Stephen Mandel's AI Stock Portfolio
Founded Lone Pine Capital, one of the most successful Tiger cubs, running concentrated growth equity at scale. This page filters Lone Pine Capital's Q2 2026 13F filing through the Supercycle universe: 17 of its reported positions are AI buildout companies, together 62.9% 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 | NBISNebius Group | $1.18B | 7.2% | 97 | Neoclouds | New |
| 2 | ASMLASML Holding | $1.13B | 6.9% | 70 | Chip Equipment & Foundries | Trimmed -13% |
| 3 | STXSeagate Technology | $965.11M | 5.9% | 45 | Memory & Storage | New |
| 4 | AMATApplied Materials | $873.19M | 5.3% | 78 | Chip Equipment & Foundries | New |
| 5 | LINLinde | $808.55M | 4.9% | 20 | Raw Materials & Mining | New |
| 6 | TERTeradyne | $722.41M | 4.4% | 45 | Chip Equipment & Foundries | Trimmed -20% |
| 7 | GLWCorning Inc | $696.83M | 4.3% | 42 | Networking & Optics | Trimmed -27% |
| 8 | HUTHut 8 | $666.47M | 4.1% | 72 | Data Centers & Hardware | Trimmed -5% |
| 9 | WULFTeraWulf | $596.37M | 3.6% | 85 | Neoclouds | Added +21% |
| 10 | MTZMasTec | $559.67M | 3.4% | 38 | Utilities & Grid | Trimmed -12% |
| 11 | APPAppLovin | $537.01M | 3.3% | 85 | AI Applications | Trimmed -29% |
| 12 | TTMITTM Technologies | $512.07M | 3.1% | 60 | EMS & Manufacturing | New |
| 13 | STRLSterling Infrastructure | $511.71M | 3.1% | 55 | Utilities & Grid | New |
| 14 | AGXArgan | $294.40M | 1.8% | 60 | Power & Energy | Trimmed -6% |
| 15 | BTDRBitdeer Technologies | $111.41M | 0.7% | 45 | Neoclouds | New |
| 16 | GOOGLAlphabet | $77.04M | 0.5% | 70 | Cloud & Hyperscalers | Added +15% |
| 17 | TSMTaiwan Semiconductor | $48.35M | 0.3% | 78 | Chip Equipment & Foundries | Trimmed -93% |
Where the AI money sits in the buildout
What changed: Q1 2026 to Q2 2026
- New NBIS
- Trimmed ASML (-13% shares)
- New STX
- New AMAT
- New LIN
- Trimmed TER (-20% shares)
- Trimmed GLW (-27% shares)
- Trimmed HUT (-5% shares)
- Added WULF (+21% shares)
- Trimmed MTZ (-12% shares)
- Trimmed APP (-29% shares)
- New TTMI
- New STRL
- Trimmed AGX (-6% shares)
- New BTDR
- Added GOOGL (+15% shares)
- Trimmed TSM (-93% shares)
- Exited VST (was $930.18M)
- Exited TLN (was $580.34M)
- Exited ENTG (was $365.21M)
- Exited CIEN (was $314.28M)
- Exited APH (was $28.19M)
Frequently asked questions
What is Stephen Mandel's biggest AI stock?
In the Q2 2026 13F, Lone Pine Capital's largest tracked AI position is Nebius Group (NBIS) at $1.18B, 7.2% of the reported portfolio. NBIS carries an AI Exposure Score of 97.
How much of Stephen Mandel's portfolio is in AI stocks?
62.9% of Lone Pine Capital's Q2 2026 13F value ($10.29B of $16.36B) is in companies in the Supercycle AI universe, with a value-weighted AI Exposure Score of 62 (Strategic tier).
What did Stephen Mandel change last quarter?
Between Q1 2026 and Q2 2026: new NBIS, trimmed ASML, new STX, new AMAT, new LIN, trimmed TER, trimmed GLW, trimmed HUT, added WULF, trimmed MTZ, trimmed APP, new TTMI, new STRL, trimmed AGX, new BTDR, added GOOGL, trimmed TSM, exited VST, exited TLN, exited ENTG, exited CIEN, exited APH.