Valiant Capital Management, L.P.

Valiant Capital Management, L.P. declares $750.7M in 11 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 30.3% of its $2.5B 13F portfolio. Largest positions: Core Scientific (2.3% of the company) and Solaris Energy Infrastructure (2.1% of the company). Over time: $750.7M in 11 of these companies for Q2 2026, against $268.8M in 5 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $132.1M and sold $56.9M of these stocks, at the quarter's prices: a net purchase of $75.3M; 1 new position and 3 sold out.

Performance of its AI picks

The AI-stock portfolio Valiant Capital Management, L.P. declared for Q2 2026 (Form 13F), held unchanged, returned -16.6% in Q3 2026 (SMH -7.1%), ranked 1727 of 1,783 active managers. Over the last 12 months, quarter after quarter: +22.6% (SMH +87.2%), ranked 1074 of 1,359 active managers. Over three years, quarter after quarter: +234.1% (SMH +325.8%), ranked 59 of 783 active managers. Over five years, quarter after quarter: +207.9% (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. Core Scientific (CORZ) — $191.3M: 7.5M shares, 2.3% of the company, 7.7% of its portfolio (added this quarter); held since Q2 2024
2. Solaris Energy Infrastructure (SEI) — $129.1M: 1.6M shares, 2.1% of the company, 5.2% of its portfolio (added this quarter); held since Q4 2025
3. GE Vernova (GEV) — $114.7M: 97,612 shares, 0.04% of the company, 4.6% of its portfolio (added this quarter); held since Q3 2024
4. TeraWulf (WULF) — $71.5M: 2.9M shares, 0.58% of the company, 2.9% of its portfolio (new position this quarter)
5. Quanta Services (PWR) — $49.2M: 68,275 shares, 0.05% of the company, 2.0% of its portfolio (added this quarter); held since Q3 2024
6. Broadcom (AVGO) — $47.8M: 126,602 shares, 0.00% of the company, 1.9% of its portfolio; held since Q1 2024
7. Amazon (AMZN) — $37.0M: 155,404 shares, 0.00% of the company, 1.5% of its portfolio; held since Q4 2019 or earlier
8. CrowdStrike (CRWD) — $34.0M: 178,304 shares, 0.02% of the company, 1.4% of its portfolio; held since Q1 2023
9. NVIDIA (NVDA) — $25.9M: 129,579 shares, 0.00% of the company, 1.0% of its portfolio; held since Q2 2023
10. Credo (CRDO) — $25.4M: 93,353 shares, 0.05% of the company, 1.0% of its portfolio; held since Q1 2024
11. Microsoft (MSFT) — $24.8M: 66,415 shares, 0.00% of the company, 1.0% of its portfolio; held since Q1 2023

By sector

• Power, electrical & cooling — $292.9M, 39% of its AI holdings, 3 companies
• Neoclouds & data centers — $262.8M, 35% of its AI holdings, 2 companies
• Chips & compute — $73.8M, 10% of its AI holdings, 2 companies
• Cloud & AI giants — $61.8M, 8% of its AI holdings, 2 companies
• AI software — $34.0M, 5% of its AI holdings, 1 company
• Interconnect — $25.4M, 3% of its AI holdings, 1 company

Biggest changes this quarter

• opened a position in TeraWulf (WULF): +$71.5M at the quarter's price
• added to Solaris Energy Infrastructure (SEI): +$39.0M at the quarter's price
• sold out of Argan (AGX): -$32.3M at the quarter's price
• added to Core Scientific (CORZ): +$15.9M at the quarter's price
• sold out of Salesforce (CRM): -$15.9M at the quarter's price
• sold out of ServiceNow (NOW): -$8.7M at the quarter's price
• added to GE Vernova (GEV): +$3.6M at the quarter's price
• added to Quanta Services (PWR): +$2.0M at the quarter's price

Schedule 13D/G declarations

• Core Scientific (CORZ) — 13G filed Aug 14, 2026: 17.0M shares as of Jun 30, 2026, 5.3% as declared
• Core Scientific (CORZ) — 13G filed May 15, 2026: 16.2M shares as of Mar 31, 2026, 5.1% as declared
• Core Scientific (CORZ) — 13G filed Mar 12, 2026: 16.2M shares as of Mar 10, 2026, 5.1% as declared
• Core Scientific (CORZ) — 13G filed Feb 9, 2026: 13.1M shares as of Dec 31, 2025, 4.2% as declared
• Core Scientific (CORZ) — 13G filed Nov 3, 2025: 18.1M shares as of Oct 27, 2025, 5.8% 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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