filing · 13F-HR · period ending june 2026
Altimeter Capital Management
thesis · Q2 2026
Cerebras and semis equipment surge: Altimeter's AUM jumps 72% in one quarter.
Gerstner lifts the book 72% to $9.83B and opens nine new positions. Cerebras arrives at $1.60B — instantly the second-largest holding — alongside a new semiconductor-equipment cluster in AMAT, KLAC, LRCX, and SNPS. META is cut 31%, and SpaceX enters at $304M.
Cerebras Systems: a $1.6B opening position
The single biggest move this quarter. Cerebras (CBRS) instantly became the #2 holding at $1.6B after its IPO. Gerstner was a private backer, and this appears to be a major post-IPO accumulation — 7.2M shares at ~$221. Cerebras builds wafer-scale AI chips designed to compete with NVIDIA on inference workloads. This signals Altimeter is positioning for an AI chip duopoly challenge.
Semiconductor equipment: a new thematic cluster
Four new positions opened simultaneously — AMAT ($189M), KLAC ($174M), LRCX ($171M), and SNPS ($63M) — alongside new MU ($242M) and QCOM ($348M) positions. This is a deliberate rotation into the equipment and tooling layer of the AI silicon supply chain. Combined, the new semi positions total ~$1.19B. Taken alongside Gerstner's public comments on SK Hynix and memory, this reflects a thesis that the picks-and-shovels layer of AI chip manufacturing is the next leg of the trade.
META: the biggest trim
Meta was reduced by 598,383 shares (-30.6%), shedding ~$337M in exposure. Still the #3 position at $763M, but the direction is clear. After META's massive run, Gerstner is taking chips off the table. The stock nearly tripled from 2023 lows, and position sizing discipline appears to be driving the trim rather than a thesis change.
SpaceX: private company, public 13F
Space Exploration Technologies Corp appears as a $303M new position. SpaceX is a private company, but its Class A shares have become reportable 13F securities through secondary market activity. This is a rare public window into a private-company holding — $303M at ~$171/share implies Altimeter bought into a recent SpaceX tender or secondary. Fits the defense-tech and sovereign infrastructure theme Gerstner has articulated.
CRWV: fourth consecutive quarter of accumulation
CoreWeave was added again — +1.57M shares (+35%), now 6.07M shares worth $604M. This is the #5 position and has grown from a $230M Q4 2025 initiation to $604M in two quarters. Gerstner was an early private backer and is systematically building through the post-IPO window.
AUM surged 72% in a single quarter
$5.70B → $9.83B. A combination of the Cerebras IPO deployment (~$1.6B), new semi equipment positions (~$1.19B), and market appreciation across existing holdings. This is one of the largest single-quarter AUM moves in Altimeter's history based on reported 13F data.
portfolio · Q2 2026
Portfolio by Category
10 categories · june 2026
| Category | Description | Long | Put | Call | Total |
|---|---|---|---|---|---|
| AI Platforms | Large-cap companies where AI is the primary growth driver: cloud, ads, foundational models (NVDA, META, MSFT, AMZN, GOOGL) | $3.76B | — | — | $3.76B |
| AI Compute | Next-generation AI chip companies competing with NVIDIA (Cerebras) | $1.60B | — | — | $1.60B |
| AI Infra | Physical and compute infrastructure enabling AI workloads: chip foundries, data center operators (TSM, CRWV) | $1.29B | — | — | $1.29B |
| Semis | Semiconductor design companies (ARM, QCOM, MU) | $1.17B | — | — | $1.17B |
| Semi Equipment | Semiconductor manufacturing equipment and EDA tools — the picks-and-shovels layer (AMAT, KLAC, LRCX, SNPS) | $597.2M | — | — | $597.2M |
