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Gavin Baker's Atreides Management ran its largest reshuffle since founding in Q2 2026 ($14.3B, 47 names, top-5 66.9%, top holding SpaceX at 32.6% of AUM): 13 new positions include SpaceX (SPCX via SPV, now #1), Meta, CyberArk, Amphenol, GitLab, Cipher Mining, Samsara, PDF Solutions, Natera and Quanterix. Existing positions built up: QQQ +128.6%, CoreWeave +162.2%, Palo Alto +56.1%, Akamai +33.4%, Ciena +1.7%, Credo +3.5%, Coherent +1.7%, NVDA +0.1%, Amazon +1.7%, Intel +1.5%, Semtech +1.7%. Trims: Micron -6.5%, Astera Labs -63.8% (previously #1), Unity -26.2%, Alphabet A -12%, Twilio -21.8%. 21 exits — most consequential Snowflake, Rubrik, HubSpot, Zoom, Visa, Synopsys, Axon, Roblox, Vistra (~$2.0B released).
| Ticker | Company | Value | Shares | % of book | |
|---|---|---|---|---|---|
| SPCX | SpaceX (private, via SPV) | $4.7B | 27.3M shares | 32.6% | |
| META | Meta Platforms | $902.8M | 1.6M shares | 6.3% | |
| CBRS | CyberArk | $842M | 3.8M shares | 5.9% | |
| APH | Amphenol | $112.9M | 640.1K shares | 0.8% | |
| GTLB | GitLab | $103M | 3.4M shares | 0.7% | |
| CIFR |
| Cipher Mining |
| $87.9M |
| 3.6M shares |
| 0.6% |
| IOT | Samsara | $74.9M | 2.3M shares | 0.5% |
| PDFS | PDF Solutions | $46.6M | 658.5K shares | 0.3% |
| TTAN | Titan Machinery | $38.3M | 542.1K shares | 0.3% |
| NTRA | Natera | $28.3M | 104.4K shares | 0.2% |
| INIO | Innio Group | $13.8M | 348.7K shares | 0.1% |
| QNT | Quanterix | $3.3M | 39.9K shares | 0.0% |
| FRVO | Frontview | $291K | 10K shares | 0.0% |
| Ticker | Name | Note |
|---|---|---|
| NDQ | INVESCO QQQ TRUST SERIES 1 | |
| LITE | Lumentum | |
| RBLX | Roblox | |
| ECHO | Echo Global Logistics | |
| ZM | Zoom | exited Zoom |
| RKT | Rocket Companies | |
| VST | Vistra | |
| HUBS | HubSpot | exited HubSpot |
| SNPS | Synopsys | exited Synopsys |
| RL | Ralph Lauren | |
| AXON | Axon Enterprise | exited Axon Enterprise |
| WING | Wingstop | |
| CHYM | Chime Financial | |
| JPX | AEROVIRONMENT INC | |
| AVAV | AeroVironment | |
| RBRK | Rubrik | exited Rubrik |
| FROG | JFrog | |
| SNOW | Snowflake | exited Snowflake - replaced by GitLab / GDS-style data-infra picks |
| V | Visa | exited Visa |
| GFS | GlobalFoundries | |
| RG6 | ROGERS CORP |
| Ticker | Q2 value | Change | Direction |
|---|---|---|---|
| QQQ | $2.4B | +128.6% | ADD |
| MU | $821.1M | -6.5% | TRIM |
| ALAB | $587.7M | -63.8% | TRIM |
| CIEN | $337.8M | +1.7% | ADD |
| CRDO | $307.1M | +3.5% | ADD |
| PANW | $299.1M | +56.1% | ADD |
| U | $292.8M | -26.2% | TRIM |
| COHR | $253.3M | +1.7% | ADD |
| NVDA | $250M | +0.1% | ADD |
| AMZN | $231.1M | +1.7% | ADD |
| CRWV | $211.5M | +162.2% | ADD |
| GOOGL | $174.5M | -12% | TRIM |
| TWLO | $148.6M | -21.8% | TRIM |
| AKAM | $107.6M | +33.4% | ADD |
| AFRM | $103.8M | +6.6% | ADD |
| INTC | $92.7M | +1.5% | ADD |
| SMTC | $89.2M | +1.7% | ADD |
| TSLA | $85.9M | +1.7% | ADD |
| DKS | $85.1M | -17.1% | TRIM |
| W | $78M | -41% | TRIM |
Two coordinated moves: (1) SpaceX becomes the single largest position at 32.6% — Atreides' AI compute thesis is now expressed private-plus-independent (SpaceX + CRWV +162%) rather than through NVIDIA (which was barely moved). (2) ALAB was halved after being the top position last quarter, redirecting weight into networking/adjacent silicon (COHR, CRDO, APH, CIEN) and cybersecurity (CBRS, PANW). The 21-name exit list clears software SaaS names (SNOW, HUBS, RBRK, ZM) that were part of the pre-2026 book.
Figures are computed from the latest 13F-HR filing (period 2026-06-30); the filing is authoritative.