PointState Capital LP

PointState Capital LP declares $992.3M in 5 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 12.7% of its $7.8B 13F portfolio. Largest positions: Amazon (0.01% of the company) and Qnity Electronics (0.86% of the company). Over time: $992.3M in 5 of these companies for Q2 2026, against $887.3M in 14 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $574.4M and sold $390.2M of these stocks, at the quarter's prices: a net purchase of $184.2M; 2 new positions and 2 sold out.

Performance of its AI picks

The AI-stock portfolio PointState Capital LP declared for Q2 2026 (Form 13F), held unchanged, returned +0.7% in Q3 2026 (SMH -7.1%), ranked 1280 of 1,783 active managers. Over the last 12 months, quarter after quarter: +52.4% (SMH +87.2%), ranked 149 of 1,359 active managers. Over three years, quarter after quarter: +442.0% (SMH +325.8%), ranked 7 of 783 active managers. Over five years, quarter after quarter: +638.6% (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. Amazon (AMZN) — $339.3M: 1.4M shares, 0.01% of the company, 4.3% of its portfolio (new position this quarter)
2. Qnity Electronics (Q) — $293.5M: 1.8M shares, 0.86% of the company, 3.8% of its portfolio (added this quarter); held since Q1 2026
3. Meta Platforms (META) — $214.3M: 380,411 shares, 0.01% of the company, 2.7% of its portfolio (added this quarter); held since Q1 2026
4. Rambus (RMBS) — $101.4M: 764,172 shares, 0.70% of the company, 1.3% of its portfolio (added this quarter); held since Q1 2026
5. Microsoft (MSFT) — $43.8M: 117,333 shares, 0.00% of the company, 0.56% of its portfolio (new position this quarter)

By sector

• Cloud & AI giants — $597.3M, 60% of its AI holdings, 3 companies
• Equipment & test — $293.5M, 30% of its AI holdings, 1 company
• Interconnect — $101.4M, 10% of its AI holdings, 1 company

Biggest changes this quarter

• opened a position in Amazon (AMZN): +$339.3M at the quarter's price
• sold out of nVent (NVT): -$259.8M at the quarter's price
• added to Meta Platforms (META): +$173.3M at the quarter's price
• sold out of Entegris (ENTG): -$130.4M at the quarter's price
• opened a position in Microsoft (MSFT): +$43.8M at the quarter's price
• added to Qnity Electronics (Q): +$9.7M at the quarter's price
• added to Rambus (RMBS): +$8.3M 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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