filing · 13F-HR · period ending march 2026
Atreides Management LP
thesis · Q1 2026
Massive portfolio concentration: AI infrastructure and software re-ratings, everything else exits.
A sweeping de-risking: Baker exits 13 positions, cuts AUM 39%, and concentrates into AI infrastructure, software re-ratings, and a bold 235% Unity build — while keeping a $808M QQQ put as macro insurance.
Unprecedented de-risking — $2.9B net seller
AUM fell 39% quarter-over-quarter from ~$8.2B to $5.0B. Atreides was a net seller of ~$2.9B, the most aggressive reduction in the fund's recent history. The QQQ put ($808M, 16.2% of portfolio) remains the single largest holding despite being trimmed 60%, suggesting Baker retains significant macro caution even as he reshapes the longs.
NVDA rotation — out of the consensus trade, into the picks and shovels
NVDA was cut 64% (-$435M), the largest single dollar reduction. Simultaneously Baker initiated or doubled positions in ALAB (+109%, now $369M), CRDO (new, $102M), SNPS (new, $54M), and GFS (new, $21M). The thesis appears to be: the obvious NVDA trade has run; the alpha now sits in less-discovered parts of the AI stack — interconnects, EDA, specialty fabs.
Unity Software — the boldest bet
Unity shares increased 235% to 12.4M shares plus a new 1.5M share call position, for combined exposure of ~$305M (6.1% of portfolio). This is the most aggressive single-position build in the quarter. Baker appears to be betting on Unity's ad monetization recovery and its moat in simulation/game engine tooling for AI-generated content.
15 new names — software re-rating thesis crystallizing
The new positions tell a coherent story: Zoom (AI communications rerating), Palo Alto (platform security consolidation), HubSpot (AI-native CRM), Akamai (edge AI infrastructure), Synopsys (EDA moat), Nokia (deep value networking capex), GlobalFoundries (US domestic fabs), AeroVironment (defense autonomy), Vistra (AI power grid), and Visa/BitGo (payments and crypto custody). The exits — MSFT, Atlassian, Philip Morris, Nu Holdings, MercadoLibre, Sea — are a deliberate narrowing away from anything not fitting the core narrative.
Housing recovery thesis intact but trimmed
Rocket Companies (+70% to 6.1M shares) and Wayfair (+64%) were meaningfully added. But Compass (-36%), Wingstop (-31%), and Dick's Sporting Goods (-8%) were trimmed, and AutoZone/PFGC exited. Baker maintains conviction in a rate-cut driven housing recovery but is concentrating in the highest-upside names.
Lumentum: trim-into-strength
LITE shares fell 30% but the dollar value of the position actually increased by ~$47M, as the stock approximately doubled in Q1 — Baker trimmed aggressively into the strength while retaining significant exposure. Classic portfolio management: let winners run, harvest into rallies.
portfolio · Q1 2026
Portfolio by Category
12 categories · march 2026
| Category | Description | Long | Put | Call | Total |
|---|---|---|---|---|---|
| AI Infra | AI networking, photonics, optical interconnects, cloud compute hardware (ALAB, CIEN, COHR, LITE, CRDO, CRWV, ROG, NOK, NBIS) | $1.18B | — | — | $1.18B |
| Macro Hedge | Large ETF put position for broad market / AI complex downside protection | — | $808.1M | — | $808.1M |
| Semis | Semiconductor companies — chips, equipment, materials (NVDA, MU, SMTC, AMBQ, INTC, SNPS, GFS, VECO) | $650.4M | — | — | $650.4M |
| AI Software | AI-native or AI-leveraged software platforms and SaaS (ZM, PANW, HUBS, AKAM, SNPS, TWLO, WIX, FROG, RBRK, SNOW) | $581.1M | — | — | $581.1M |
| Platform Tech | Large-cap platform technology and hyperscalers (AMZN, GOOGL, TSLA, ACVA, TBLA) | $476.7M | — | — | $476.7M |
| Housing/Consumer | Housing market recovery and consumer discretionary (RKT, W, COMP, DKS, WING, FERG, RL, WRBY) | $460.0M | — | — | $460.0M |
| Entertainment | Gaming and entertainment platforms (RBLX, Unity) | $350.0M | — | $89.5M | $439.5M |
