Atreides Management's 13F: SpaceX leads a concentrated AI infrastructure bet

Portfolio concentration Gavin Baker Atreides Management

Aug 14

49.6% in the top 5 names · 46 long positions disclosed

SPACE EXPLORATION TECHN CORP
32.6%
MUMICRON TECHNOLOGY INC
5.7%
CEREBRAS SYSTEMS INC
4.8%
ALABASTERA LABS INC
4.1%
CIENCIENA CORP
2.4%

As of Jun 30, 2026 · disclosed Aug 14, 2026 · ~45 days stale — long positions only.

Gavin Baker's Atreides Management had nearly half its disclosed long book in five names as of June 30, with a third of it in one private company, SpaceX. The rest is a straight AI infrastructure bet: Micron memory, Cerebras chips, Astera Labs connectivity and Ciena optics.

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Gavin Baker's Atreides Management disclosed its June 30 portfolio positions on August 14, and five names account for 49.6% of the fund's entire disclosed long book. That shows where a seasoned technology investor placed his largest bets as AI infrastructure spending accelerates.

The single biggest position is SpaceX, which takes up 32.6% of the portfolio on its own. Because SpaceX is a private company, it does not carry a ticker, and most retail investors have no direct path to owning it.

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The four public names rounding out the top five read like a map of the AI compute stack. Micron Technology covers memory, Cerebras Systems covers AI chip design, Astera Labs makes the connectivity silicon inside AI servers, and Ciena supplies the fiber-optic networking that carries AI workloads across data centers.

Taken together, the names beyond SpaceX suggest Baker sees the AI infrastructure buildout as a multi-layer opportunity, from chips to memory to interconnects to optics. The 13F was filed with the SEC and reflects positions as of June 30, 2026.

Sources

Mentioned: MU, QQQ, META, ALAB, CIEN

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Portfolio concentration Leopold Aschenbrenner Situational Awareness

Aug 14

77.3% in the top 5 names · 23 long positions disclosed

SNDKSANDISK CORP
28%
MUMICRON TECHNOLOGY INC
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As of Jun 30, 2026 · disclosed Aug 14, 2026 · ~45 days stale — long positions only.

Leopold Aschenbrenner's Situational Awareness had 77.3% of its long book in five names as of June 30, with memory alone accounting for more than half. That is the portfolio behind the roughly $15 billion hit Jane Street took in July, disclosed only now and before the forced sale to Citadel.

Portfolio concentration Brad Gerstner Altimeter Capital Management

Aug 14

56.3% in the top 5 names · 20 long positions disclosed

NVDANVIDIA CORPORATION
19.2%
CEREBRAS SYSTEMS INC
16.2%
METAMETA PLATFORMS INC
7.8%
TSMTAIWAN SEMICONDUCTOR MFG LTD
6.9%
CRWVCOREWEAVE INC
6.2%

As of Jun 30, 2026 · disclosed Aug 14, 2026 · ~45 days stale — long positions only.

Brad Gerstner's Altimeter had 56% of its 20-stock book in five names as of June 30, with NVIDIA and Cerebras alone making up more than a third. That is an undiluted AI hardware bet, spanning chips, foundry, and cloud compute, disclosed roughly 45 days after the fact.

Biggest movers · At the close Aug 6, 4:10pm ET

Gainers

CLOVClover Health$4.67+12.7%
SOUNSoundHound AI$7.03+9.3%
ALABAstera Labs$340.48+6.9%
JOBYJoby Aviation$8.25+5.8%
FNFabrinet$552+5.7%

Losers

APPAppLovin$334.86-19.9%
BROSDutch Bros$53.79-18.1%
FUBOfuboTV$9.22-13.5%
AXONAxon Enterprise$530.32-13.0%
DUOLDuolingo$121.84-10.0%

Owning expensive growth cost you today: AppLovin closed down 19.9%, with Axon and Duolingo double-digit and near double-digit losers alongside it. The money rotated into AI hardware, where Astera Labs and Fabrinet both finished higher.

Biggest movers · At the close Aug 5, 4:10pm ET

Gainers

APPSDigital Turbine$12.87+35.3%
SHOPShopify$146.1+18.5%
FUBOfuboTV$10.19+6.7%
ANETArista Networks$201.53+5.8%
NVDANVIDIA$221.88+4.7%

Losers

LCIDLucid$6.57-15.5%
ALABAstera Labs$326.99-9.6%
OPENOpendoor Technologies$3.73-9.5%
DKNGDraftKings$21.61-8.5%
SNAPSnap$5.33-8.0%

Digital Turbine's 35% close is the loudest move of the session, with buyers paying up for growth names delivering results, as Shopify also advanced. The pain was just as concentrated: Lucid gave back ground and Astera Labs slid even as AI peers Nvidia and Arista advanced.

