To The Moon

[Miser][Smile]Fellow Tigers, Q2 13F filings are fully disclosed, and this quarter is packed with signals—Buffett's third massive $Alphabet(GOOG)$ purchase, Tepper loading up on Magnificent 7 while dumping memory stocks, and $SpaceX(SPCX)$ getting swarmed by hedge funds post-IPO. 📌 One-Sentence Summary in Adavance Q2 smart-money rebalancing theme: loading AI giants (especially Alphabet), embracing the SpaceX space narrative, taking profits in memory/semis, concentrating China ADRs into AI-core names, and quant giants vs. discretionary managers taking opposite macro views. Buffett's third Google purchase, Tepper dumping memory while buying Magnificent 7, hedge funds swarming SpaceX, Renaissance buying Meta and selling Micron, and Soros loading SMCI and utilities—together, these five moves map out where institutional capital is flowing for H2 2026. [Allin][USD]💬 Community Discussion: Do your Q2 holdings overlap with these legends? Did you participate in SpaceX post-IPO? Are you bullish on Intel's turnaround? Share your thoughts below! I. Buffett's "Third" Major $Alphabet(GOOG)$ Purchase—Alphabet Becomes Berkshire's #3 Holding Berkshire added roughly 48.1 million shares of Alphabet in Q2, an 83% increase, bringing total holdings to ~106 million shares worth $36.6–$37.8 billion. Alphabet is now Berkshire's third-largest position, behind only Apple (~$69.7B) and American Express (~$51.9B). Notably, about 60% (~$10B) of this addition came via a private placement, with the rest from open-market purchases. Alphabet raised $85 billion earlier this year for AI expansion, and Berkshire participated heavily in that placement. Buffett's Alphabet accumulation trajectory: Q3 2025: New position of ~17.8M shares (~$209 avg) Q1 2026: Added 204%, ~36.4M shares (~$320 avg) Q2 2026: Added another 45.2%, ~24.5M shares (~$359 avg) Buying from $209 to $359 is rare for Buffett. It signals deep conviction in Alphabet's AI ecosystem flywheel (Gemini + Google Cloud + YouTube + search moat). Rebalancing elsewhere: Added heavily: $Delta Air Lines(DAL)$ (+44%, ~$1.6B), $Macy's(M)$ (+142%), $Lennar(LEN)$ (+$280M) Trimmed: Bank of America (-5.9%, 8th consecutive quarter of cuts, -53% total), Capital One (-58%), Ally Financial (-7%) Cash reserves dropped ~8% to $365.5 billion, indicating Buffett (and successor Greg Abel) are converting cash into equities. II. David Tepper Q2 Rebalancing: Loading Magnificent 7, Dumping Memory David Tepper's Appaloosa Management reported 27 positions worth $7.73 billion (up from $5.93B in Q1), yet trimmed holdings from 31 to 27 names—concentration is increasing. 🔵 Additions: Tech Giants + China Core Assets Ticker Action Key Data $Amazon.com(AMZN)$ +15.74% (+680K shares) 5M shares, ~$1.19B, remains #1 holding $Alphabet(GOOG)$ Added ~$661M, ~8.5% of portfolio $Meta Platforms, Inc.(META)$ +55% ~$380M $Taiwan Semiconductor Manufacturing(TSM)$ +24% ~$788M $Uber(UBER)$ +21% ~$555M $Baidu(BIDU)$ +87% ~$148M $Vistra Energy Corp.(VST)$ +10% — 🔴 Reductions / Exits: Memory + China E-Commerce + Defense Micron (MU): Cut 41% (1.65M → 975K shares). Dollar value still ~$1.13B (#2 holding) due to price appreciation, but Tepper is clearly taking profits in memory. Fully exited 12 positions: SanDisk, Corning, PDD Holdings, JD.com, L3Harris, RTX, Ball Corp, Microsoft, KWEB (China Internet ETF), UnitedHealth, Lyft, Deutsche Bank Major trims: Whirlpool (-63%), Qualcomm (-50%), Alibaba (-42%), AMD (-11%) Tepper's logic is clear: memory cycle peaking → take profits; China e-commerce uncertainty rising → exit PDD/JD, keep only Baidu; defense stocks fully liquidated. 