filing · 13F-HR · period ending june 2026
Whale Rock Capital Management
thesis · Q2 2026
AMD goes 21x as Whale Rock pivots to AI semiconductor longs; SanDisk holds at #1 despite share trim
Sacerdote rotates hard inside semis: AMD's share count rises 21x to an $877M position while Broadcom is gutted 92% and NVIDIA cut 64%. Astera Labs enters at $757M, and SanDisk holds the top slot at $1.36B even after a 25% share trim.
AMD: the dominant trade of the quarter
Shares went from 69,211 ($14M) to 1,509,650 ($877M) — a 21x increase in shares — while AMD stock more than doubled to $581. AMD is now the #2 position in the fund. This was paired with a near-total exit of Broadcom (-92% of shares), signaling a deliberate rotation within the semi space: out of AVGO's proprietary AI ASIC/networking chips, into AMD's GPU/CPU platform.
Astera Labs: the biggest new entry ($757M)
ALAB is the standout new position — a 1.57M share, $757M commitment in an AI connectivity chip company that makes PCIe, CXL, and UCIe chips used in GPU clusters. This is one of the largest single-quarter new positions the fund has taken. It reinforces a view that AI infrastructure buildout will drive massive demand for interconnect semiconductors.
SanDisk stays #1 despite trimming
Whale Rock trimmed SNDK shares 25% (799,587 → 596,545) but the stock surged 258% to $2,274, pushing the position to $1.36B. This mirrors SAF's behavior in SNDK — both funds trimmed shares into an explosive rally. SanDisk is now a shared highest-conviction name across both funds.
AI hardware names: add and hold
TTM Technologies (+20% shares, $791M), Viavi Solutions (+98% shares, $328M), Fabrinet (+22% shares, $419M), Coherent (+25% shares, $482M) were all added. Corning, MKS, and Celestica were trimmed modestly (all ~2-3%) as their prices surged. The AI hardware supply chain — PCB, optical components, precision manufacturing — remains the fund's core theme alongside semiconductors.
NVDA significantly cut; AVGO near-exited
NVDA was cut 64% (from 1.04M to 377K shares) — still held but greatly reduced. AVGO was cut 92% to a near-total exit. Together these represent a rotation out of the Q1 AI chip consensus (NVDA, AVGO) toward more differentiated bets (AMD, ALAB, MACOM, SiTime, Lam Research).
Carvana: a contrarian dip-buy
Shares quadrupled (877K → 4.27M) while the stock fell ~79% from $314 to $65.83. Position value stayed flat at ~$280M, meaning the fund bought aggressively into a major selloff. This appears to be a high-conviction contrarian bet — unusual relative to the rest of the portfolio.
BE — trim into strength
Whale Rock trimmed BE shares slightly (1,653,788 → 1,608,305, -2.7%) while the stock surged from ~$135 to $302.70 (+123%). Position value more than doubled from $224M to $487M. This mirrors SAF's posture exactly — both funds are trimming BE into strength while retaining the core long. BE at $302.70 is a shared top-10 conviction name across both Whale Rock and SAF.
portfolio · Q2 2026
Portfolio by Category
7 categories · june 2026
| Category | Description | Long | Put | Call | Total |
|---|---|---|---|---|---|
| AI Hardware | Data center hardware supply chain: PCB, optical, precision manufacturing | $3.69B | — | — | $3.69B |
| Semis | AI chip designers, equipment makers, and foundries | $3.24B | — | — | $3.24B |
| Storage | Data storage hardware and flash memory | $1.76B | — | — | $1.76B |
| Hyperscalers | Large-cap cloud and platform companies | $1.75B | — | — | $1.75B |
| Software | Software and SaaS platforms | $1.01B | — | — | $1.01B |
| Consumer Tech | Consumer-facing technology companies | $518.7M | — | — | $518.7M |
| AI Power | Power generation for AI infrastructure | $486.8M | — | — | $486.8M |
| total | $12.46B | $0 | $0 | $12.46B | |
holdings · Q2 2026
Current Positions
35 positions
| Ticker | Name | Type | Category | Status | Value↓ | Shares | Implied Px | Chg % |
|---|---|---|---|---|---|---|---|---|
| SNDK | SanDisk | long | Storage | trimmed | $1.36B | 596,545 | $2273.84 | -25.4% |
| AMD | AMD | long | Semis | added | $877.0M | 1,509,650 | $580.91 | +2081.3% |
| GOOGL | Alphabet | long | Hyperscalers | trimmed | $856.4M | 2,396,352 | $357.38 | -10.3% |
