Pentwater Capital Management LP

Pentwater Capital Management LP declares $493.5M in 9 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 3.0% of its $16.4B 13F portfolio. Largest positions: Dominion Energy (0.40% of the company) and Silicon Labs (2.2% of the company). Over time: $493.5M in 9 of these companies for Q2 2026, against $67.7M in 6 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $316.8M and sold $633.9M of these stocks, at the quarter's prices: a net sale of $317.1M; 4 new positions and 5 sold out.

Performance of its AI picks

The AI-stock portfolio Pentwater Capital Management LP declared for Q2 2026 (Form 13F), held unchanged, returned -7.2% in Q3 2026 (SMH -7.1%), ranked 1593 of 1,783 active managers. Over the last 12 months, quarter after quarter: +19.2% (SMH +87.2%). Over three years, quarter after quarter: +188.7% (SMH +325.8%). Over five years, quarter after quarter: +6.7% (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

Dominion Energy (D) — $239.0M: 3.5M shares, 0.40% of the company, 1.5% of its portfolio (new position this quarter)
Silicon Labs (SLAB) — $162.1M: 741,725 shares, 2.2% of the company, 0.99% of its portfolio (added this quarter); held since Q1 2026
SpaceX (SPCX) — $39.3M: 230,000 shares, 0.00% of the company, 0.24% of its portfolio
Micron (MU) — $20.8M: 18,000 shares, 0.00% of the company, 0.13% of its portfolio (new position this quarter)
Core Scientific (CORZ) — $13.7M: 536,594 shares, 0.17% of the company, 0.08% of its portfolio (trimmed this quarter); held since Q2 2025
Oracle (ORCL) — $13.2M: 90,000 shares, 0.00% of the company, 0.08% of its portfolio (trimmed this quarter); held since Q1 2026
Synaptics (SYNA) — $2.5M: 20,000 shares, 0.05% of the company, 0.02% of its portfolio (new position this quarter)
Constellation Energy (CEG) — $1.7M: 7,000 shares, 0.00% of the company, 0.01% of its portfolio (new position this quarter)
Cerebras Systems (CBRS) — $1.1M: 5,000 shares, 0.00% of the company, 0.01% of its portfolio

By sector

Power, electrical & cooling — $240.8M, 49% of its AI holdings, 2 companies
Chips & compute — $165.7M, 34% of its AI holdings, 3 companies
Cloud & AI giants — $39.3M, 8% of its AI holdings, 1 company
Memory & storage — $20.8M, 4% of its AI holdings, 1 company
Neoclouds & data centers — $13.7M, 3% of its AI holdings, 1 company
AI software — $13.2M, 3% of its AI holdings, 1 company

Biggest changes this quarter

trimmed Core Scientific (CORZ): -$622.2M at the quarter's price
opened a position in Dominion Energy (D): +$239.0M at the quarter's price
added to Silicon Labs (SLAB): +$52.8M at the quarter's price
opened a position in Micron (MU): +$20.8M at the quarter's price
trimmed Oracle (ORCL): -$9.5M at the quarter's price
opened a position in Synaptics (SYNA): +$2.5M at the quarter's price
opened a position in Constellation Energy (CEG): +$1.7M at the quarter's price
sold out of CoreWeave (CRWV): -$735,965.00 at the quarter's price
sold out of Fermi (FRMI): -$730,000.00 at the quarter's price
sold out of Galaxy Digital (GLXY): -$369,000.00 at the quarter's price

Schedule 13D/G declarations

Core Scientific (CORZ) — 13G filed Aug 14, 2026: 1.3M shares as of Jun 30, 2026, 0.40% as declared
Core Scientific (CORZ) — 13G filed Nov 14, 2025: 26.1M shares as of Sep 30, 2025, 8.5% as declared

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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