| Consumer Internet | Consumer-facing internet platforms (UBER) | $532.0M | — | — | $532.0M |
| Enterprise SW | Cloud-native enterprise software (SNOW) | $490.2M | — | — | $490.2M |
| Defense Tech | AI-enabled defense, public safety, and sovereign infrastructure (SpaceX) | $303.5M | — | — | $303.5M |
| Fintech | Financial services technology (HOOD) | $90.2M | — | — | $90.2M |
| SPAC Legacy | Residual positions from prior SPAC activity (GRABW) | $150586 | — | — | $150586 |
| total | $9.83B | $0 | $0 | $9.83B | |
holdings · Q2 2026
Current Positions
20 positions
| Ticker | Name | Type | Category | Status | Value↓ | Shares | Implied Px | Chg % |
|---|---|---|---|---|---|---|---|---|
| NVDA | NVIDIA | long | AI Platforms | added | $1.88B | 9,413,589 | $200.08 | +0.8% |
| CBRS | Cerebras Systems | long | AI Compute | new | $1.60B | 7,225,037 | $220.99 | — |
| META | Meta | long | AI Platforms | trimmed | $763.3M | 1,354,990 | $563.01 | -30.6% |
| TSM | TSMC | long | AI Infra | added | $682.6M | 1,429,355 | $477.57 | +4.7% |
| CRWV | CoreWeave | long | AI Infra | added | $604.6M | 6,073,695 | $99.54 | +35.0% |
| ARM | Arm Holdings | long | Semis | trimmed | $582.2M | 1,641,972 | $354.57 | -4.3% |
| AMZN | Amazon | long | AI Platforms | added | $578.1M | 2,425,351 | $238.34 | +16.1% |
| UBER | Uber | long | Consumer Internet | trimmed | $532.0M | 7,372,440 | $72.16 | -7.5% |
| SNOW | Snowflake | long | Enterprise SW | unchanged | $490.2M | 1,926,250 | $254.50 | 0.0% |
| MSFT | Microsoft | long | AI Platforms | added | $473.0M | 1,268,082 | $373.00 | +7.1% |
| QCOM | Qualcomm | long | Semis | new | $347.9M | 1,882,490 | $184.80 | — |
| SPACEX | SpaceX | long | Defense Tech | new | $303.5M | 1,776,485 | $170.85 | — |
| MU | Micron | long | Semis | new | $241.8M | 209,520 | $1154.33 | — |
| AMAT | Applied Materials | long | Semi Equipment | new | $189.4M | 261,950 | $722.62 | — |
| KLAC | KLA | long | Semi Equipment | new | $174.5M | 578,230 | $301.68 | — |
| LRCX | Lam Research | long | Semi Equipment | new | $170.8M | 394,080 | $433.34 | — |
| HOOD | Robinhood | long | Fintech | unchanged | $90.2M | 899,691 | $100.28 | 0.0% |
| GOOGL | Alphabet | long | AI Platforms | new | $62.6M | 175,180 | $357.37 | — |
| SNPS | Synopsys | long | Semi Equipment | new | $62.6M | 140,343 | $446.09 | — |
| GRABW | Grab Holdings (Warrants) | long | SPAC Legacy | unchanged | $150586 | 3,502,000 | $0.04 | 0.0% |
20 positions · period ending june 2026 · source SEC EDGAR
closed · Q1 2026 → Q2 2026
Closed Positions
2 positions closed
| Ticker | Issuer | Type | Category | Q1 2026 Value | Q1 2026 Shares | Note |
|---|---|---|---|---|---|---|
| AXON | Axon Enterprise Inc | long | Defense Tech | $63.3M | 148,986 | full exit |
| AVGO | Broadcom Inc | long | Semis | $20.8M | 67,094 | full exit |
2 positions closed · Q1 2026 → Q2 2026
new · Q1 2026 → Q2 2026
New Positions
9 positions opened
| Ticker | Issuer | Type | Category | Value | Shares | Implied Px |
|---|---|---|---|---|---|---|
| CBRS | Cerebras Systems | long | AI Compute | $1.60B | 7,225,037 | $220.99 |
| QCOM | Qualcomm | long | Semis | $347.9M | 1,882,490 | $184.80 |
| SPACEX | SpaceX | long | Defense Tech | $303.5M | 1,776,485 | $170.85 |
| MU | Micron | long | Semis | $241.8M | 209,520 | $1154.33 |
| AMAT | Applied Materials | long | Semi Equipment | $189.4M | 261,950 | $722.62 |
| KLAC | KLA | long | Semi Equipment | $174.5M | 578,230 | $301.68 |
| LRCX | Lam Research | long | Semi Equipment | $170.8M | 394,080 | $433.34 |
| GOOGL | Alphabet | long | AI Platforms | $62.6M | 175,180 | $357.37 |
| SNPS | Synopsys | long | Semi Equipment | $62.6M | 140,343 | $446.09 |
9 positions opened · Q2 2026