| TTMI | TTM Technologies | long | AI Hardware | added | $791.2M | 4,230,575 | $187.02 | +20.4% |
| ALAB | Astera Labs | long | Semis | new | $757.3M | 1,567,882 | $482.97 | — |
| AMZN | Amazon | long | Hyperscalers | added | $583.4M | 2,447,732 | $238.34 | +34.5% |
| GLW | Corning | long | AI Hardware | trimmed | $570.6M | 2,233,999 | $255.42 | -2.8% |
| MKSI | MKS Instruments | long | AI Hardware | trimmed | $565.5M | 1,271,373 | $444.81 | -2.7% |
| CLS | Celestica | long | AI Hardware | trimmed | $538.6M | 1,476,430 | $364.81 | -2.8% |
| BE | Bloom Energy | long | AI Power | trimmed | $486.8M | 1,608,305 | $302.70 | -2.7% |
| COHR | Coherent | long | AI Hardware | added | $482.1M | 1,222,035 | $394.47 | +25.3% |
| FN | Fabrinet | long | AI Hardware | added | $418.6M | 744,765 | $562.08 | +21.8% |
| SITS | SiTime | long | Semis | trimmed | $418.0M | 560,701 | $745.56 | -2.8% |
| FROG | JFrog | long | Software | trimmed | $405.2M | 4,458,423 | $90.88 | -25.9% |
| MTSI | MACOM Tech | long | Semis | trimmed | $376.1M | 988,785 | $380.40 | -15.9% |
| VIAV | Viavi Solutions | long | AI Hardware | added | $328.3M | 6,875,942 | $47.75 | +98.0% |
| LRCX | Lam Research | long | Semis | trimmed | $321.8M | 742,638 | $433.35 | -22.5% |
| TSM | TSMC | long | Semis | trimmed | $281.7M | 589,911 | $477.57 | -28.0% |
| CVNA | Carvana | long | Consumer Tech | added | $280.9M | 4,267,080 | $65.83 | +386.3% |
| META | Meta | long | Hyperscalers | trimmed | $256.9M | 455,982 | $563.29 | -11.0% |
| WDC | Western Digital | long | Storage | trimmed | $255.9M | 400,687 | $638.80 | -2.7% |
| APP | AppLovin | long | Consumer Tech | trimmed | $237.8M | 461,611 | $515.24 | -33.6% |
| SNOW | Snowflake | long | Software | new | $225.2M | 884,691 | $254.50 | — |
| TWLO | Twilio | long | Software | new | $169.6M | 821,768 | $206.34 | — |
| STX | Seagate | long | Storage | new | $143.3M | 148,543 | $965.00 | — |
| KVYO | Klaviyo | long | Software | trimmed | $83.5M | 5,528,166 | $15.10 | -19.0% |
| NVDA | NVIDIA | long | Semis | trimmed | $75.5M | 377,204 | $200.09 | -63.8% |
| MDB | MongoDB | long | Software | unchanged | $75.5M | 224,648 | $335.88 | 0.0% |
| PI | Impinj | long | Semis | unchanged | $58.0M | 405,244 | $143.24 | 0.0% |
| DUOL | Duolingo | long | Software | unchanged | $54.3M | 471,764 | $115.00 | 0.0% |
| INTC | Intel | long | Semis | new | $36.3M | 259,903 | $139.63 | — |
| AAPL | Apple | long | Hyperscalers | added | $28.9M | 99,766 | $289.38 | +3.3% |
| SPACEX | SpaceX | long | Hyperscalers | new | $26.1M | 152,517 | $170.86 | — |
| AVGO | Broadcom | long | Semis | trimmed | $22.6M | 59,780 | $377.73 | -91.9% |
| CBRS | Cerebras | long | Semis | new | $11.2M | 50,696 | $221.00 | — |
35 positions · period ending june 2026 · source SEC EDGAR
closed · Q1 2026 → Q2 2026
Closed Positions
7 positions closed
| Ticker | Issuer | Type | Category | Q1 2026 Value | Q1 2026 Shares | Note |
|---|---|---|---|---|---|---|
| AEIS | Advanced Energy Industries | long | $329.8M | 1,022,112 | full exit | |
| RBLX | Roblox Corp | long | $199.8M | 3,532,184 | full exit | |
| TSEM | Tower Semiconductor Ltd | long | $187.2M | 1,066,737 | full exit | |
| CIEN | Ciena Corp | long | $89.8M | 231,267 | full exit | |
| ARM | ARM Holdings PLC | long | $68.4M | 452,384 | full exit | |
| MSFT | Microsoft Corp | long | $19.9M | 53,850 | full exit | |
| NFLX | Netflix Inc | long | $12.7M | 131,960 | full exit |
7 positions closed · Q1 2026 → Q2 2026
new · Q1 2026 → Q2 2026
New Positions
7 positions opened
| Ticker | Issuer | Type | Category | Value | Shares | Implied Px |
|---|---|---|---|---|---|---|
| ALAB | Astera Labs | long | Semis | $757.3M | 1,567,882 | $482.97 |
| SNOW | Snowflake | long | Software | $225.2M | 884,691 | $254.50 |
| TWLO | Twilio | long | Software | $169.6M | 821,768 | $206.34 |
| STX | Seagate | long | Storage | $143.3M | 148,543 | $965.00 |
| INTC | Intel | long | Semis | $36.3M | 259,903 | $139.63 |
| SPACEX | SpaceX | long | Hyperscalers | $26.1M | 152,517 | $170.86 |
| CBRS | Cerebras | long | Semis | $11.2M | 50,696 | $221.00 |
7 positions opened · Q2 2026