 2024
3. Cerebras Systems (CBRS): $687.3M, 3.1M shares, 1.3% of the company, 4.8% of its portfolio
4. Astera Labs (ALAB): $587.7M, 1.2M shares, 0.70% of the company, 4.1% of its portfolio (trimmed this quarter); held since Q1 2024
5. Ciena (CIEN): $337.8M, 688,521 shares, 0.49% of the company, 2.4% of its portfolio (added this quarter); held since Q2 2025
6. Credo (CRDO): $307.1M, 1.1M shares, 0.60% of the company, 2.1% of its portfolio (added this quarter); held since Q1 2026
7. Palo Alto Networks (PANW): $299.1M, 876,954 shares, 0.11% of the company, 2.1% of its portfolio (added this quarter); held since Q1 2026
8. Coherent (COHR): $253.3M, 642,101 shares, 0.33% of the company, 1.8% of its portfolio (added this quarter); held since Q3 2025
9. NVIDIA (NVDA): $250.0M, 1.2M shares, 0.01% of the company, 1.7% of its portfolio (added this quarter); held since Q1 2025
10. Amazon (AMZN): $231.1M, 969,629 shares, 0.01% of the company, 1.6% of its portfolio (added this quarter); held since Q4 2023
11. Meta Platforms (META): $226.9M, 402,770 shares, 0.02% of the company, 1.6% of its portfolio (new position this quarter)
12. CoreWeave (CRWV): $211.5M, 2.1M shares, 0.38% of the company, 1.5% of its portfolio (added this quarter); held since Q1 2025
13. Alphabet (GOOGL): $174.5M, 488,296 shares, 0.00% of the company, 1.2% of its portfolio (trimmed this quarter); held since Q1 2024
14. Amphenol (APH): $112.9M, 1.3M shares, 0.05% of the company, 0.79% of its portfolio (new position this quarter)
15. Akamai (AKAM): $107.6M, 910,583 shares, 0.63% of the company, 0.75% of its portfolio (added this quarter); held since Q1 2026

By sector

• Cloud & AI giants: $5.3B, 54% of its AI holdings, 4 companies
• Interconnect: $1.1B, 11% of its AI holdings, 4 companies
• Chips & compute: $1.0B, 11% of its AI holdings, 3 companies
• Memory & storage: $821.1M, 8% of its AI holdings, 1 company
• Optics: $591.1M, 6% of its AI holdings, 2 companies
• AI software: $448.7M, 5% of its AI holdings, 3 companies
• Neoclouds & data centers: $424.7M, 4% of its AI holdings, 4 companies
• Equipment & test: $18.0M, 0% of its AI holdings, 1 company

Biggest changes this quarter

• trimmed Astera Labs (ALAB): -$1.0B at the quarter's price
• opened a position in Meta Platforms (META): +$226.9M at the quarter's price
• sold out of Lumentum (LITE): -$187.9M at the quarter's price
• added to CoreWeave (CRWV): +$130.8M at the quarter's price
• opened a position in Amphenol (APH): +$112.9M at the quarter's price
• added to Palo Alto Networks (PANW): +$107.5M at the quarter's price
• opened a position in GitLab (GTLB): +$103.0M at the quarter's price
• opened a position in Cipher Mining (CIFR): +$87.9M at the quarter's price
• sold out of Vistra (VST): -$78.7M at the quarter's price
• trimmed Micron (MU): -$56.6M at the quarter's price

Schedule 13D/G declarations

• Cerebras Systems (CBRS): 13G filed Aug 14, 2026: 10.5M shares as of Aug 14, 2026, 10.7% as declared
• Astera Labs (ALAB): 13G filed Feb 14, 2025: 1.8M shares as of Dec 31, 2024, 1.2% as declared

Other holders of this size

• Newlands Management Operations LLC: $9.7B in 5 of these companies
• Czech National Bank: $9.8B in 93 of these companies
• ARIZONA STATE RETIREMENT SYSTEM: $9.7B in 195 of these companies
• Woodline Partners LP: $9.8B in 121 of these companies
• HRT FINANCIAL LP: $9.7B in 123 of these companies
• Harel Insurance Investments & Financial Services Ltd.: $9.8B in 85 of these companies
• Calamos Advisors LLC: $9.5B in 108 of these companies
• Alyeska Investment Group, L.P.: $10.0B in 80 of these companies

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