In mid-August, major funds successively released their 13F quarterly reports, disclosing the static holdings of the funds as of June 30.
· Odaily Note: The so-called 13F is a quarterly disclosure document that the U.S. Securities and Exchange Commission (SEC) mandates for funds with assets under management exceeding $100 million. The SEC requires that funds meeting the disclosure requirements must submit this document within 45 days after the end of each calendar quarter. Funds are required to focus on disclosing their holdings of U.S. listed stocks, call/put options, convertible bonds, and specific ETF positions held at the end of the previous quarter in the document.
Although there is a certain lag in the disclosure timing of 13F, making it unsuitable for simple copying, as a direct window into the top funds' layouts and movements, 13F still holds significant importance for exploring the ideas of on-chain high-level players. The consensus and discrepancies among different funds may well hide clues to future market trends.
In the following sections, we will analyze the 13F reports of seven top funds, including Berkshire Hathaway (Buffett, Abel), Duquesne Family Office (Stanley Druckenmiller), H&H International Investment (Duan Yongping), Himalaya Capital (Li Lu), ARK Investment (Cathie Wood), Oriental Harbor Overseas Fund (Dan Bin), Situational Awareness LP (Leopold Aschenbrenner), focusing on core holdings and major trends, hoping to add value to your investment strategy.
Berkshire Hathaway (Buffett, Abel)
Report Summary
As of June 30, Berkshire Hathaway disclosed a total of 29 holdings in its 13F report (13F only covers U.S. listed securities subject to disclosure and does not equate to the fund's total asset size), including 1 new position, 7 increases, 6 reductions, and 1 exit, with a nominal holding market value of approximately $299.3 billion.
It is worth noting that this is Berkshire Hathaway's second 13F filing under CEO Greg Abel's formal leadership. This filing marks Berkshire's first significant net buying quarter after ending the previous streak of 14 consecutive quarters of net selling, with net stock purchases amounting to nearly $20 billion.
Top Holdings
Berkshire's portfolio remains highly concentrated, with the top ten holdings accounting for about 88.47% of the total:
· Apple (AAPL): Approximately $65.95 billion, holding the top position with a 22.0% allocation;
· American Express (AXP): Approximately $51.28 billion, representing 17.1% of the portfolio;
· Alphabet (Google, GOOGL + GOOG): Approximately $37.76 billion, including around $28.16 billion of GOOGL (Class A common stock with voting rights) and $9.61 billion of GOOG (Class C common stock with no voting rights), making it the third-largest holding;
· Coca-Cola (KO): Approximately $32.51 billion, accounting for 10.9% of the portfolio;
· Bank of America (BAC): Approximately $27.54 billion, with a 9.2% allocation;
· Chevron (CVX), Occidental Petroleum (OXY), Chubb (CB), Moody's (MCO), Kraft Heinz (KHC) round out the sixth to tenth positions.
Structurally, Berkshire Hathaway has not significantly altered its core positions in the consumer, financial, and energy sectors. However, the addition of Alphabet has notably increased the weighting of the technology sector in the portfolio.
Quarterly Changes
In the second quarter, Berkshire's most significant move was undeniably a major bet on Alphabet—increasing its holdings of Alphabet's Class A shares (GOOGL) by approximately 24.54 million shares, a 45.2% increase, and also boosting its holdings of Class C shares (GOOG) by about 23.60 million shares, a staggering 658.3% surge. The combined increase of about 48.10 million shares has propelled Google into the fund's top three holdings. Apart from Alphabet, Berkshire notably increased its stakes in Delta Air Lines (DAL), Lennar Corporation (LEN), Macy's (M), among others.
On the other hand, reductions were mainly concentrated in the financial, consumer, and cyclical sectors. Bank of America (BAC) reduced its holdings by about 30.23 million shares, a 5.9% decrease, being reduced for two consecutive quarters; Capital One (COF) reduced its holdings by about 58%, Kroger (KR) by about 22%, Ally Financial (ALLY), DaVita (DVA), and Nucor (NUE) also saw declines.
Summary Analysis
Under the Abel era, Berkshire Hathaway is undergoing a subtle style shift, with the clearest signal in the second quarter being a tilt from traditional finance and consumer stocks towards tech growth. The heavy position in Google not only further breaks Buffett's stereotype of "avoiding tech stocks," but also reflects the new management's deep recognition of Google's moat in AI and search—essentially still a typical "value confirmation" rather than trend chasing.
