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Stephen Mandel's Lone Pine Capital reshuffled aggressively in Q2 2026 ($16.4B book, 34 names, top-5 only 31% — the most diversified in years). 13 new positions include Nebius (NBIS, now 7.2% and #1), Interactive Brokers, Sea Limited, Home Depot, Applied Materials, Seagate and TTM Technologies. Carvana surged +499.6% shares, and Molina (+77.9%), Performance Food (+47.1%) and Visa (+78.9%) were meaningfully added. Trims hit ASML -13.1%, Corning -26.6%, AppLovin -28.9%, LPL Financial -40.5%, TSM -92.7% and McKesson -85.3% (near-exits). 18 positions exited — Hilton, Booking, KKR, Boston Scientific, Spotify, Mastercard, Ciena, Vulcan Materials, Vistra, Talen — freeing ~$4.7B to redeploy.
| Ticker | Company | Value | Shares | % of book | |
|---|---|---|---|---|---|
| NBIS | Nebius Group | $1.2B | 4.3M shares | 7.2% | |
| STX | Seagate | $965.1M | 1M shares | 5.9% | |
| HD | Home Depot | $918.1M | 2.6M shares | 5.6% | |
| AMAT | Applied Materials | $873.2M | 1.2M shares | 5.3% | |
| LIN | Linde | $808.6M | 1.6M shares | 4.9% | |
| TTMI | TTM Technologies |
| $512.1M |
| 2.7M shares |
| 3.1% |
| STRL | Sterling Infrastructure | $511.7M | 609.6K shares | 3.1% |
| ONON | On Holding | $470.4M | 13.3M shares | 2.9% |
| BTDR | Bitdeer | $111.4M | 7M shares | 0.7% |
| SHAZ | Shazam | $102.4M | 1.2M shares | 0.6% |
| KGS | Kodiak Gas Services | $63.5M | 845.1K shares | 0.4% |
| IBKR | Interactive Brokers | $50.3M | 577.7K shares | 0.3% |
| SE | Sea Limited | $47.4M | 494.6K shares | 0.3% |
| Ticker | Name | Note |
|---|---|---|
| VST | Vistra | |
| TLN | Talen Energy | |
| NU | NU HOLDINGS LTD/CAYMAN ISL-A | |
| CLH | Clean Harbors | |
| THC | Tenet Healthcare | |
| COF | Capital One | |
| ENQ | Enerplus | |
| ENTG | Entegris | |
| CIEN | Ciena | |
| T7D | T. Rowe Price ADR | |
| VMC | Vulcan Materials | |
| SPOT | Spotify | |
| MA | Mastercard | |
| APH | Amphenol | |
| HLT | Hilton | |
| KKR | KKR & Co | |
| BKNG | Booking Holdings | |
| BSX | Boston Scientific |
| Ticker | Q2 value | Change | Direction |
|---|---|---|---|
| ASML | $1.1B | -13.1% | TRIM |
| MDLN | $827M | +77.9% | ADD |
| TER | $722.4M | -20.3% | TRIM |
| GLW | $696.8M | -26.6% | TRIM |
| CVNA | $692.5M | +499.6% | ADD |
| HUT | $666.5M | -5% | TRIM |
| PFGC | $654.3M | +47.1% | ADD |
| NU UN | $630.9M | +24.2% | ADD |
| WULF | $596.4M | +21.2% | ADD |
| CRS | $593.9M | -47% | TRIM |
| MTZ | $559.7M | -12.1% | TRIM |
| APP | $537M | -28.9% | TRIM |
| USFD | $502.5M | +29.5% | ADD |
| LPLA | $343.4M | -40.5% | TRIM |
| AGX | $294.4M | -6.2% | TRIM |
| GOOGL | $77M | +14.9% | ADD |
| V | $56.9M | +78.9% | ADD |
| TSM | $48.4M | -92.7% | TRIM |
| MCK | $43.7M | -85.3% | TRIM |
| TDG | $38M | -20% | TRIM |
Q2 is the biggest reshuffle in years at Lone Pine — a full retreat from travel/payments/hospitality (BKNG, HLT, MA, SPOT, KKR) and a rebuild around AI infra (Nebius, Applied Materials, Seagate, TTMI). Nebius as the new top holding signals conviction on GPU cloud independent of the hyperscalers; the near-exit of TSM despite the AI-infra tilt looks like a valuation-timing call, not a thesis change.
Figures are computed from the latest 13F-HR filing (period 2026-06-30); the filing is authoritative.