Two Seas Capital LP

Two Seas Capital LP declares $708.4M in 11 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 14.0% of its $5.0B 13F portfolio. Largest positions: Core Scientific (2.8% of the company) and Talen Energy (1.1% of the company). Over time: $708.4M in 11 of these companies for Q2 2026, against $8.3M in 1 for Q4 2022 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $63.5M and sold $290.5M of these stocks, at the quarter's prices: a net sale of $227.0M; 2 new positions and 1 sold out.

Performance of its AI picks

The AI-stock portfolio Two Seas Capital LP declared for Q2 2026 (Form 13F), held unchanged, returned -27.6% in Q3 2026 (SMH -7.1%), ranked 1780 of 1,783 active managers. Over the last 12 months, quarter after quarter: -5.4% (SMH +87.2%), ranked 1355 of 1,359 active managers. Over three years, quarter after quarter: +627.8% (SMH +325.8%). 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. Core Scientific (CORZ) — $231.0M: 9.0M shares, 2.8% of the company, 4.6% of its portfolio (trimmed this quarter); held since Q1 2024
2. Talen Energy (TLN) — $194.9M: 507,208 shares, 1.1% of the company, 3.9% of its portfolio (trimmed this quarter); held since Q2 2024
3. Vistra (VST) — $68.3M: 430,621 shares, 0.13% of the company, 1.4% of its portfolio (added this quarter); held since Q1 2024
4. TeraWulf (WULF) — $61.6M: 2.5M shares, 0.50% of the company, 1.2% of its portfolio (trimmed this quarter); held since Q1 2025
5. Cipher Mining (CIFR) — $50.0M: 2.0M shares, 0.49% of the company, 0.99% of its portfolio (trimmed this quarter); held since Q2 2025
6. SpaceX (SPCX) — $35.7M: 208,890 shares, 0.00% of the company, 0.71% of its portfolio
7. Bitdeer (BTDR) — $23.8M: 1.5M shares, 0.64% of the company, 0.47% of its portfolio (trimmed this quarter); held since Q1 2026
8. Hut 8 (HUT) — $18.2M: 158,082 shares, 0.13% of the company, 0.36% of its portfolio (trimmed this quarter); held since Q4 2025
9. CoreWeave (CRWV) — $15.2M: 153,139 shares, 0.03% of the company, 0.30% of its portfolio (new position this quarter)
10. IREN (IREN) — $6.4M: 140,000 shares, 0.04% of the company, 0.13% of its portfolio (new position this quarter)
11. Fermi (FRMI) — $3.2M: 352,671 shares, 0.06% of the company, 0.06% of its portfolio (added this quarter); held since Q1 2026

By sector

• Neoclouds & data centers — $409.5M, 58% of its AI holdings, 8 companies
• Power, electrical & cooling — $263.2M, 37% of its AI holdings, 2 companies
• Cloud & AI giants — $35.7M, 5% of its AI holdings, 1 company

Biggest changes this quarter

• trimmed Core Scientific (CORZ): -$182.3M at the quarter's price
• added to Vistra (VST): +$38.9M at the quarter's price
• trimmed TeraWulf (WULF): -$37.8M at the quarter's price
• trimmed Talen Energy (TLN): -$27.6M at the quarter's price
• sold out of Nebius (NBIS): -$20.4M at the quarter's price
• opened a position in CoreWeave (CRWV): +$15.2M at the quarter's price
• trimmed Bitdeer (BTDR): -$11.5M at the quarter's price
• trimmed Hut 8 (HUT): -$10.6M at the quarter's price
• opened a position in IREN (IREN): +$6.4M at the quarter's price
• added to Fermi (FRMI): +$3.0M at the quarter's price

Schedule 13D/G declarations

• Core Scientific (CORZ) — 13D filed Apr 23, 2026: 14.0M shares as of Apr 23, 2026, 4.4% as declared
• Core Scientific (CORZ) — 13D filed Apr 16, 2026: 17.9M shares as of Apr 14, 2026, 5.7% as declared
• Core Scientific (CORZ) — 13D filed Mar 20, 2026: 17.5M shares as of Mar 18, 2026, 5.5% as declared
• Core Scientific (CORZ) — 13D filed Mar 4, 2026: 18.7M shares as of Mar 2, 2026, 5.9% as declared
• Core Scientific (CORZ) — 13D filed Feb 19, 2026: 20.7M shares as of Feb 18, 2026, 6.7% as declared
• Core Scientific (CORZ) — 13D filed Jan 20, 2026: 22.5M shares as of Jan 15, 2026, 7.2% as declared
• Core Scientific (CORZ) — 13D filed Dec 18, 2025: 25.0M shares as of Dec 16, 2025, 8.1% as declared
• Core Scientific (CORZ) — 13D filed Dec 1, 2025: 24.6M shares as of Nov 26, 2025, 7.9% as declared
• Core Scientific (CORZ) — 13D filed Nov 17, 2025: 24.7M shares as of Nov 13, 2025, 8.0% as declared
• Core Scientific (CORZ) — 13D filed Oct 31, 2025: 18.3M shares as of Oct 29, 2025, 5.9% 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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