Biggest movers · At the close Jul 30, 4:10pm ET

Gainers

CIFRCipher Mining$22.72+28.4%
IRENIren$37.29+27.2%
SNDKSanDisk$1,266.65+24.7%
ALABAstera Labs$297.27+19.0%
MARAMarathon Digital$11.9+18.4%

Losers

METAMeta$535.18-8.6%
ASANAsana$7.83-8.1%
DOCUDocuSign$53.98-7.2%
IOTSamsara$36.12-6.8%

Bitcoin miners Cipher Mining and Iren each jumped more than 27% while Meta tanked 8.6% and enterprise software stocks sold off sharply.

META Meta Platforms, Inc.

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EPS

$6.18

est $7.22 -14.4%

Revenue

$60.80B

est $60.29B +0.9%

Meta's AI infrastructure blitz obliterated operating margins: a 55% cost surge, $2.4 billion in legal charges, and $1.18 billion in severance crushed earnings even as ad revenue grew 27% and daily users hit 3.6 billion. EPS missed by 14% at $6.18, snapping six straight beats.

Biggest movers · At the close Jul 22, 4:10pm ET

Gainers

SMCISuper Micro Computer$30.83+20.9%
DELLDell Technologies$443.25+9.7%
CIFRCipher Mining$23.91+4.5%
AMCAMC Entertainment$2.28+3.6%
ALABAstera Labs$331.38+3.6%

Losers

VERXVertex$11.06-9.9%
APPSDigital Turbine$8.43-8.2%
IOTSamsara$33.34-7.6%
LMNDLemonade$63.45-7.5%
AAOIApplied Optoelectronics$110.57-7.3%

Super Micro Computer rocketed 20.88% at the close as data center infrastructure stocks dominated, with Dell gaining 9.67% on the same wave of demand for AI servers and networking gear.

Jim Cramer @jimcramer

Jul 21, 4:08pm ET

Cramer's semiconductor picks signal where he sees the most near-term upside in the chip cycle.

OK, IF you have to, lets go with Micron, AMAT and Intel/AMD for the ones I like the best....for this part of the food chain.n

Replies93
Reposts11
Likes168

Biggest movers · At the close Jul 17, 4:10pm ET

Gainers

LCIDLucid$7.43+15.0%
BROSDutch Bros$67.7+3.6%
DUOLDuolingo$133.29+3.4%
LMNDLemonade$66.54+3.0%
CLOVClover Health$4.51+2.6%

Losers

NFLXNetflix$68.69-7.6%
MARAMarathon Digital$10.58-7.4%
AMCAMC Entertainment$1.94-6.5%
ALABAstera Labs$299.99-6.2%
AXONAxon Enterprise$508.49-6.1%

Lucid rocketed 15% into the close while Netflix crashed 7.6%, exposing a massive risk appetite reset across mega-cap tech and speculative plays on the same Friday.

HOUSE TRADE DISCLOSURE Dan Crenshaw

Jul 15, 8:00pm ET

GOOG Alphabet Inc. - Class C Capital Stock (GOOG)Sell$1K – $15K
AMZN Amazon.com, Inc. - Common Stock (AMZN)Sell$1K – $15K
AAPL Apple Inc. - Common Stock (AAPL)Sell$1K – $15K
FASSell$1K – $15K
META - Class A Common Stock (META)Buy$1K – $15K
META - Class A Common Stock (META)Sell$1K – $15K
META - Class A Common Stock (META)Sell$1K – $15K
USOU United States 3x Oil Fund (USOU)Buy$1K – $15K

Disclosed 79 days after the earliest trade

Rep. Dan Crenshaw dumped Google, Amazon, and Apple in June while picking up oil futures and Meta stock in back-to-back trades, a pattern that suggests congressional betting on energy upside over mega-cap tech headwinds.

Biggest movers · At the close Jul 13, 4:10pm ET

Gainers

FUBOfuboTV$9.77+6.4%
DUOLDuolingo$131.54+5.4%
ASANAsana$7.71+5.2%
VERXVertex$13+5.0%
CRMSalesforce$171.04+4.7%

Losers

APPAppLovin$441.6-12.9%
SNDKSanDisk$1,670.44-12.8%
ALABAstera Labs$364.68-11.7%
CIFRCipher Mining$20.07-9.3%

Tech stocks split wide open as AppLovin and SanDisk cratered over 12% each while Salesforce and fuboTV rallied, exposing which names traders still want to own in a geopolitically volatile market.