Lone Pine Capital LLC

Lone Pine Capital LLC declares $8.9B in 15 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 54.7% of its $16.4B 13F portfolio. Largest positions: Nebius (1.7% of the company) and ASML (0.15% of the company). Over time: $8.9B in 15 of these companies for Q2 2026, against $5.1B in 7 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $4.3B and sold $3.6B of these stocks, at the quarter's prices: a net purchase of $690.4M; 6 new positions and 5 sold out.

Performance of its AI picks

The AI-stock portfolio Lone Pine Capital LLC declared for Q2 2026 (Form 13F), held unchanged, returned -25.0% in Q3 2026 (SMH -7.1%), ranked 1778 of 1,785 active managers. Over the last 12 months, quarter after quarter: +8.8% (SMH +87.2%), ranked 1321 of 1,360 active managers. Over three years, quarter after quarter: +130.9% (SMH +325.8%), ranked 553 of 784 active managers. Over five years, quarter after quarter: +89.0% (SMH +389.8%), ranked 508 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. Nebius (NBIS): $1.2B, 4.3M shares, 1.7% of the company, 7.2% of its portfolio (new position this quarter)
2. ASML (ASML): $1.1B, 569,174 shares, 0.15% of the company, 6.9% of its portfolio (trimmed this quarter); held since Q4 2025
3. Seagate (STX): $965.1M, 1.0M shares, 0.44% of the company, 5.9% of its portfolio (new position this quarter)
4. Applied Materials (AMAT): $873.2M, 1.2M shares, 0.15% of the company, 5.3% of its portfolio (new position this quarter)
5. Teradyne (TER): $722.4M, 1.5M shares, 0.96% of the company, 4.4% of its portfolio (trimmed this quarter); held since Q1 2026
6. Corning (GLW): $696.8M, 2.7M shares, 0.32% of the company, 4.3% of its portfolio (trimmed this quarter); held since Q1 2026
7. Hut 8 (HUT): $666.5M, 5.8M shares, 4.8% of the company, 4.1% of its portfolio (trimmed this quarter); held since Q1 2026
8. TeraWulf (WULF): $596.4M, 24.1M shares, 4.8% of the company, 3.6% of its portfolio (added this quarter); held since Q1 2026
9. MasTec (MTZ): $559.7M, 1.3M shares, 1.7% of the company, 3.4% of its portfolio (trimmed this quarter); held since Q1 2026
10. TTM Technologies (TTMI): $512.1M, 2.7M shares, 2.6% of the company, 3.1% of its portfolio (new position this quarter)
11. Sterling Infrastructure (STRL): $511.7M, 609,643 shares, 2.0% of the company, 3.1% of its portfolio (new position this quarter)
12. Argan (AGX): $294.4M, 368,673 shares, 2.6% of the company, 1.8% of its portfolio (trimmed this quarter); held since Q1 2026
13. Bitdeer (BTDR): $111.4M, 7.0M shares, 3.0% of the company, 0.68% of its portfolio (new position this quarter)
14. Alphabet (GOOGL): $77.0M, 215,574 shares, 0.00% of the company, 0.47% of its portfolio (added this quarter); held since Q1 2026
15. TSMC (TSM): $48.4M, 101,242 shares, 0.00% of the company, 0.30% of its portfolio (trimmed this quarter); held since Q1 2022

By sector

• Equipment & test: $2.7B, 31% of its AI holdings, 3 companies
• Neoclouds & data centers: $2.6B, 29% of its AI holdings, 4 companies
• Power, electrical & cooling: $1.4B, 15% of its AI holdings, 3 companies
• Memory & storage: $965.1M, 11% of its AI holdings, 1 company
• Optics: $696.8M, 8% of its AI holdings, 1 company
• Servers & systems: $512.1M, 6% of its AI holdings, 1 company
• Cloud & AI giants: $77.0M, 1% of its AI holdings, 1 company
• Chips & compute: $48.4M, 1% of its AI holdings, 1 company

Biggest changes this quarter

• opened a position in Nebius (NBIS): +$1.2B at the quarter's price
• opened a position in Seagate (STX): +$965.1M at the quarter's price
• sold out of Vistra (VST): -$930.2M at the quarter's price
• opened a position in Applied Materials (AMAT): +$873.2M at the quarter's price
• trimmed TSMC (TSM): -$615.2M at the quarter's price
• sold out of Talen Energy (TLN): -$580.3M at the quarter's price
• opened a position in TTM Technologies (TTMI): +$512.1M at the quarter's price
• opened a position in Sterling Infrastructure (STRL): +$511.7M at the quarter's price
• sold out of Entegris (ENTG): -$365.2M at the quarter's price
• sold out of Ciena (CIEN): -$314.3M at the quarter's price

Schedule 13D/G declarations

• TeraWulf (WULF): 13G filed Apr 15, 2026: 21.7M shares as of Apr 8, 2026, 5.1% as declared
• Hut 8 (HUT): 13G filed Mar 6, 2026: 6.2M shares as of Feb 27, 2026, 5.6% as declared

Other holders of this size

• XPONANCE LLC: $8.9B in 194 of these companies
• KING LUTHER CAPITAL MANAGEMENT CORP: $9.0B in 78 of these companies
• KEYBANK NATIONAL ASSOCIATION/OH: $8.7B in 146 of these companies
• COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS: $9.0B in 152 of these companies
• LSV ASSET MANAGEMENT: $8.6B in 50 of these companies
• AMF Tjanstepension AB: $9.0B in 33 of these companies
• M&T Bank Corp: $8.6B in 171 of these companies
• ASSETMARK, INC: $9.1B in 191 of these companies

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