However, Berkshire's core holdings remain unchanged: stake in "anchor" companies such as Apple, American Express, Coca-Cola are basically unchanged, and the energy sector's Chevron and Exxon Mobil have not been sold off (the decrease in percentage is mainly due to dilution from new holdings).
Overall, this quarter Berkshire Hathaway is showing a rebalancing logic of "heavily increasing positions in tech leaders, structurally reducing financial and consumer stocks, holding onto core energy positions, and tentatively positioning in real estate and aviation." While quietly pushing the portfolio towards a digital future while maintaining extremely high concentration, Abel's Buffett-esque nature of "long-term commitment" and "big bets" is still clearly visible.
Duquesne Family Office (Stanley Druckenmiller)
Although not as famous as Buffett and Berkshire, Stanley Druckenmiller may be the most noteworthy fund manager on Wall Street today.
Who is Druckenmiller? He is a legendary American macro hedge fund manager who served as the Chief Investment Officer of Soros Fund Management from 1988 to 2000, becoming Soros's most successful trader... And today, his most critical role is that both Treasury Secretary Scott Bennett and Fed Chair Kevin Wash have been his disciples (having either studied under him or had a long-term working relationship with him).
Therefore, compared to Berkshire's more long-term focused 13F, Duquesne Family Office's quarterly report is more like a macro trading map—especially in a time when AI, interest rates, and the U.S. economic outlook are all rapidly changing.
Report Summary
As of June 30, the Duquesne Family Office disclosed a total of 95 positions in its 13F filing, with 48 new stocks added during the quarter, 16 increased positions, 11 decreased positions, and 23 stocks completely sold off. The nominal value of the holdings is approximately $52.1 billion, a significant increase from the previous quarter's $33.8 billion.
Core Holdings
The 13F filing reveals that the Duquesne Family Office's top ten holdings account for approximately 45.8% of the portfolio:
· Genetic testing company Natera (NTRA) remains the largest stock holding of the Duquesne Family Office, with approximately 3.19 million shares at the end of the second quarter, valued at around $865 million, representing about 16.6% of the portfolio;
· The second and third largest holdings have shifted to TSMC (TSM) and STMicroelectronics (STM), accounting for approximately 5.4% and 4.4% of the portfolio, respectively;
· Additionally, biopharmaceutical company Insmed (INSM, held in both stock and options), Argentinean national oil company YPF Sociedad Anónima (REPYY), and Amazon (AMZN) are among the top ten holdings.
Quarterly Changes
In the second quarter, the most notable change by the Duquesne Family Office was a shift within the AI industry supply chain.
The Duquesne Family Office completely sold off Micron (MU), Broadcom (AVGO), and Intel (INTC), with Broadcom having been a new addition in the first quarter. However, this does not mean that Druckenmiller has abandoned semiconductors; instead, he continued to increase positions in TSMC (TSM) and STMicroelectronics (STM), and initiated a new position in AMD. Furthermore, the fund has begun to expand its reach into the periphery of AI infrastructure, buying into Hut 8 (HUT), Bitdeer (BTDR), Riot Blockchain (RIOT), and other Bitcoin mining companies that are transitioning towards data center operations.
It appears that Druckenmiller has chosen to cash out some of the previously highly appreciated positions, while reallocating the funds to assets he believes offer a superior risk-return profile.
Furthermore, in the second quarter, the Duquesne Family Office also reestablished its position in Alphabet (GOOGL), which it had just exited in the first quarter, and significantly increased its holdings in Amazon (AMZN) that were reduced in the first quarter—this move may be a bet that the large tech companies that had previously borne significant AI capital expenditures will gradually transition from being the "payers for AI infrastructure" to being the "beneficiaries of AI commercialization."
In addition to the aforementioned AI-related portfolio changes, the Duquesne Family Office, like Berkshire Hathaway, also expressed bullish views on the aviation sector, initiating a new position in Delta Air Lines (DAL) and increasing its stake in United Airlines (UAL); notably, in the second quarter, the Duquesne Family Office also initiated a new position in Baidu ADR (BIDU) of approximately 88,000 shares, marking its first holding of U.S.-listed Chinese stocks in two and a half years since liquidating Alibaba at the end of 2023.