🆕 New Positions: SpaceX, $Boeing(BA)$ , $CoreWeave, Inc.(CRWV)$ New buys include SpaceX (225K shares, ~$38.4M), Boeing (80M shares, ~$173M), American Airlines (~$136M), CoreWeave (~$107M, AI infrastructure), and Broadcom (~$56.7M). Note: Tepper also bought Apple puts (notional ~$242M) and Berkshire puts (~$12.5M)—likely hedges or expressions of near-term caution. III. $SpaceX(SPCX)$ Post-IPO: Hedge Funds Pile In SpaceX listed on Nasdaq on June 12, 2026 (IPO at $135). Q2 13F was its first appearance, and nearly every major hedge fund showed up. Biggest Holders: Firm Shares Value % of US Equity Book D1 Capital (Dan Sundheim) >126M >$21.5B 61% Darsana Capital (Anand Desai) >101M >$17.3B 78% Coatue (Philippe Laffont) ~18.6M — #4 holding Millennium ~17.6M — #3 holding Balyasny ~3.4M — #4 holding Also disclosing SpaceX: ExodusPoint, Schonfeld, Element Capital, Tudor, Tiger Global, and more. Important caveat: Many of these "new" SpaceX positions are legacy private investments converted to reportable securities post-IPO, not all fresh Q2 open-market buys. But D1 and Darsana's concentration—61% and 78% of their US books—is still staggering. Baillie Gifford also shows SpaceX as its largest holding (8.66%), with total portfolio value rising from $98B to $110B. IV. Other Top-Tier Firms: Q2 Full Picture 🎯 Steven Cohen (Point72): Semis + Tech Focus, Book Expands to $90.7B Point72's 13F book grew 16.2% to $90.68B, with top-10 concentration at ~11.21%. #1 holding: Credo Technology (CRDO) at 1.8% New positions: Alphabet (GOOGL), $iShares iBoxx $ Investment Grade Corporate Bond ETF(LQD)$ (iShares IG Corp Bond ETF), $Advanced Micro Devices(AMD)$ , TSM Exited: TE Connectivity, Texas Roadhouse, AstraZeneca Major adds: $Fluor Corp.(FLRAP)$ , $Mondelez(MDLZ)$ , $Novavax(NVAX)$ Major trims: Invivyd, AXT Inc, Talen Energy Cohen's direction: heavy semis (CRDO, ASML, AMD, TSM) + new Google position, hedged with SPY puts. 🎯 Ken Griffin (Citadel): $875B Behemoth, 22.67% Top-10 Concentration Citadel Advisors reported $875.1 billion in 13F securities across 5,963 positions. Top-10 concentration: 22.67%. Critical note: Citadel's 13F combines hedge fund + market-making inventory. The latter is temporary inventory, not long-term investment. Long-bias remains concentrated in SPY, QQQ, MSFT, AMZN, AAPL—mega-cap liquidity plays. 🎯 Renaissance Technologies: $72.6B, Buying META, Selling MU Jim Simons' quant giant grew its book from $63.9B to $72.6B (+14%), holding 3,140–3,761 positions, top-10 at 12%. Largest new position: $Amazon.com(AMZN)$ —2.29M shares, ~$546M Biggest increase: Meta—estimated ~$1.08B added Biggest reduction: Micron—estimated ~$1.46B sold Exited: AppLovin (~$174M) Q2 activity: 548 new positions, 1,084 increased, 1,502 reduced, 621 exited Tech sector weight rose from 22% to 24%. As a pure quant fund, these moves reflect model signals rather than subjective views—but the memory sell-off aligns with Tepper's direction. 