Two Sigma

Two Sigma declares $27.0B in 220 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 19.4% of its $139.3B 13F portfolio. Largest positions: Amazon (0.05% of the company) and NVIDIA (0.03% of the company). Over time: $27.0B in 220 of these companies for Q2 2026, against $10.0B in 142 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $7.3B and sold $14.7B of these stocks, at the quarter's prices: a net sale of $7.5B; 11 new positions and 3 sold out.

Performance of its AI picks

The AI-stock portfolio Two Sigma declared for Q2 2026 (Form 13F), held unchanged, returned -1.2% in Q3 2026 (SMH -7.1%), ranked 1393 of 1,785 active managers. Over the last 12 months, quarter after quarter: +55.9% (SMH +87.2%), ranked 135 of 1,360 active managers. Over three years, quarter after quarter: +230.8% (SMH +325.8%), ranked 63 of 784 active managers. Over five years, quarter after quarter: +235.4% (SMH +389.8%), ranked 52 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. Amazon (AMZN): $1.4B, 5.7M shares, 0.05% of the company, 0.98% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
2. NVIDIA (NVDA): $1.3B, 6.3M shares, 0.03% of the company, 0.90% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
3. Apple (AAPL): $1.2B, 4.2M shares, 0.03% of the company, 0.87% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
4. ASML (ASML): $918.1M, 461,505 shares, 0.12% of the company, 0.66% of its portfolio (added this quarter); held since Q3 2020
5. AMD (AMD): $889.5M, 1.5M shares, 0.09% of the company, 0.64% of its portfolio (added this quarter); held since Q4 2019 or earlier
6. Alphabet (GOOGL): $813.2M, 2.3M shares, 0.02% of the company, 0.58% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
7. Microsoft (MSFT): $684.6M, 1.8M shares, 0.02% of the company, 0.49% of its portfolio (added this quarter); held since Q4 2019 or earlier
8. Cloudflare (NET): $635.5M, 2.6M shares, 0.72% of the company, 0.46% of its portfolio (trimmed this quarter); held since Q4 2021
9. Micron (MU): $618.3M, 535,651 shares, 0.05% of the company, 0.44% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
10. Bloom Energy (BE): $611.3M, 2.0M shares, 0.68% of the company, 0.44% of its portfolio (trimmed this quarter); held since Q3 2021
11. Equinix (EQIX): $601.8M, 577,335 shares, 0.58% of the company, 0.43% of its portfolio (added this quarter); held since Q3 2024
12. Intuit (INTU): $569.3M, 2.2M shares, 0.82% of the company, 0.41% of its portfolio (new position this quarter)
13. Sandisk (SNDK): $552.8M, 243,146 shares, 0.17% of the company, 0.40% of its portfolio (trimmed this quarter); held since Q3 2025
14. Hewlett Packard Enterprise (HPE): $459.0M, 10.2M shares, 0.77% of the company, 0.33% of its portfolio (trimmed this quarter); held since Q4 2025
15. Palantir (PLTR): $418.6M, 3.6M shares, 0.15% of the company, 0.30% of its portfolio (trimmed this quarter); held since Q2 2022

By sector

• Chips & compute: $5.8B, 21% of its AI holdings, 37 companies
• Cloud & AI giants: $4.8B, 18% of its AI holdings, 6 companies
• Neoclouds & data centers: $3.4B, 13% of its AI holdings, 27 companies
• AI software: $3.2B, 12% of its AI holdings, 31 companies
• Equipment & test: $2.8B, 10% of its AI holdings, 29 companies
• Power, electrical & cooling: $2.2B, 8% of its AI holdings, 47 companies
• Memory & storage: $2.0B, 7% of its AI holdings, 7 companies
• Servers & systems: $1.4B, 5% of its AI holdings, 12 companies
• Interconnect: $897.7M, 3% of its AI holdings, 11 companies
• Optics: $707.1M, 3% of its AI holdings, 13 companies

Biggest changes this quarter

• trimmed Micron (MU): -$2.0B at the quarter's price
• trimmed Sandisk (SNDK): -$1.2B at the quarter's price
• trimmed Dell (DELL): -$1.0B at the quarter's price
• trimmed NVIDIA (NVDA): -$991.6M at the quarter's price
• trimmed Alphabet (GOOGL): -$773.9M at the quarter's price
• trimmed Broadcom (AVGO): -$624.1M at the quarter's price
• opened a position in Intuit (INTU): +$569.3M at the quarter's price
• trimmed Lam Research (LRCX): -$544.2M at the quarter's price
• trimmed Apple (AAPL): -$514.5M at the quarter's price
• trimmed Arista Networks (ANET): -$476.9M at the quarter's price

Other holders of this size

• NEW YORK STATE TEACHERS RETIREMENT SYSTEM: $27.0B in 152 of these companies
• DANSKE BANK A/S: $27.1B in 130 of these companies
• Clear Street Group Inc.: $26.8B in 87 of these companies
• Marshall Wace: $27.5B in 181 of these companies
• Daiwa Securities Group Inc.: $26.4B in 140 of these companies
• Quantinno Capital Management LP: $28.5B in 205 of these companies
• PUBLIC INVESTMENT FUND: $26.3B in 1 of these companies
• LAZARD ASSET MANAGEMENT LLC: $28.8B in 179 of these companies

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