| Fintech | Payments, financial technology, and fintech platforms (AFRM, MA, V, Chime) | $131.6M | — | — | $131.6M |
| Telecom | — | $117.1M | — | — | $117.1M |
| Energy & Power | Power generation and energy infrastructure for AI demand (VST) | $78.7M | — | — | $78.7M |
| Defense | Defense technology and autonomous systems (AVAV, AXON) | $73.0M | — | — | $73.0M |
| Private | Private company stakes — pre-IPO or recently public (Chime, BitGo, EquipmentShare) | $4.6M | — | — | $4.6M |
| total | $4.10B | $808.1M | $89.5M | $5.00B | |
holdings · Q1 2026
Current Positions
54 positions
| Ticker | Name | Type | Category | Status | Value↓ | Shares | Implied Px | Chg % |
|---|---|---|---|---|---|---|---|---|
| QQQ | Invesco QQQ ETF | put | Macro Hedge | trimmed | $808.1M | 1,400,000 | $577.18 | -60.0% |
| ALAB | Astera Labs | long | AI Infra | added | $368.9M | 3,365,787 | $109.60 | +108.9% |
| U | Unity Software | long | Entertainment | added | $271.7M | 12,385,322 | $21.94 | +234.7% |
| CIEN | Ciena | long | AI Infra | trimmed | $262.8M | 676,807 | $388.23 | -52.6% |
| MU | Micron | long | Semis | added | $256.9M | 760,426 | $337.84 | +8.6% |
| NVDA | NVIDIA | long | Semis | trimmed | $217.8M | 1,248,592 | $174.40 | -64.3% |
| AMZN | Amazon | long | Platform Tech | added | $198.6M | 953,560 | $208.27 | +38.6% |
| LITE | Lumentum | long | AI Infra | trimmed | $187.9M | 267,389 | $702.76 | -30.1% |
| GOOGL | Alphabet | long | Platform Tech | added | $159.6M | 555,023 | $287.56 | +7.9% |
| COHR | Coherent | long | AI Infra | trimmed | $150.3M | 631,159 | $238.21 | -29.9% |
| SATS | EchoStar | long | Telecom | added | $117.1M | 1,000,346 | $117.07 | +11.0% |
| TWLO | Twilio | long | AI Software | added | $116.0M | 921,602 | $125.82 | +28.5% |
| W | Wayfair | long | Housing/Consumer | added | $107.6M | 1,430,997 | $75.21 | +64.3% |
| ZM | Zoom | long | AI Software | new | $105.8M | 1,315,605 | $80.39 | — |
| CRDO | Credo Technology | long | AI Infra | new | $102.4M | 1,091,233 | $93.87 | — |
| PANW | Palo Alto Networks | long | AI Software | new | $90.1M | 561,797 | $160.32 | — |
| DKS | Dick's Sporting Goods | long | Housing/Consumer | trimmed | $89.7M | 452,531 | $198.29 | -7.8% |
| RKT | Rocket Companies | long | Housing/Consumer | added | $87.1M | 6,114,947 | $14.25 | +69.7% |
| VST | Vistra | long | Energy & Power | new | $78.7M | 523,788 | $150.33 | — |
| AKAM | Akamai | long | AI Software | new | $78.4M | 682,837 | $114.85 | — |
| RBLX | Roblox | long | Entertainment | added | $78.3M | 1,383,703 | $56.56 | +255.2% |
| TSLA | Tesla | long | Platform Tech | added | $74.6M | 200,795 | $371.75 | +7.9% |
| CRWV | CoreWeave | long | AI Infra | added | $62.8M | 810,535 | $77.47 | +33.7% |
| WIX | Wix | long | AI Software | trimmed | $58.6M | 650,414 | $90.07 | -47.9% |
| HUBS | HubSpot | long | AI Software | new | $56.7M | 232,115 | $244.10 | — |
| RBLX | Roblox | call | Entertainment | new | $56.6M | 1,000,000 | $56.56 | — |
| AFRM | Affirm | long | Fintech | trimmed | $54.7M | 1,194,711 | $45.82 | -13.7% |
| SNPS | Synopsys | long | Semis | new | $54.3M | 136,925 | $396.48 | — |
| RL | Ralph Lauren | long | Housing/Consumer | unchanged | $44.3M | 128,837 | $343.99 | +1.0% |
| AXON | Axon | long | Defense | trimmed | $43.4M | 102,095 | $424.69 | -3.2% |
| WING | Wingstop | long | Housing/Consumer | trimmed | $41.9M | 270,303 | $154.97 | -30.7% |
| SMTC | Semtech | long | Semis | trimmed | $41.7M | 541,812 | $76.89 | -21.7% |
| ACVA | ACV Auctions | long | Platform Tech | trimmed | $41.3M | 9,734,467 | $4.24 | -21.6% |
| COMP | Compass | long | Housing/Consumer | trimmed | $40.7M | 5,561,998 | $7.31 | -36.2% |
| FERG | Ferguson | long | Housing/Consumer | trimmed | $34.1M | 146,355 | $233.26 | -17.7% |
| U | Unity Software | call | Entertainment | new | $32.9M | 1,500,000 | $21.94 | — |
| CHYM | Chime | long | Fintech | added | $30.4M | 1,622,734 | $18.73 | +7.9% |
| AVAV | AeroVironment | long | Defense | new | $29.6M | 161,675 | $183.05 | — |