🎯 Two Sigma (John Overdeck): $1,381B, SPY Calls Quadrupled Quant giant Two Sigma reported $1,381B across 3,963 positions, top-10 at just 8.28%. Most aggressive move: SPY call position quadrupled to 546,800 shares—model is extremely bullish on the broad market Top holdings: $Western Digital(WDC)$ (~1.1%), Nvidia, Apple Estimated annualized return: +95.7%; YTD +24.8% Two Sigma's model saw enough signals by end-June to justify a concentrated broad-market long. This directly contrasts with Point72's SPY puts—quant giants and discretionary managers have opposite macro views. 🎯 Chase Coleman (Tiger Global): $24.0B, Slimmed to 46 Names Tiger Global's book rose from $22.85B to $23.98B, but holdings slimmed from 54 to 46 positions. Top 4: TSM, AMZN, NVDA, GOOGL Q1 actions (context): Added heavily to NVDA, TSM, META, AVGO, Spotify, Coupa, AMAT, Zillow; exited Flutter, Veeva, Grab, Workday; trimmed AMZN, MSFT Tiger continues its concentrated tech-giant strategy—top 4 cover AI chips, cloud, and search. 🎯 Philippe Laffont (Coatue): $48.6B, SpaceX Enters Top 4 Coatue's book surged from $29.0B to $48.6B (+67%), with 66 positions and 61.86% top-10 concentration—extremely concentrated. Top 4: TSM, $Lam Research(LRCX)$ , Micron (MU), SpaceX Exited 16 positions: Adobe, AMD, ARM Holdings, Axon Enterprise, Snowflake, Oracle, Marvell, Moderna, and more Q1 top 5: TSM, GE Vernova, LRCX, AMAT, Broadcom Laffont is executing an aggressive pivot: exiting software (Adobe, Snowflake, Oracle) while making SpaceX a top-4 holding. Coatue is rotating from "pure AI software" toward "AI infrastructure + space." 🎯 Dan Loeb (Third Point): $4.65B, WBD Becomes #1 Activist Dan Loeb's book exploded from $2.08B to $4.65–4.70B, with 43 positions and 38.1% top-5 concentration. #1 holding: $Warner Bros. Discovery(WBD)$ at 11.4% (~$533M) #2–3: Amazon (8.9%), Alphabet (7.8%) 16 new positions: Block ($194M), Keysight ($205M), Norfolk Southern ($189M), etc. Major adds: TSM (+67%), Live Nation (+144%), Capital One (+489%) Exited 11: Including Microsoft and partial PG&E from Q1 Loeb's playbook is classic event-driven: heavy WBD = distressed turnaround + activist pressure, plus Alphabet/Amazon for tech, TSM for AI chip manufacturing. 🎯 George Soros (Soros Fund Management): $8.14B, 87 New Positions Soros Family Office reported $8.14B across 266 positions, top-10 at 25.16%. Largest new position: $SUPER MICRO COMPUTER INC(SMCI)$ —2.175M shares, 1.69% of book, ~$111M #2 new: $American Electric Power(AEP)$ —768K shares, 1.6%, ~$105M #3 new: $NEBIUS(NBIS)$ —310K shares, 1.3%, ~$85.6M Major increases: Entergy Corp (+1,084%, to 914K shares), Digital Realty Trust (+840%, to 540K shares) Largest trim: Amazon (portfolio impact -2.16%) Soros' playbook is intriguing: new SMCI (AI servers), Nebius (AI infrastructure), plus massive utility bets (AEP, Entergy) and data center REITs (Digital Realty). The logic: AI compute needs power, power needs infrastructure—a full supply chain bet. 🎯 Israel Englander (Millennium): $1,422B, 3,592 Positions Millennium reported $1,422B across 3,592 positions—the largest multi-strategy book. Top 4: IWM (Russell 2000) puts, IVV (S&P 500 ETF), NVDA puts, QQQ puts Millennium's book is dominated by index/options hedging + long/short single names. All top 4 are puts—active risk management via derivatives. Notably, Millennium also disclosed ~17.6M SpaceX shares as its #3 holding. 🎯 Paul Singer (Elliott Management): $22.7B, Extremely Concentrated Elliott reported $22.67B across only 29 positions, with 79.91% top-10 concentration. Top 4: TFPM.TO (Triple Flag Precious Metals), Phillips 66 (PSX), QQQ puts, SU.TO (Suncor Energy) Elliott's style unchanged: ultra-concentrated, event-driven, energy/materials bias, hedged with QQQ puts. 