Davidson Kempner Capital Management LP

Davidson Kempner Capital Management LP declares $1.1B in 23 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 12.6% of its $8.4B 13F portfolio. Largest positions: SpaceX (0.01% of the company) and Cerebras Systems (0.14% of the company). Over time: $1.1B in 23 of these companies for Q2 2026, against $248.1M in 6 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $346.6M and sold $218.5M of these stocks, at the quarter's prices: a net purchase of $128.1M; 8 new positions and 8 sold out.

Performance of its AI picks

The AI-stock portfolio Davidson Kempner Capital Management LP declared for Q2 2026 (Form 13F), held unchanged, returned -7.8% in Q3 2026 (SMH -7.1%), ranked 1606 of 1,783 active managers. Over the last 12 months, quarter after quarter: +45.8% (SMH +87.2%), ranked 203 of 1,359 active managers. Over three years, quarter after quarter: +294.6% (SMH +325.8%), ranked 32 of 783 active managers. Over five years, quarter after quarter: +264.9% (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. SpaceX (SPCX) — $200.6M: 1.2M shares, 0.01% of the company, 2.4% of its portfolio
2. Cerebras Systems (CBRS) — $75.0M: 339,218 shares, 0.14% of the company, 0.89% of its portfolio
3. Meta Platforms (META) — $69.3M: 123,000 shares, 0.00% of the company, 0.82% of its portfolio (added this quarter); held since Q2 2023
4. Micron (MU) — $63.5M: 55,000 shares, 0.00% of the company, 0.75% of its portfolio (added this quarter); held since Q1 2026
5. Constellation Energy (CEG) — $62.3M: 250,896 shares, 0.07% of the company, 0.74% of its portfolio (added this quarter); held since Q3 2025
6. Seagate (STX) — $57.5M: 59,600 shares, 0.03% of the company, 0.68% of its portfolio (trimmed this quarter); held since Q4 2025
7. Veeco (VECO) — $56.9M: 750,000 shares, 1.2% of the company, 0.68% of its portfolio (new position this quarter)
8. ASML (ASML) — $49.7M: 25,000 shares, 0.01% of the company, 0.59% of its portfolio (added this quarter); held since Q4 2025
9. Johnson Controls (JCI) — $49.7M: 340,000 shares, 0.06% of the company, 0.59% of its portfolio (added this quarter); held since Q1 2026
10. Vishay (VSH) — $48.2M: 896,300 shares, 0.58% of the company, 0.57% of its portfolio (new position this quarter)
11. BWX Technologies (BWXT) — $46.5M: 239,095 shares, 0.26% of the company, 0.55% of its portfolio (added this quarter); held since Q4 2025
12. Oracle (ORCL) — $40.3M: 275,000 shares, 0.01% of the company, 0.48% of its portfolio; held since Q1 2026
13. CoreWeave (CRWV) — $39.8M: 400,000 shares, 0.07% of the company, 0.47% of its portfolio (new position this quarter)
14. Amazon (AMZN) — $38.1M: 160,000 shares, 0.00% of the company, 0.45% of its portfolio (added this quarter); held since Q4 2024
15. NVIDIA (NVDA) — $30.0M: 150,000 shares, 0.00% of the company, 0.36% of its portfolio (trimmed this quarter); held since Q2 2024

By sector

• Cloud & AI giants — $337.8M, 32% of its AI holdings, 4 companies
• Power, electrical & cooling — $192.4M, 18% of its AI holdings, 6 companies
• Chips & compute — $153.2M, 14% of its AI holdings, 3 companies
• Memory & storage — $121.0M, 11% of its AI holdings, 2 companies
• Equipment & test — $120.1M, 11% of its AI holdings, 3 companies
• Neoclouds & data centers — $71.9M, 7% of its AI holdings, 3 companies
• AI software — $65.8M, 6% of its AI holdings, 2 companies

Biggest changes this quarter

• opened a position in Veeco (VECO): +$56.9M at the quarter's price
• trimmed NVIDIA (NVDA): -$55.5M at the quarter's price
• opened a position in Vishay (VSH): +$48.2M at the quarter's price
• added to BWX Technologies (BWXT): +$41.7M at the quarter's price
• trimmed Seagate (STX): -$40.6M at the quarter's price
• opened a position in CoreWeave (CRWV): +$39.8M at the quarter's price
• added to Constellation Energy (CEG): +$32.9M at the quarter's price
• sold out of Microsoft (MSFT): -$30.7M at the quarter's price
• opened a position in Alphabet (GOOGL): +$29.8M at the quarter's price
• opened a position in nVent (NVT): +$23.7M at the quarter's price

Other holders of this size

• Vanguard — $3.6T in 225 of these companies
• BlackRock — $3.1T in 226 of these companies
• State Street — $1.6T in 222 of these companies
• Fidelity (FMR) — $1.2T in 223 of these companies
• Geode Capital — $890.9B in 220 of these companies
• Capital Group — $881.7B in 132 of these companies
• JPMorgan — $717.8B in 225 of these companies
• Invesco — $683.3B in 220 of these companies

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