In its second-quarter 13F filing, Brad Gerstner's Altimeter Capital revealed a significant portfolio shift, with its reported value growing to $9.83 billion from $5.70 billion in the prior quarter. The technology-focused fund maintained Nvidia (NVDA) as its top holding, valued at $1.88 billion. The filing, which discloses positions as of June 30, 2026, reflects a concentrated strategy, with the top five holdings accounting for over 56% of the portfolio's value.
The most substantial change was the initiation of a massive $1.60 billion position in AI chip maker Cerebras (CBRS), which instantly became the fund's second-largest holding with a 16.24% portfolio weight. This new investment aligns with a broader reshuffling among tech investors debating the best way to own the AI trade. In another high-conviction move, Altimeter significantly reduced its stake in Meta Platforms (META) by nearly 600,000 shares, causing the position to drop from nearly 20% of the portfolio to just under 8%.
Beyond these top-tier changes, Altimeter was active across the semiconductor and AI infrastructure space. The fund established several new medium-sized positions, including in Qualcomm (QCOM), Micron (MU), and Applied Materials (AMAT). It also fully exited its position in Axon Enterprise (AXON). These moves underscore a period of active rebalancing for the fund, characterized by a major new bet on an emerging AI hardware player and a significant reduction in a long-held mega-cap position.