Large U.S. asset managers used the quarter ended June 30 to reallocate reported equity portfolios toward the infrastructure behind artificial intelligence, while several also increased exposure to U.S.-listed Chinese technology companies, according to Form 13F disclosures filed with the U.S. Securities and Exchange Commission.
The filings point to a more selective AI trade than simple broad buying of semiconductor stocks. Taiwan Semiconductor Manufacturing, STMicroelectronics, AMD, Intel, Micron, Marvell and Arm appeared among new or expanded positions, while some of the same managers reduced holdings in Nvidia, Broadcom, Micron and other established chip leaders. The pattern suggests managers were spreading exposure across foundries, memory, processors and data-center supply chains rather than relying on a small group of high-profile AI names.
Form 13F filings cover certain U.S.-traded securities held by managers overseeing at least $100 million in qualifying assets. They provide a quarter-end snapshot and can be filed as late as 45 days after the period closes, meaning the reported positions may not reflect subsequent trades.
berkshire adds alphabet while reducing financial stocks
Berkshire Hathaway reported a $299.3 billion equity portfolio spread across 29 positions at the end of June, according to its SEC filing. The company disclosed one new position, seven increases, six reductions and one exit, with net equity purchases of almost $20 billion during the quarter after 14 straight quarters of reported net stock sales.
Apple remained Berkshire’s largest disclosed holding at roughly $65.95 billion, or 22% of the portfolio. American Express followed at $51.28 billion, representing 17.1%. Alphabet became the third-largest reported position, with Berkshire holding approximately $28.16 billion in Class A shares and $9.61 billion in Class C shares.
Berkshire increased its Class A Alphabet holding by about 24.54 million shares, a 45.2% rise, and expanded its Class C holding by roughly 23.60 million shares, an increase of 658.3%, according to the filing. The purchases placed Alphabet ahead of several long-standing Berkshire holdings and gave the company greater exposure to Google’s advertising, cloud and AI businesses.
The filing also showed Berkshire trimming financial-sector exposure. Its Bank of America holding fell by about 30.23 million shares, or 5.9%, while its Capital One position was cut by roughly 58%.
managers rotate across the chip supply chain
Duquesne Family Office, the investment firm founded by Stanley Druckenmiller, reported that its disclosed equity portfolio increased to about $5.21 billion from $3.38 billion in the previous quarter. The firm held 95 positions, including 48 new ones, while selling out of 23 holdings.
Natera was Duquesne’s largest reported position at approximately $865 million, or 16.6% of the portfolio. Taiwan Semiconductor and STMicroelectronics ranked second and third, accounting for about 5.4% and 4.4%, respectively.
Duquesne exited Micron, Broadcom and Intel during the quarter while adding to Taiwan Semiconductor and STMicroelectronics and establishing an AMD position. That mix gives the portfolio exposure to chip manufacturing, analog and automotive semiconductors, and advanced processors without maintaining every large semiconductor holding it owned previously.
The firm also disclosed new positions in Bitcoin mining companies Hut 8, Bitdeer and Riot Platforms, along with a new holding of approximately 88,000 Baidu American depositary receipts. The filings do not identify the rationale for individual trades, though the additions place data-center capacity, computing hardware and Chinese internet platforms within the same portfolio.
Oriental Harbor Investment Master Fund made an even more pronounced move into semiconductor-related shares. Its reported portfolio rose about 45.6% quarter over quarter to $1.65 billion. The fund initiated positions in Intel, Sandisk, AMD, Marvell, Arm, Broadcom and Lumentum, according to its filing.
Intel became Oriental Harbor’s second-largest reported position at roughly $258 million, or 16% of assets. Nvidia represented about 13% of the portfolio, while Sandisk and Micron accounted for approximately 11% and 10%, respectively. The fund doubled its Micron holding, but reduced Nvidia and Taiwan Semiconductor shares and exited Apple and Tesla.
The combinations show managers seeking exposure across different parts of the computing stack: semiconductor design, fabrication, memory, networking components and optical equipment. Those segments can respond differently to the expansion of AI data centers, depending on demand for servers, storage and networking gear.
chinese internet stocks regain attention
PDD Holdings emerged as another common addition. H&H International Investment increased its PDD holding by about 5.27 million shares, a 26.71% increase, bringing the position to about $1.91 billion, or nearly 10% of its disclosed portfolio.
H&H also repurchased Alibaba shares valued at about $28.93 million. At the same time, it cut Nvidia by roughly 7.56 million shares, a 54.63% reduction, reduced Alphabet Class C shares by 46.88%, and lowered its Microsoft and Apple holdings.
Himalaya Capital Management made PDD its second-largest reported position after increasing its stake by approximately 6.15 million shares, or 133.53%. The fund held about 10.76 million PDD shares at quarter-end, valued near $821 million. Alphabet remained its largest position at about $1.78 billion, representing 47.64% of the portfolio.
Himalaya exited Bank of America, Occidental Petroleum, S&P Global, Moody’s, MSCI and H&R Block. With only eight reported positions, the firm’s portfolio remained highly concentrated: its five largest holdings accounted for about 94.77% of disclosed assets.
ark adds private-space and ai exposure
ARK Investment Management reported 191 positions valued at roughly $15.4 billion, more than $2 billion above the prior quarter. Tesla remained its largest holding at $1.16 billion, despite ARK reducing the position for a third consecutive quarter.
AMD was ARK’s second-largest reported holding at about $820 million. SpaceX accounted for roughly $765 million after ARK increased its shares from about 3.29 million on June 12 to 4.48 million by quarter-end, according to the filing. ARK also reported new exposure to Cerebras Systems, additions to Alphabet Class C shares and purchases of X-Energy.
The quarter’s disclosures do not support a simple conclusion that large managers are abandoning chips for data centers, power generation or server-farm operators. Instead, the reported trades show rotation within technology-linked equities: some funds reduced established chip winners, while others added manufacturers, memory suppliers, processor designers, networking companies and selected Chinese platform stocks.
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