Balyasny

Balyasny declares $12.7B in 171 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 15.8% of its $80.2B 13F portfolio. Largest positions: Amazon (0.04% of the company) and Alphabet (0.02% of the company). Over time: $12.7B in 171 of these companies for Q2 2026, against $1.6B in 67 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $4.1B and sold $5.7B of these stocks, at the quarter's prices: a net sale of $1.6B; 21 new positions and 19 sold out.

Performance of its AI picks

The AI-stock portfolio Balyasny declared for Q2 2026 (Form 13F), held unchanged, returned -2.9% in Q3 2026 (SMH -7.1%), ranked 1453 of 1,785 active managers. Over the last 12 months, quarter after quarter: +49.2% (SMH +87.2%), ranked 170 of 1,360 active managers. Over three years, quarter after quarter: +219.8% (SMH +325.8%), ranked 76 of 784 active managers. Over five years, quarter after quarter: +243.5% (SMH +389.8%), ranked 46 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. Amazon (AMZN): $1.1B, 4.8M shares, 0.04% of the company, 1.4% of its portfolio (added this quarter); held since Q4 2021
2. Alphabet (GOOGL): $664.4M, 1.9M shares, 0.02% of the company, 0.83% of its portfolio (trimmed this quarter); held since Q3 2020
3. NVIDIA (NVDA): $647.8M, 3.2M shares, 0.01% of the company, 0.81% of its portfolio (trimmed this quarter); held since Q2 2022
4. SpaceX (SPCX): $580.5M, 3.4M shares, 0.01% of the company, 0.72% of its portfolio
5. Texas Instruments (TXN): $448.9M, 1.5M shares, 0.16% of the company, 0.56% of its portfolio (added this quarter); held since Q3 2024
6. Apple (AAPL): $389.7M, 1.3M shares, 0.01% of the company, 0.49% of its portfolio (trimmed this quarter); held since Q2 2021
7. Meta Platforms (META): $356.4M, 632,687 shares, 0.02% of the company, 0.44% of its portfolio (trimmed this quarter); held since Q2 2022
8. Silicon Labs (SLAB): $340.9M, 1.6M shares, 4.7% of the company, 0.43% of its portfolio (added this quarter); held since Q1 2026
9. Trane (TT): $312.3M, 635,750 shares, 0.29% of the company, 0.39% of its portfolio (added this quarter); held since Q1 2022
10. AMD (AMD): $294.4M, 506,708 shares, 0.03% of the company, 0.37% of its portfolio (added this quarter); held since Q1 2022
11. Amphenol (APH): $256.7M, 2.9M shares, 0.12% of the company, 0.32% of its portfolio (added this quarter); held since Q2 2023
12. Cerebras Systems (CBRS): $247.6M, 1.1M shares, 0.46% of the company, 0.31% of its portfolio
13. Seagate (STX): $247.2M, 256,151 shares, 0.11% of the company, 0.31% of its portfolio (trimmed this quarter); held since Q3 2024
14. ASML (ASML): $241.2M, 121,216 shares, 0.03% of the company, 0.30% of its portfolio (added this quarter); held since Q3 2025
15. Datadog (DDOG): $237.3M, 911,351 shares, 0.25% of the company, 0.30% of its portfolio (trimmed this quarter); held since Q1 2025

By sector

• Cloud & AI giants: $3.4B, 26% of its AI holdings, 6 companies
• Chips & compute: $3.0B, 24% of its AI holdings, 28 companies
• Power, electrical & cooling: $1.7B, 13% of its AI holdings, 41 companies
• AI software: $1.2B, 9% of its AI holdings, 25 companies
• Equipment & test: $842.7M, 7% of its AI holdings, 13 companies
• Neoclouds & data centers: $718.8M, 6% of its AI holdings, 25 companies
• Memory & storage: $607.7M, 5% of its AI holdings, 6 companies
• Optics: $518.1M, 4% of its AI holdings, 10 companies
• Interconnect: $500.6M, 4% of its AI holdings, 7 companies
• Servers & systems: $232.7M, 2% of its AI holdings, 10 companies

Biggest changes this quarter

• trimmed Applied Materials (AMAT): -$446.1M at the quarter's price
• added to Texas Instruments (TXN): +$443.3M at the quarter's price
• trimmed Arm Holdings (ARM): -$323.3M at the quarter's price
• sold out of Johnson Controls (JCI): -$302.9M at the quarter's price
• trimmed Meta Platforms (META): -$300.3M at the quarter's price
• trimmed Western Digital (WDC): -$293.9M at the quarter's price
• trimmed Apple (AAPL): -$285.9M at the quarter's price
• added to Amphenol (APH): +$253.3M at the quarter's price
• trimmed Lam Research (LRCX): -$223.9M at the quarter's price
• added to ServiceNow (NOW): +$219.2M at the quarter's price

Other holders of this size

• CI INVESTMENTS INC.: $12.4B in 122 of these companies
• SEB Asset Management AB: $12.7B in 104 of these companies
• WORLDQUANT MILLENNIUM ADVISORS LLC: $12.4B in 111 of these companies
• SOFTBANK GROUP CORP.: $12.7B in 3 of these companies
• STRS OHIO: $12.4B in 182 of these companies
• State of Tennessee, Department of Treasury: $12.7B in 159 of these companies
• Employees Provident Fund Board: $12.3B in 28 of these companies
• a16z Capital Management, L.L.C.: $12.9B in 2 of these companies

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