🎯 Bill Ackman (Pershing Square): Exited Google, Embracing Payments & Streaming Book expanded from 10 to 14 positions, value rose to $19.47B New: Visa, Mastercard, S&P Global, Netflix Fully exited: Alphabet and UMG Major adds: Uber, Microsoft, Howard Hughes, Restaurant Brands, Meta Ackman and Buffett took opposite actions on Alphabet—one exited, one added 83%. Proof that 13F is reference only; the same stock can have completely different conclusions under different frameworks. 🎯 Greenwoods Asset Management: $2.19B, China + Google Dual Thesis China's top USD fund Greenwoods disclosed 21–27 positions worth ~$2.19B, covering communication services, tech, and consumer discretionary. Top 5 holdings: Alphabet (GOOGL): 29.6% (#1, up from 21.7% in Q1) Intel (INTC): 17.6% (up from 7.9%) PDD Holdings: 16.7% Full Truck Alliance (YMM): 14.7% Futu (FUTU): 4.7% Greenwoods' moves are highly representative: massively adding Google (21.7% → 29.6%) and Intel (7.9% → 17.6%) while maintaining core China positions (PDD, YMM, FUTU). This aligns perfectly with Buffett's Google accumulation and Tepper's Baidu addition—China's top firms are also betting on AI via US equities. V. Key Takeaways for Community Investors 1. "AI + Space" Dual Theme Is Locked In From Berkshire and Tepper to Baillie Gifford, D1, and Coatue—top firms agree: AI remains core, and commercial space (led by SpaceX) is emerging as the next major theme after AI. If the past two years were about "AI chips," the future may shift toward AI application monetization, energy supply, and the commercial space supply chain. 2. Memory/Semi Cycle Topping? Tepper cut MU -41%, exited SanDisk; Renaissance sold ~$1.46B of Micron; Coatue trimmed MU. After massive semi runs, smart money is taking profits in hardware. Chasing semis at these levels requires more caution. 3. China ADRs Diverging Tepper exited PDD and JD but added Baidu +87%; Greenwoods kept PDD/YMM/FUTU but doubled down on Google and Intel. Firms are not treating China as a monolith—they're picking AI-driven names with clear moats. 4. Buffett's "Third Purchase" Signal Buffett's three consecutive quarters of Alphabet accumulation, including a massive private placement, is a very strong long-term signal. Buffett rarely chases highs; his conviction in Alphabet's AI moat and cash-flow generation is worth noting for value investors. 5. Severe Macro Disagreement Among Top Firms Two Sigma: SPY calls quadrupled → extremely bullish broad market Point72 / Third Point / Elliott: Heavy SPY/QQQ puts → hedging downside Tepper: Apple puts + Berkshire puts → cautious on select mega-caps Even top-tier firms have wildly different views on H2 direction. Retail investors should not blindly copy 13F moves without understanding each firm's framework. 6. 13F Limitations Remain 45-day lag: Q2 holdings are as of June 30, disclosed August 14—firms may have already rebalanced Long-only view: Shorts, true option costs, cash, bonds, and non-US equities are not disclosed "New positions" may be private-to-public conversions: Many SpaceX "new buys" are legacy private stakes becoming reportable post-IPO Disclaimer: This article is compiled from public 13F filings for informational purposes only and does not constitute investment advice. 13F data has a 45-day disclosure lag and excludes shorts, cash, and non-US holdings. Please use rationally.