Summary Analysis
If we were to condense this 13F into a single sentence, Druckenmiller has not departed from AI but is instead repositioning for the next phase of AI winners. At least based on the end of the second quarter holdings, Druckenmiller has still maintained a significant AI exposure, but has reallocated from parts of the highly crowded hardware sector to areas like cloud platforms, data centers, and AI applications.
Simultaneously, Baidu's reappearance is another signal worth noting. While the 88,000-share position is not large, the tentative reentry into Chinese tech assets after long avoidance at least indicates a renewed interest.
It is worth reiterating that due to Druckenmiller's relatively high-frequency reshuffling, the Duquesne Family Office's 13F report is more challenging to simply "copy," making it more suitable for observing directional shifts.
H&H International Investment (Neil Shen)
Turning our attention to H&H International Investment managed by the Chinese legendary investor Neil Shen. From this 13F report, it can be seen that Shen's holdings remain highly concentrated, but there are signs in the second quarter of a rotation from some highly valued tech stocks towards Chinese internet companies.
Report Summary
As of June 30, H&H International Investment disclosed a total of 18 positions in its 13F filing, with a nominal value of approximately $19.101 billion (equivalent to about RMB 130 billion), down from around $20 billion at the end of the first quarter.
It is worth noting that 13F filings only disclose long positions in US stocks, so assets held by Duan Yongping such as Tencent, Pinduoduo, Moutai, and a large number of put-option premium-selling operations are not included in this table.
Top Holdings
H&H International Investment's portfolio remains highly concentrated, with the top five largest positions accounting for over 88% of the total.
· Apple (AAPL): Approximately $7.841 billion, representing 41.05% of the portfolio, maintaining its position as the largest holding;
· Berkshire Hathaway (BRK.B): Approximately $4.618 billion, representing 24.18%, forming the "ballast" together with Apple;
· Pinduoduo (PDD): Approximately $1.91 billion, accounting for 9.99%, rising to the third-largest position, signaling a significant increase in the weight of Chinese internet companies in Duan Yongping's system;
· Tesla (TSLA): Approximately $1.42 billion, accounting for 7.44%;
· NVIDIA (NVDA): Approximately $1.26 billion, accounting for 6.58%.
Quarterly Changes
In the second quarter, the most significant move by H&H International Investment was a substantial increase in its Pinduoduo (PDD) position—adding 5.2738 million shares, a 26.71% increase, propelling it to the third-largest position; meanwhile, there was a slight increase in Berkshire Hathaway Class B shares (BRK-B), which can be interpreted as a long-term endorsement of the value investing framework. Additionally, Alibaba (BABA), which was completely sold off by Duan Yongping in the first quarter, saw a repurchase of 301.4 thousand shares (approximately $28.93 million) in the second quarter.
As for the reduction of holdings, AI and tech leaders were the main targets for profit-taking by H&H International Investment in the second quarter. NVIDIA (NVDA) saw a divestment of 7.5631 million shares, a significant 54.63% reduction; Google (GOOG) sold over 1.7 million shares, a 46.88% decrease; Microsoft reduced its holdings by 25.78%; Apple also trimmed its position by 1.8469 million shares—marking the second consecutive quarter of selling (after selling 3.4129 million shares in the first quarter); additionally, TSMC and CrowdStrike (CRWD) were completely liquidated.
It is worth mentioning that Duan Yongping is not simply bearish on the tech stocks he sold. In late July, he publicly stated, "I will add more Google," while also expressing his intention to continue seeking opportunities to buy NVIDIA at lower prices through selling Put options. In other words, the reduction in positions is more a reflection of price and margin of safety considerations rather than a complete rejection of the companies themselves.
Summary Analysis
If we were to summarize this 13F filing in one sentence—sell a bit on the way up, buy a bit on the dip, and hold onto good companies.
Overall, the second-quarter repositioning strategy of H&H International Investment appears relatively clear—slight adjustments to core holdings, increased exposure to Chinese internet companies, and profit-taking on high-growth AI assets. Apple and Berkshire Hathaway remain core holdings, but after continuous reductions, Apple's position has decreased for two consecutive quarters; meanwhile, Pinduoduo has become a new top three holding, and Alibaba has reentered the portfolio; although NVIDIA, Google, and others were reduced, it was not a bearish move but rather a realization of gains, with Duan Yongping expressing a desire to reacquire them at lower prices in the future.
