Gavin Baker's AI Stock Portfolio
Founder and CIO of Atreides Management, a tech and consumer crossover fund known for deep semiconductor and AI infrastructure work. This page filters Atreides Management's Q2 2026 13F filing through the Supercycle universe: 28 of its reported positions are AI buildout companies, together 92.9% of the portfolio by value.
From the 13F-HR filed for the quarter ended . 13F filings cover long US-listed positions only and lag the quarter by up to 45 days; positions may have changed since. Not investment advice.
AI holdings, scored
| # | Holding | Value | % of portfolio | AI score | Layer | Q/Q |
|---|---|---|---|---|---|---|
| 1 | SPCXSpaceX | $4.67B | 41.9% | 35 | Defense & Aerospace AI | New |
| 2 | MUMicron Technology | $821.12M | 7.4% | 78 | Memory & Storage | Trimmed -6% |
| 3 | CBRSCerebras Systems | $687.33M | 6.2% | 100 | Semiconductors | New |
| 4 | ALABAstera Labs | $587.74M | 5.3% | 92 | Networking & Optics | Trimmed -64% |
| 5 | CIENCiena Corporation | $337.76M | 3.0% | 55 | Networking & Optics | Added +2% |
| 6 | CRDOCredo Technology Group | $307.11M | 2.8% | 88 | Networking & Optics | Added +3% |
| 7 | PANWPalo Alto Networks | $299.06M | 2.7% | 35 | Cybersecurity AI | Added +56% |
| 8 | UUnity Software | $292.83M | 2.6% | 15 | AI Software & Platforms | Trimmed -17% |
| 9 | COHRCoherent Corp | $253.29M | 2.3% | 65 | Networking & Optics | Added +2% |
| 10 | NVDANVIDIA | $249.97M | 2.2% | 97 | Semiconductors | Added +0% |
| 11 | AMZNAmazon | $231.10M | 2.1% | 58 | Cloud & Hyperscalers | Added +2% |
| 12 | METAMeta Platforms | $226.88M | 2.0% | 60 | Foundation Models | New |
| 13 | CRWVCoreWeave | $211.51M | 1.9% | 97 | Neoclouds | Added +162% |
| 14 | GOOGLAlphabet | $174.50M | 1.6% | 70 | Cloud & Hyperscalers | Trimmed -12% |
| 15 | TWLOTwilio | $148.63M | 1.3% | 15 | AI Applications | Trimmed -22% |
| 16 | APHAmphenol | $112.86M | 1.0% | 68 | Networking & Optics | New |
| 17 | AKAMAkamai Technologies | $107.64M | 1.0% | 35 | Cloud & Hyperscalers | Added +33% |
| 18 | GTLBGitLab | $102.98M | 0.9% | 25 | AI Applications | New |
| 19 | INTCIntel | $92.69M | 0.8% | 30 | Semiconductors | Added +2% |
| 20 | SMTCSemtech Corporation | $89.21M | 0.8% | 50 | Semiconductors | Added +2% |
| 21 | TSLATesla | $85.92M | 0.8% | 60 | Autonomous Vehicles | Added +2% |
| 22 | AMBQAmbiq Micro | $77.45M | 0.7% | 90 | Semiconductors | Added +2% |
| 23 | IOTSamsara | $74.87M | 0.7% | 18 | AI Applications | New |
| 24 | NOKNokia | $33.53M | 0.3% | 45 | Networking & Optics | Added +2% |
| 25 | ROGRogers | $31.00M | 0.3% | 25 | Raw Materials & Mining | Added +2% |
| 26 | NTRANatera | $28.34M | 0.3% | 15 | AI Healthcare | New |
| 27 | NBISNebius Group | $17.71M | 0.2% | 97 | Neoclouds | Added +2% |
| 28 | QNTQuantinuum | $3.26M | 0.0% | 30 | Quantum Computing | New |
Options positions
The filing also reports these put and call option positions, including any on underlyings outside the tracked universe (an index put is a hedge on the whole book). They are shown separately and excluded from every figure above: a 13F reports an option at the market value of the shares it covers, not what the fund paid, and puts are bets against a name, not holdings of it.
Where the AI money sits in the buildout
What changed: Q1 2026 to Q2 2026
- New SPCX
- Trimmed MU (-6% shares)
- New CBRS
- Trimmed ALAB (-64% shares)
- Added CIEN (+2% shares)
- Added CRDO (+3% shares)
- Added PANW (+56% shares)
- Trimmed U (-17% shares)
- Added COHR (+2% shares)
- Added NVDA (+0% shares)
- Added AMZN (+2% shares)
- New META
- Added CRWV (+162% shares)
- Trimmed GOOGL (-12% shares)
- Trimmed TWLO (-22% shares)
- New APH
- Added AKAM (+33% shares)
- New GTLB
- Added INTC (+2% shares)
- Added SMTC (+2% shares)
- Added TSLA (+2% shares)
- Added AMBQ (+2% shares)
- New IOT
- Added NOK (+2% shares)
- Added ROG (+2% shares)
- New NTRA
- Added NBIS (+2% shares)
- New QNT
- Exited LITE (was $187.91M)
- Exited VST (was $78.74M)
- Exited RBLX (was $78.26M)
- Exited SNPS (was $54.29M)
- Exited AXON (was $43.36M)
- Exited AVAV (was $29.59M)
- Exited RBRK (was $27.74M)
- Exited FROG (was $26.05M)
- Exited SNOW (was $21.84M)
- Exited GFS (was $21.11M)
Frequently asked questions
What is Gavin Baker's biggest AI stock?
In the Q2 2026 13F, Atreides Management's largest tracked AI position is SpaceX (SPCX) at $4.67B, 41.9% of the reported portfolio. SPCX carries an AI Exposure Score of 35.
How much of Gavin Baker's portfolio is in AI stocks?
92.9% of Atreides Management's Q2 2026 13F value ($10.36B of $11.15B) is in companies in the Supercycle AI universe, with a value-weighted AI Exposure Score of 53 (Strategic tier).
What did Gavin Baker change last quarter?
Between Q1 2026 and Q2 2026: new SPCX, trimmed MU, new CBRS, trimmed ALAB, added CIEN, added CRDO, added PANW, trimmed U, added COHR, added NVDA, added AMZN, new META, added CRWV, trimmed GOOGL, trimmed TWLO, new APH, added AKAM, new GTLB, added INTC, added SMTC, added TSLA, added AMBQ, new IOT, added NOK, added ROG, new NTRA, added NBIS, new QNT, exited LITE, exited VST, exited RBLX, exited SNPS, exited AXON, exited AVAV, exited RBRK, exited FROG, exited SNOW, exited GFS.