In its second-quarter 13F filing, technology-focused hedge fund Whale Rock Capital disclosed a significant increase in its portfolio value to $12.46 billion and revealed a major strategic shift within its semiconductor holdings. The firm, which uses a fundamental, research-driven approach to identify long-term trends in the tech sector, made several high-conviction moves during the period.
The most prominent change was a massive new position in Astera Labs (ALAB), a company specializing in connectivity solutions for AI infrastructure, making it the fund's fifth-largest holding at $757 million. Whale Rock also dramatically increased its stake in Advanced Micro Devices (AMD), buying over 1.4 million shares to make it the second-largest position, valued at nearly $877 million. This move comes as AMD has significantly outperformed Nvidia in 2026, with the market anticipating it can capture more market share.
Conversely, Whale Rock aggressively cut its exposure to some of the biggest names in the chip sector. The fund reduced its holding in AI-leader Nvidia (NVDA) by approximately 64% and made a large reduction in Broadcom (AVGO), leaving it a near-exit. Additionally, the firm completely exited its positions in Advanced Energy Industries (AEIS), Roblox (RBLX), and Tower Semiconductor, signaling a clear reallocation of capital toward new themes within the technology space.