This indicates that Duan Yongping's actions in the second quarter were not a full pivot towards a new theme but rather a reassessment of margin of safety amidst valuation changes, with a partial realization of gains on high-growth AI and tech leaders and a re-up in exposure to Chinese internet companies, which he is more familiar with after a long period of adjustment.
Himalaya Capital (Li Lu)
Similar to Duan Yongping, another legendary Chinese investor, Li Lu, who heads Himalaya Capital, also significantly increased his holdings in Pinduoduo (PDD) in the second quarter.
Report Summary
As of June 30, 2026, Himalaya Capital disclosed a total of 8 positions in its 13F filing, increasing holdings in 2 companies and liquidating 6, significantly reducing the number of holdings from 14 in the first quarter. However, the nominal value of total holdings increased from $3.201 billion in the first quarter to $3.703 billion, further shrinking and concentrating its positions, with the top five holdings now accounting for a high 94.77% of the portfolio.
Core Holdings
The 13F filing shows that Himalaya Capital's current 8 positions reflect a "Google Anchoring, Pinduoduo Surging, Financial Foundation" pattern.
· Google (GOOGL + GOOG): Approximately $1.775 billion, accounting for 47.64% of the portfolio, held long-term since 2020, serving as the unwavering "anchor" in Li Lu's portfolio;
· Pinduoduo (PDD): Approximately $0.821 billion, accounting for 22.17%, surged to the second largest position after a significant increase in holdings;
· Berkshire Hathaway (BRK.B): Approximately $0.555 billion, accounting for 14.98%, continues to accumulate holdings;
· East West Bancorp (EWBC): Approximately $0.358 billion, accounting for 9.68%, position unchanged.
· In addition, Crocs (CROX, 2.90%) and Tencent Music (TME, 1.50%) remained unchanged, while Apple (AAPL) is left with a mere 0.88% as a minimal observation position.
Quarterly Changes
In the second quarter, Himalaya Capital only added two new positions, liquidating the other six existing positions in one go, a resolute decision rarely seen among top funds.
Pinduoduo (PDD) was the most significant addition by Himalaya Capital in the second quarter — adding 6.1531 million shares, a staggering 133.53% increase, with holdings soaring from 4.608 million shares to 10.7611 million shares, ending the quarter with a market value of approximately $0.821 billion, becoming the second largest position. Furthermore, Berkshire Hathaway (BRK.B) saw an increase of 23.46%, effectively entrusting more funds to Buffett and Abel's management.
Meanwhile, Himalaya Capital completely exited 6 positions in one go—Bank of America (BAC), Occidental Petroleum (OXY), S&P Global (SPGI), Moody's (MCO), MSCI (MSCI), H&R Block (HRB). This signifies Li Lu's decisive withdrawal from traditional finance, index data services, and the oil and gas sector. Particularly noteworthy is Bank of America, which was once one of its core anchors, aligning with Berkshire Hathaway's "bank reduction" this quarter, but Li Lu chose a complete exit instead of a slight reduction.
Summary Analysis
If the second quarter of Li Lu's operations were to be condensed into a sentence, it might be — a significant reduction in positions outside the Circle of Competence, further concentrating limited funds on a few truly understandable companies.
On one hand, there is the maintaining of a heavy position in Google (GOOGL, GOOG) and at the same time increasing the position in Pinduoduo (PDD), with the former representing Li Lu's long-term view on the U.S. tech leader and the latter on Chinese internet assets; meanwhile, the liquidation of holdings in financial, energy, and index service-related assets also implies that Li Lu is further shrinking his investment portfolio, with the current concentration of positions being very close to his classic value investment style.
Of course, similar to the situation with Duan Yongping, the 13F will only disclose securities in the U.S. market that meet the criteria, so this document cannot represent Li Lu's entire investment portfolio; assets in the Hong Kong stock market such as BYD, Postal Savings Bank of China, CRRC Corporation, etc., will not appear in this 13F.
ARK Investment (Cathie Wood)
Report Summary
As of June 30th, ARK Investment managed by the "female Buffett," "WoodSis" Cathie Wood, disclosed a total of 191 positions in the 13F, including 15 new holdings, 78 additions, 96 reductions, and 6 liquidations, with a nominal holding market value of approximately $15.4 billion, a significant increase of over $2 billion compared to the previous quarter.
In the second quarter, ARK Investment's repositioning was more aggressive, showing Wood's typical high turnover style.
