Key Findings

The Cerebras entry reshapes the portfolio. In Q2 2026, CBRS entered at 16.2% — the second-largest position behind NVDA (19.2%). Gerstner cut META from 19.6% to 7.8% to fund it. This is the most dramatic single-quarter recomposition in the fund’s tracked history.

NVDA remains the anchor but is no longer growing. NVDA peaked at 28.6% in Q1 2026 and was cut to 19.2% in Q2 — still the largest position but share count barely changed (+0.8%). The weight drop came from portfolio expansion, not selling.

AI semiconductor diversification. Q2 2026 added 7 new semiconductor names (CBRS, QCOM, MU, AMAT, KLAC, LRCX, SNPS). The fund went from a concentrated NVDA+TSM bet to a broad AI semis portfolio across the entire supply chain.

SpaceX initiated at 3.1%. Altimeter joined the 7-fund SpaceX wave, though at a smaller allocation than peers like D1 Capital (48%).