Rubric Capital Management LP

Rubric Capital Management LP declares $2.0B in 5 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 18.0% of its $10.9B 13F portfolio. Largest positions: Talen Energy (7.5% of the company) and Vistra (0.53% of the company). Over time: $2.0B in 5 of these companies for Q2 2026, against $43.7M in 1 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $339.9M and sold $349.0M of these stocks, at the quarter's prices: a net sale of $9.0M; 3 new positions and 2 sold out.

Performance of its AI picks

The AI-stock portfolio Rubric Capital Management LP declared for Q2 2026 (Form 13F), held unchanged, returned -15.0% in Q3 2026 (SMH -7.1%). Over the last 12 months, quarter after quarter: -25.2% (SMH +87.2%). 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. Talen Energy (TLN) — $1.4B: 3.6M shares, 7.5% of the company, 12.7% of its portfolio; held since Q3 2024
2. Vistra (VST) — $284.7M: 1.8M shares, 0.53% of the company, 2.6% of its portfolio (added this quarter); held since Q4 2025
3. Amazon (AMZN) — $214.5M: 900,000 shares, 0.01% of the company, 2.0% of its portfolio (new position this quarter)
4. Galaxy Digital (GLXY) — $64.1M: 2.3M shares, 0.60% of the company, 0.59% of its portfolio (new position this quarter)
5. GDS Holdings (GDS) — $14.6M: 485,873 shares, 0.24% of the company, 0.13% of its portfolio (new position this quarter)

By sector

• Power, electrical & cooling — $1.7B, 85% of its AI holdings, 2 companies
• Cloud & AI giants — $214.5M, 11% of its AI holdings, 1 company
• Neoclouds & data centers — $78.7M, 4% of its AI holdings, 2 companies

Biggest changes this quarter

• opened a position in Amazon (AMZN): +$214.5M at the quarter's price
• sold out of Constellation Energy (CEG): -$199.7M at the quarter's price
• sold out of Akamai (AKAM): -$149.3M at the quarter's price
• opened a position in Galaxy Digital (GLXY): +$64.1M at the quarter's price
• added to Vistra (VST): +$46.8M at the quarter's price
• opened a position in GDS Holdings (GDS): +$14.6M at the quarter's price

Schedule 13D/G declarations

• Talen Energy (TLN) — 13G filed Feb 13, 2025: 6.1M shares as of Dec 31, 2024, 13.3% 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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