The stocks that carried 2026 got hit hardest. SanDisk fell 22% on the day, Astera Labs 20%, Lumentum 19%, Micron and Western Digital about 17%, and AMD 17%. Nvidia dropped 9% and is now below where it started the year.
So who had the most riding on all of this? I went through every hedge fund in our institutional ownership database, worked out how much of each one's reported portfolio was in AI stocks, and then marked those holdings to today's close. Here are the 25 most concentrated bets.
Institutional ownership · 13F filings · prices as of the November 5, 2026 close
$84.6 billionin AI stocks across these 25 hedge funds at their latest 13F
41%median share of each fund's reported US stocks in the AI trade
40%median drop in those AI holdings from the quarter end to the Nov 5 close, if still held
$33.4 billionwhat the same shares lost, combined, over that stretch
These are hypothetical figures: the change in each fund's disclosed AI shares from its filing's quarter end to the November 5 close, as if nothing was sold. They are not the funds' actual results, and not a one-day loss.
The 25 Most Concentrated AI Bets
Ranked by how much of each fund's reported US stock portfolio sat in the AI basket at its latest 13F. Most of these filings are as of June 30; the two marked Q3 2026 have already filed for September 30. The last two columns mark the AI holdings to today's close, assuming the fund still owns exactly what it reported.
| # | Fund | Latest 13F | US stocks reported | In AI stocks | Quarter before | Biggest AI holdings (share of portfolio) | AI holdings since then | In dollars |
|---|---|---|---|---|---|---|---|---|
| 1 | Situational Awareness | Q2 2026 | $20.2B | 85.7% | 76% | SNDK 28%, MU 28%, BE 9% | -52% | -$8.9B |
| 2 | Trivest Advisors | Q2 2026 | $3.2B | 83.4% | 59% | STX 22%, MU 22%, WDC 20% | -50% | -$1.3B |
| 3 | Value Aligned Research Advisors | Q2 2026 | $16.7B | 70.4% | 67% | BE 10%, NBIS 10%, CRWV 6% | -50% | -$5.9B |
| 4 | Himension Capital | Q2 2026 | $1.6B | 61.0% | 56% | TSM 32%, NVDA 8%, ASML 4% | -29% | -$292M |
| 5 | WT Asset Management | Q3 2026 | $6.2B | 56.5% | 62% | NVDA 12%, PLTR 9%, LITE 8% | -33% | -$1.2B |
| 6 | Tairen Capital | Q2 2026 | $1.1B | 54.5% | 34% | TSM 19%, AMD 9%, LITE 8% | -35% | -$215M |
| 7 | Evergreen Quality Fund | Q2 2026 | $6.2B | 49.2% | 15% | MU 15%, TSM 10%, ARM 6% | -40% | -$1.2B |
| 8 | Oriental Harbor | Q3 2026 | $1.5B | 48.2% | 61% | NVDA 19%, MU 11%, SNDK 9% | -33% | -$231M |
| 9 | Soma Equity Partners | Q2 2026 | $1.4B | 45.3% | 22% | NVDA 7%, TSM 5%, AVGO 4% | -33% | -$216M |
| 10 | Lansdowne Partners | Q2 2026 | $2.4B | 44.6% | 32% | TSM 29%, ARM 16% | -35% | -$385M |
| 11 | Whale Rock Capital | Q2 2026 | $12.5B | 42.4% | 29% | SNDK 11%, AMD 7%, ALAB 6% | -50% | -$2.7B |
| 12 | Voyager Global Management | Q2 2026 | $3.6B | 40.9% | 41% | NVDA 28%, TSM 13% | -15% | -$216M |
| 13 | Altimeter Capital | Q2 2026 | $9.8B | 40.6% | 48% | NVDA 19%, TSM 7%, CRWV 6% | -28% | -$1.1B |
| 14 | Appaloosa | Q2 2026 | $7.5B | 39.5% | 31% | MU 15%, TSM 11%, VST 5% | -33% | -$960M |
| 15 | Zweig-DiMenna | Q2 2026 | $1.1B | 39.2% | 31% | SNDK 7%, MU 4%, AMD 3% | -42% | -$180M |
| 16 | Atika Capital | Q2 2026 | $1.0B | 38.7% | 32% | VRT 22%, STX 8%, AMD 6% | -47% | -$182M |
| 17 | Alta Park Capital | Q2 2026 | $1.1B | 38.0% | 31% | SNDK 11%, WDC 8%, MRVL 6% | -49% | -$202M |
| 18 | Analog Century | Q2 2026 | $2.7B | 37.1% | 34% | TSM 5%, MU 5%, NVDA 5% | -40% | -$408M |
| 19 | Avala Global | Q2 2026 | $2.7B | 36.5% | 36% | STX 8%, LITE 6%, WDC 4% | -44% | -$435M |
| 20 | Keystone Investors | Q2 2026 | $1.9B | 36.2% | new filer | WDC 10%, STX 10%, COHR 5% | -50% | -$339M |
| 21 | Atalan Capital | Q2 2026 | $1.6B | 33.9% | 36% | STX 34% | -52% | -$286M |
| 22 | Coatue | Q2 2026 | $48.6B | 33.7% | 36% | TSM 9%, MU 7%, GEV 6% | -29% | -$4.7B |
| 23 | Stony Point Capital | Q2 2026 | $1.5B | 32.7% | 22% | TSM 9%, NVDA 7%, SNDK 6% | -28% | -$141M |
| 24 | CloudAlpha Capital | Q2 2026 | $1.0B | 32.5% | 29% | AMD 13%, MRVL 9%, SNDK 6% | -46% | -$152M |
| 25 | Tiger Global | Q2 2026 | $24.0B | 28.7% | 26% | TSM 10%, NVDA 9%, GEV 4% | -23% | -$1.6B |
Fund names link to each manager's full holdings in the DaveManuel.com institutional ownership database, and tickers link to every holder of that stock. "Quarter before" is the same measure one quarter earlier. Hedge funds with at least $1 billion in reported US stocks.