Core Holdings
The 13F report shows that ARK Investment's top ten core holdings account for a total of 39.45% of the portfolio, with a relatively moderate level of concentration, displaying a relatively high risk preference in the core asset portfolio.
· Tesla (TSLA): About $11.61 billion, holding percentage 7.5%, still the largest core position but has been reduced for the third consecutive quarter;
· AMD (AMD): About $8.2 billion, holding percentage 5.3%, a core holding in the AI computing power sector;
· SpaceX (SPCX): About $7.65 billion, holding percentage 5%, a new entry this quarter directly into the core position;
· Tempus AI (TEM): Approximately $5.8 billion, position weight 3.8%, focused on precision medicine + AI diagnostic benchmark;
· Robinhood (HOOD): Approximately $5.25 billion, position weight 3.4%, fintech and retail investor ecosystem.
Quarterly Changes
In the second quarter, ARK Investment's most significant move was the "rush funding" of SpaceX (SPCX). On the first day of SpaceX's listing on June 12, ARK's various ETFs collectively bought approximately 3.29 million shares, which had increased to 4.478 million shares by the end of the quarter, with SPCX's weight in the fund's portfolio reaching nearly 7% at one point.
Aside from SPCX, in the second quarter, ARK Investment's investment landscape also showed a clear trend of deepening its industry chain. Cerebras Systems (CBRS) was newly included, representing its bet on AI computing architecture; Google (GOOG) saw an increase, strengthening the exposure to platform AI; the purchase of X-Energy (XE) signaled the fund's early layout of nuclear energy as a baseload power source in the AI era; and the additional position in Eli Lilly (LLY) reinforced the focus on life sciences...
Regarding reductions, the most noteworthy action was the continuous reduction in Tesla (TSLA) for three consecutive quarters, indicating ARK's assessment of Tesla's diminished relative position in the AI narrative.
Summary Analysis
Overall, ARK Investment's actions in the second quarter demonstrated a restructuring logic of "actively embracing SpaceX's listing, expanding AI and energy boundaries, reducing traditional core holdings, and maintaining high turnover innovation hunting."
ARK Investment still maintains a relatively high risk appetite among the top funds, focusing more on finding technologies that can transform industry structure—from AI computing power to aerospace, nuclear energy, and life sciences, "disruptive innovation" remains the fund's most enthusiastic theme.
Oriental Harbor Overseas Fund (Bin Du)
Compared to previous funds, the latest 13F report of the Oriental Harbor Investment Master Fund managed by Chinese renowned investor Dan Bin can be considered quite "aggressive" — instead of simply adjusting a few stocks, it almost completely revamped its AI holdings.
Report Summary
As of June 30, the Oriental Harbor Investment Master Fund disclosed a total of 13 positions in its 13F report, including initiating 7 new positions, increasing 1 position, decreasing 5 positions, and fully exiting 6 positions, with a total nominal value of approximately $1.65 billion, representing a growth of about 45.6% from around $1.133 billion in the previous quarter.
Core Holdings
The 13F report indicates that by the end of the second quarter, the top five core holdings of the Oriental Harbor Investment Master Fund accounted for approximately 73% of the total portfolio, further increasing the portfolio concentration, with AI hardware and semiconductor industry-related targets comprising over 70% of the portfolio weight, signaling a significant shift in the portfolio style.
· Google (GOOG): Approximately $371 million, with a roughly 23% allocation, maintaining its position as the largest core holding;
· Intel (INTC): Approximately $258 million, with a 16% allocation, making a new entry and landing as the second-largest position in the second quarter;
· NVIDIA (NVDA): Approximately $217 million, with a 13% allocation, slipping from first to third in holdings percentage;
· SanDisk (SNDK): Approximately $176 million, with an 11% allocation, entering as the fourth-largest position;
· Micron (MU): Approximately $170 million, with an approximately 10% allocation, witnessing a doubled-up increase;
· Positioned sixth to tenth are AMD (8.9%), MRVL (7.9%), TSM (4%), ARM (3.2%), and AVGO (1.5%).
Except for Google, nine out of the top ten core holdings belong to AI computing infrastructure or the semiconductor industry chain, as the "shovel-selling" hardware logic has completely replaced the previous focus on core software platform holdings.
