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Daniel Loeb's Third Point ran a big pivot in Q2 2026 ($4.7B, 43 names, top holding Warner Bros. Discovery at 11.4%): 19 new positions include WBD (now #1), Wolfspeed, Keysight, Block, Flex, TTM Technologies, Performance Food, Sysco, Ares Management and SpaceX (SPCX via SPV). Existing positions rebuilt massively: Alphabet A +485.7%, Norfolk Southern +500%, Capital One +489.3%, Union Pacific +250%, TransDigm +216%, Live Nation +144.1%, Taiwan Semi +67.3%, Hut 8 +51.2%. Trims: Amazon -9.8%, Carpenter Tech -30.6%. Twelve exits — most consequential NVIDIA, Meta, Broadcom, KLA, Lam Research and SMH (the entire US semi complex, ~$440M released).
| Ticker | Company | Value | Shares | % of book | |
|---|---|---|---|---|---|
| WBD | Warner Bros. Discovery | $533.2M | 20M shares | 11.4% | |
| KEYS | Keysight Technologies | $204.8M | 585K shares | 4.4% | |
| XYZ | Block Inc | $194.5M | 2.6M shares | 4.2% | |
| FLEX | Flex Ltd | $166.9M | 1M shares | 3.6% | |
| TTMI | TTM Technologies | $94.4M | 505K shares | 2.0% | |
| PFGC |
| Performance Food |
| $75.5M |
| 675K shares |
| 1.6% |
| CUSIP:02079K404 | GOOGL 6.25 05/15/29 A | $66.2M | 1.3M shares | 1.4% |
| SYY | Sysco | $48.2M | 580K shares | 1.0% |
| ARES | Ares Management | $41.7M | 375K shares | 0.9% |
| SPCX | SpaceX (private, via SPV) | $30.8M | 180.4K shares | 0.7% |
| SPY | SPDR S&P 500 ETF | $28.8M | 40K shares | 0.6% |
| CUSIP:02079K602 | GOOGL 6.25 05/15/29 B | $10.1M | 200K shares | 0.2% |
| CUSIP:767292AB1 | RIOT PLATFORMS INC | $7M | 3.5M shares | 0.2% |
| BLCO | Bausch + Lomb | $1.4M | 85K shares | 0.0% |
| CORZ | Core Scientific | $1.4M | 54K shares | 0.0% |
| EROC | EagleRidge Operating | $1.2M | 83K shares | 0.0% |
| APLD | Applied Digital | $821K | 22K shares | 0.0% |
| CUSIP:53680QAA6 | LITHIUM ARGENTINA AG | $612K | 625K shares | 0.0% |
| WOLF | Wolfspeed | $483K | 10K shares | 0.0% |
| Ticker | Name | Note |
|---|---|---|
| TPD | Toronto passthrough | |
| META | Meta Platforms | exited Meta after prior top-10 position |
| GQ9 | Placeholder | |
| GLD | SPDR Gold Shares | |
| NVDA | NVIDIA | exited NVIDIA outright |
| T7D | T. Rowe Price ADR | |
| KLAC | KLA Corp | exited KLA |
| LRCX | Lam Research | exited Lam Research |
| AVGO | Broadcom | exited Broadcom |
| SMH | VanEck Semiconductor ETF | exited VanEck Semi ETF - full semi complex retreat |
| SN | SharkNinja | |
| CTEV | Claritev |
| Ticker | Q2 value | Change | Direction |
|---|---|---|---|
| AMZN | $417.1M | -9.8% | TRIM |
| GOOGL | $366.3M | +485.7% | ADD |
| CRH | $234.9M | +15.5% | ADD |
| TDS | $232.2M | -4.9% | TRIM |
| TSM | $219.7M | +67.3% | ADD |
| LYV | $207.8M | +144.1% | ADD |
| SGI | $201.5M | +13.2% | ADD |
| NSC | $188.8M | +500% | ADD |
| COF | $165.5M | +489.3% | ADD |
| HUT | $151.8M | +51.2% | ADD |
| CRS | $132.6M | -30.6% | TRIM |
| APG | $121.3M | +41.1% | ADD |
| MTZ | $120.7M | -9.4% | TRIM |
| TDG | $105.2M | +216% | ADD |
| DHR | $102.9M | +2.9% | ADD |
| UNP | $95.2M | +250% | ADD |
| ASML | $59.6M | +150% | ADD |
Q2 is a clean pivot: Third Point exited the mainstream US semi bet (NVDA, AVGO, KLAC, LRCX, SMH, META) and rotated into (a) media/consumer with WBD as the new #1, (b) infrastructure rails (NSC, UNP, CRH), (c) rebuilt AI application-layer through Alphabet A +486%. TSM +67% is the sole retained semi bet — a supply-chain pass rather than fabless-chip conviction.
Figures are computed from the latest 13F-HR filing (period 2026-06-30); the filing is authoritative.