What the AI Trade Has Done Since June 30
June 30 was close to the top for a lot of these stocks. Micron's 2026 closing high came on June 25, and the memory and storage names that carried the year have given back a lot of it since: SanDisk, Western Digital and Seagate more than half, Micron 43%. Nvidia held up far better: today's drop took it below where it started the year, but it never ran the way the memory stocks did, so it is down only 9% from June 30.
| Stock | Ticker | June 30 price | Nov 5 close | Nov 5 move | Since June 30 | 2026 so far |
|---|---|---|---|---|---|---|
| SanDisk | SNDK | $2,273.73 | $806.43 | -22.3% | -65% | +240% |
| Astera Labs | ALAB | $483.02 | $179.47 | -19.6% | -63% | +8% |
| Lumentum | LITE | $858.06 | $509.70 | -18.7% | -41% | +38% |
| Micron | MU | $1,154.29 | $656.39 | -17.5% | -43% | +130% |
| Western Digital | WDC | $638.72 | $267.63 | -17.4% | -58% | +55% |
| AMD | AMD | $580.91 | $404.40 | -17.3% | -30% | +89% |
| IREN | IREN | $45.73 | $18.03 | -16.9% | -61% | -52% |
| Marvell | MRVL | $297.89 | $133.55 | -16.4% | -55% | +57% |
| Bloom Energy | BE | $302.70 | $167.52 | -16.4% | -45% | +93% |
| Seagate | STX | $965.00 | $466.53 | -16.2% | -52% | +69% |
| Nebius | NBIS | $276.17 | $120.37 | -14.9% | -56% | +44% |
| Vertiv | VRT | $334.82 | $176.73 | -14.0% | -47% | +9% |
| Arm Holdings | ARM | $354.57 | $166.72 | -13.1% | -53% | +53% |
| Celestica | CLS | $364.80 | $205.64 | -13.0% | -44% | -30% |
| Coherent | COHR | $394.47 | $169.76 | -13.0% | -57% | -8% |
| Arista Networks | ANET | $169.88 | $159.16 | -10.8% | -6% | +21% |
| Taiwan Semiconductor | TSM | $477.57 | $353.10 | -10.8% | -26% | +16% |
| Broadcom | AVGO | $377.75 | $291.53 | -10.4% | -23% | -16% |
| CoreWeave | CRWV | $99.54 | $43.66 | -9.8% | -56% | -39% |
| Palantir | PLTR | $116.67 | $154.99 | -9.7% | +33% | -13% |
| ASML | ASML | $1,989.44 | $1,356.65 | -9.3% | -32% | +27% |
| Nvidia | NVDA | $200.09 | $181.60 | -9.3% | -9% | -3% |
| GE Vernova | GEV | $1,174.86 | $770.51 | -7.5% | -34% | +18% |
| Vistra | VST | $158.63 | $112.89 | -6.2% | -29% | -30% |
| Talen Energy | TLN | $384.26 | $316.23 | -3.2% | -18% | -16% |
| Constellation Energy | CEG | $248.37 | $239.65 | -2.5% | -4% | -32% |
June 30 prices are the quarter-end prices implied by every 13F filer's reported value and shares (the median across filers), which is what the fund values in the table are based on. November 5 prices are official closes. Seven smaller basket names (Credo, Dell, Oracle, Super Micro, Applied Digital, Cipher and TeraWulf) are repriced in the fund figures but not shown here.
The Funds Behind the Numbers
- Situational Awareness, the fund started by former OpenAI researcher Leopold Aschenbrenner, tops the list: 85.7% of $20.2 billion in reported US stocks, led by SanDisk (28.1%) and Micron (27.6%). Marked to today's close those holdings would be down 52%. They almost certainly were not held that long: CNBC's Leslie Picker reported that those stocks fell for 29 days after June 30 before Aschenbrenner sold much of the fund's liquid positions to Citadel. The fund's September 30 filing will show what was left.
