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Alex Sacerdote's Whale Rock Capital ran a pure-AI-hardware Q2 2026 ($12.5B, 35 names, top holding SanDisk at 10.9%): 7 new positions include Seagate, Intel, SpaceX (SPCX via SPV), CyberArk, Astera Labs, Snowflake and Twilio. AMD shares were rebuilt +2081.2% (essentially reopening the position), and Amazon (+34.5%), Coherent (+25.3%), Fabrinet (+21.8%), Viavi (+98%) and Carvana (+386.2%) were built up. Trims include SanDisk itself (-25.4%, still #1), Alphabet A (-10.3%), Lam Research (-22.5%) and TSM (-28%). 8 exits: Microsoft, Netflix, Roblox, ARM, Ciena and Tower Semi among them (~$1.0B).
| Ticker | Company | Value | Shares | % of book | |
|---|---|---|---|---|---|
| ALAB | Astera Labs | $757.3M | 1.6M shares | 6.1% | |
| SNOW | Snowflake | $225.2M | 884.7K shares | 1.8% | |
| TWLO | Twilio | $169.6M | 821.8K shares | 1.4% | |
| STX | Seagate | $143.3M | 148.5K shares | 1.2% | |
| INTC | Intel | $36.3M | 259.9K shares | 0.3% | |
| SPCX | SpaceX (private, via SPV) |
| $26.1M |
| 152.5K shares |
| 0.2% |
| CBRS | CyberArk | $11.2M | 50.7K shares | 0.1% |
| Ticker | Name | Note |
|---|---|---|
| AEIS | Advanced Energy | |
| RBLX | Roblox | exited Roblox |
| TSEM | Tower Semiconductor | |
| CUSIP:925550105 | JDS Uniphase Corporation | |
| CIEN | Ciena | |
| ARM | Arm Holdings | small ARM position exited |
| MSFT | Microsoft | exited MSFT - the last mega-cap AI application name to leave the book |
| NFLX | Netflix | exited Netflix |
| Ticker | Q2 value | Change | Direction |
|---|---|---|---|
| SNDK | $1.4B | -25.4% | TRIM |
| AMD | $877M | +2081.2% | ADD |
| GOOGL | $856.4M | -10.3% | TRIM |
| TTMI | $791.2M | +20.4% | ADD |
| AMZN | $583.4M | +34.5% | ADD |
| GLW | $570.6M | -2.8% | TRIM |
| MKSI | $565.5M | -2.7% | TRIM |
| CLS | $538.6M | -2.8% | TRIM |
| BE | $486.8M | -2.8% | TRIM |
| COHR | $482.1M | +25.3% | ADD |
| FN | $418.6M | +21.8% | ADD |
| SITM | $418M | -2.8% | TRIM |
| FROG | $405.2M | -25.9% | TRIM |
| MTSI | $376.1M | -15.8% | TRIM |
| VIAV | $328.3M | +98% | ADD |
| LRCX | $321.8M | -22.5% | TRIM |
| TSM | $281.7M | -28% | TRIM |
| CVNA | $280.9M | +386.2% | ADD |
| META | $256.9M | -11% | TRIM |
| WDC | $255.9M | -2.7% | TRIM |
Whale Rock's book is now the cleanest 'AI hardware' expression among Tiger cubs — memory/storage (SNDK, STX), AI networking silicon (ALAB, COHR, FN, VIAV) and a rebuilt AMD. Exiting Microsoft closes the loop on any AI application-layer exposure; SpaceX plays as the private high-conviction option. Alphabet trim and TSM cut are moderating existing exposures rather than a thesis change.
Figures are computed from the latest 13F-HR filing (period 2026-06-30); the filing is authoritative.