| INTC | Intel | long | Semis | added | $28.9M | 653,792 | $44.13 | +35.1% |
| RBRK | Rubrik | long | AI Software | trimmed | $27.7M | 566,454 | $48.97 | -36.7% |
| FROG | JFrog | long | AI Software | added | $26.0M | 554,987 | $46.93 | +37.3% |
| MA | Mastercard | long | Fintech | added | $24.8M | 49,604 | $499.66 | +7.9% |
| AMBQ | Ambiq Micro | long | Semis | added | $21.9M | 862,175 | $25.41 | +23.8% |
| SNOW | Snowflake | long | AI Software | trimmed | $21.8M | 144,818 | $150.82 | -69.7% |
| V | Visa | long | Fintech | new | $21.7M | 71,641 | $302.24 | — |
| GFS | GlobalFoundries | long | Semis | new | $21.1M | 474,593 | $44.48 | — |
| ROG | Rogers | long | AI Infra | added | $20.0M | 186,085 | $107.33 | +8.2% |
| NOK | Nokia | long | AI Infra | new | $20.0M | 2,481,947 | $8.04 | — |
| WRBY | Warby Parker | long | Housing/Consumer | added | $14.5M | 686,995 | $21.07 | +74.8% |
| VECO | Veeco | long | Semis | new | $7.9M | 233,923 | $33.86 | — |
| NBIS | Nebius Group | long | AI Infra | new | $6.5M | 63,068 | $103.76 | — |
| EquipmentShare | long | Private | new | $4.3M | 213,431 | $20.37 | — | |
| TBLA | Taboola | long | Platform Tech | added | $2.5M | 820,797 | $3.10 | +11.2% |
| BitGo | long | Private | new | $239542 | 29,106 | $8.23 | — |
54 positions · period ending march 2026 · source SEC EDGAR
closed · Q4 2025 → Q1 2026
Closed Positions
13 positions closed
| Ticker | Issuer | Type | Category | Q4 Value | Q4 Shares | Note |
|---|---|---|---|---|---|---|
| PSTG | Pure Storage Inc | call | AI Infra | $100.5M | 1,500,000 | full exit |
| MSFT | Microsoft Corp | long | Platform Tech | $87.8M | 181,468 | full exit |
| TTAN | ServiceTitan Inc | long | AI Software | $84.4M | 792,433 | full exit |
| PM | Philip Morris International Inc | long | consumer staples | $65.1M | 405,759 | full exit |
| TEAM | Atlassian Corporation | long | AI Software | $64.6M | 398,230 | full exit |
| NU | Nu Holdings Ltd | long | Fintech | $54.8M | 3,272,998 | full exit |
| AZO | AutoZone Inc | long | Housing/Consumer | $39.4M | 11,620 | full exit |
| GTLB | GitLab Inc | call | AI Software | $37.5M | 1,000,000 | full exit |
| SE | Sea Limited | long | Platform Tech | $35.1M | 275,439 | full exit |
| AMSC | American Superconductor Corp | long | Energy & Power | $30.1M | 1,044,193 | full exit |
| GNRC | Generac Holdings Inc | long | Energy & Power | $24.9M | 182,765 | full exit |
| PFGC | Performance Food Group Co | long | Housing/Consumer | $11.3M | 125,901 | full exit |
| MELI | MercadoLibre Inc | long | Platform Tech | $9.1M | 4,501 | full exit |
13 positions closed · Q4 2025 → Q1 2026
new · Q4 2025 → Q1 2026
New Positions
17 positions opened
| Ticker | Issuer | Type | Category | Value | Shares | Implied Px |
|---|---|---|---|---|---|---|
| ZM | Zoom | long | AI Software | $105.8M | 1,315,605 | $80.39 |
| CRDO | Credo Technology | long | AI Infra | $102.4M | 1,091,233 | $93.87 |
| PANW | Palo Alto Networks | long | AI Software | $90.1M | 561,797 | $160.32 |
| VST | Vistra | long | Energy & Power | $78.7M | 523,788 | $150.33 |
| AKAM | Akamai | long | AI Software | $78.4M | 682,837 | $114.85 |
| HUBS | HubSpot | long | AI Software | $56.7M | 232,115 | $244.10 |
| RBLX | Roblox | call | Entertainment | $56.6M | 1,000,000 | $56.56 |
| SNPS | Synopsys | long | Semis | $54.3M | 136,925 | $396.48 |
| U | Unity Software | call | Entertainment | $32.9M | 1,500,000 | $21.94 |
| AVAV | AeroVironment | long | Defense | $29.6M | 161,675 | $183.05 |
| V | Visa | long | Fintech | $21.7M | 71,641 | $302.24 |
| GFS | GlobalFoundries | long | Semis | $21.1M | 474,593 | $44.48 |
| NOK | Nokia | long | AI Infra | $20.0M | 2,481,947 | $8.04 |
| VECO | Veeco | long | Semis | $7.9M | 233,923 | $33.86 |
| NBIS | Nebius Group | long | AI Infra | $6.5M | 63,068 | $103.76 |
| EquipmentShare | long | Private | $4.3M | 213,431 | $20.37 | |
| BitGo | long | Private | $239542 | 29,106 | $8.23 |
17 positions opened · Q1 2026