- Value Aligned Research Advisors, a Princeton, New Jersey fund run by Ben Hoskin and David Field, had 70.4% of $16.7 billion in AI shares - and on top of that, call options on $9.4 billion of AI stocks and puts on $2.5 billion. A 13F reports options at the value of the shares underneath them, so the calls add more disclosed bullish exposure on top of the shares - though a 13F cannot show how they net out against the puts, or against anything held outside the filing.
- Coatue runs by far the biggest portfolio here, $48.6 billion, and $16.4 billion of it was in AI stocks - second only to Situational Awareness in dollars - spread across Taiwan Semiconductor, Micron, GE Vernova and Broadcom. A 29% drop on that much money is $4.7 billion.
- Whale Rock (42.4% of $12.5 billion) led with SanDisk, ahead of AMD, Astera Labs and Celestica. SanDisk, Astera Labs and Celestica are all down more than 40% since June 30 and AMD about 30%, so its AI holdings would be down about 50%.
- Appaloosa, David Tepper's fund, had Micron as 15.1% of its portfolio and Taiwan Semiconductor at 10.5%.
- Altimeter, Brad Gerstner's fund, put 19.2% in Nvidia alone. Because Nvidia held up better than the rest of the trade, Altimeter's AI holdings would be down 28% rather than half.
- Voyager Global owned just two AI stocks, Nvidia and Taiwan Semiconductor, and comes out least hurt of the 25 at about 15%.
- Atalan Capital is the purest single bet: one AI stock, Seagate, at 33.9% of the portfolio.
The pattern is hard to miss. The six funds whose AI holdings would be down by half or more were mostly the memory and storage bets - Situational Awareness, Trivest Advisors, Whale Rock, Keystone Investors and Atalan Capital - plus Value Aligned Research Advisors, whose biggest AI holdings were Bloom Energy, Nebius and CoreWeave.
How I Built This List
- The data. Every manager with $100 million or more in US-listed stocks and other 13(f) securities files a Form 13F with the SEC within 45 days of each quarter end, listing its long positions. I ran the whole set through the institutional ownership database, using each fund's latest filing: September 30 for the funds that have already filed it, June 30 for the rest. Third-quarter filings are due by November 16, because the 45-day deadline falls on a Saturday.
- The AI basket. 34 stocks: chip makers and designers (Nvidia, Broadcom, AMD, Taiwan Semiconductor, Micron, Marvell, Arm, ASML, Astera Labs, Credo), memory and storage (SanDisk, Western Digital, Seagate), servers (Super Micro, Dell, Celestica), networking and optics (Arista, Coherent, Lumentum), power for data centers (Vertiv, Vistra, Constellation, Talen, Oklo, GE Vernova, Bloom Energy), AI clouds and data centers (CoreWeave, Nebius, IREN, Cipher, Applied Digital, TeraWulf) and AI software (Palantir, Oracle). Microsoft, Alphabet, Amazon and Meta are left out: they spend the most on AI, but they are much more than the AI trade.
- The share. AI stocks as a percentage of each fund's reported long stock positions, counting shares only. Options are reported at the value of the underlying shares, so they are listed separately rather than added in.
- Which funds count. Hedge funds only, with at least $1 billion in reported US stocks. I left out banks and brokers, index and mutual fund houses, pensions, foundations, family holding companies, single-company vehicles and any filer I could not confirm runs a hedge fund. Funds were not excluded for holding puts: the ranking measures gross AI stock concentration. Three of the 25 also disclosed puts on AI stocks - Value Aligned Research Advisors on $2.5 billion, CloudAlpha on $115 million and Atika on $93 million - but a 13F shows only listed options bought, not options written, short sales or swaps, so it cannot tell you how well a portfolio is hedged.
- The mark to market. Each AI holding is repriced from its quarter-end price to the November 5 close. For WT Asset Management and Oriental Harbor that starting point is September 30, after the July drop, so their figures cover a shorter and milder stretch than the June 30 funds. That shows what the shares would have lost if the fund still held them, not what the fund actually lost. A 13F does not show sales since the quarter end, short positions, hedges held through swaps, or holdings outside the US.
For information only, not investment advice.
Sources
- SEC Form 13F filings, via the DaveManuel.com institutional ownership database (positions, quarter-end values and implied prices)
- Closing prices: Yahoo Finance, November 5, 2026
- Al Jazeera, "AI stocks plunge after US election, driving down markets," November 5, 2026
- Stock Titan, on Nvidia, AMD, Micron and Broadcom against their 2026 highs, November 5, 2026
- Yahoo Finance live coverage, November 5, 2026
- 24/7 Wall St., on Situational Awareness's second-quarter 13F and the July sale to Citadel
- Longterm Wiki profile of Value Aligned Research Advisors