Quarterly Changes
This quarter, Oriental Harbor Overseas Fund launched a "saturation attack" on the AI hardware industry chain, newly acquiring 7 related targets in one go—Intel (INTC), SanDisk (SNDK), AMD, Marvell Technology (MRVL), ARM, Broadcom (AVGO), Lumentum (LITE), all focusing on computing chips, storage, optical communication, and semiconductor upstream. Among them, Intel directly became the second largest position, SanDisk and AMD entered the top six holdings, with a clear intention to increase exposure to the storage sector.
While fully embracing hardware, Ben has also "cut ties" with existing holdings. Nvidia (NVDA), TSMC (TSM), Amazon (AMZN) have all been reduced; although Google remains the top holding, compared to the first quarter, 155,200 shares have been sold, and the 2x long Google ETF has also been completely liquidated, significantly reducing its overall weight in the portfolio.
In addition, the Oriental Harbor Overseas Fund has also completely sold off Apple (AAPL) and Tesla (TSLA), the two leading consumer electronics companies, in the second quarter, perhaps indicating that Ben is not optimistic about the short-term recovery of the consumer end. At the same time, the fund has also liquidated its position in stablecoin issuer Circle (CRCL).
Summary Analysis
Overall, the most crucial information in this 13F report from Oriental Harbor Overseas Fund is that Ben is still betting that AI CapEx will continue to flow to the hardware side. While the market is still debating whether there is an AI bubble, Ben believes that the hardware segment, the "selling shovels" part, is still the most certain direction.
This is also in line with Ben's recent public statements—he still believes that AI is the super trend of the next decade and has stated that the market still does not fully grasp AI's long-term potential. During the storage market's major correction at the end of July, Ben even made a high-profile statement that "you must dare to buy when there is a big drop and have already used up all remaining ammunition."
Situational Awareness LP (Leopold Aschenbrenner)
For the story of the "AI Stock God" Leopold Aschenbrenner and his fund Situational Awareness LP, we have provided a detailed interpretation in the article "Today, the world finally understands why the 'AI Stock God' has fallen."
Due to its outstanding performance in the past few quarters, the 13F of Situational Awareness LP was highly anticipated by the market. However, it is regrettable that the fund experienced a dark moment at the end of July—due to a significant pullback in AI-related stocks combined with high leverage, the fund suffered major losses, was forced to liquidate large-scale public market positions, and has already packaged most of its stock portfolio at a discount for sale to Citadel, managed by Ken Griffin.
Breaking down Situational Awareness LP's 13F filing reveals an even more regrettable story. The fund had built a bearish options position on chip and storage industry leaders with a nominal value of over $8 billion by the end of the first quarter, intending to effectively hedge against the current market downturn. However, due to an early shift to an overall bullish outlook, Leopold Aschenbrenner himself dismantled this insurance wall, ultimately leading to the fund's once glorious performance being discounted and taken by Ken Griffin.
The AI Narrative Remains Unchanged; What's Changing is Where the Money Flows
Putting together the 13Fs of these seven funds seems to point to a relatively clear consensus — AI remains at the center of top investors' vision, with funds significantly repricing around the AI industry chain. The growth of AI seems undisputed, but the real question is, in the next phase, who can truly turn investment into profit?
Berkshire Hathaway has begun a major stake in Google, Druckenmiller is rotating within the semiconductor sector and recommitting to cloud computing and AI infrastructure; Bin, on the other hand, is more aggressive, significantly shifting the overseas portfolio towards chips, storage, and optical communication; ARK continues to explore next-generation growth assets in AI, SpaceX, energy, and life sciences. Meanwhile, Duan Yongping and Li Lu are not simply chasing the AI trend but, after reducing holdings in tech stocks with significant gains, are reallocating funds to assets they are more familiar with and consider to have a higher margin of safety.
Mere observation of each fund's 13F makes it difficult to deduce a clear "next big stock," but the capital movements of different funds are themselves a rotation game regarding AI investment logic — from GPUs, chips, storage, networking, optical communication, data centers, power, cloud computing, commercialization... From selling shovels to providing computing power, and finally sharing in the commercialization dividend of AI, funds are continuously seeking the next profit realization point on the AI value chain.
It is worth emphasizing once again that all these positions are as of June 30, 2026. The 13F itself has a disclosure lag of up to 45 days, especially pertinent for investors like Druckenmiller and Bin who reposition quickly. Thus, rather than treating it as a "homework copying list," it is better to view it as a snapshot of how different funds are interpreting the market in the next phase.
Original Article Link