To The Moon

It’s 13-F season, which means we’re getting position disclosures from hedge funds and asset managers as of the end of the second quarter.

This isn’t something I usually follow, but this quarter I think it’s especially interesting.

Not because there are some brilliant moves, but because everyone is making the same trade.

They’re all going long the AI buildout in one form or another.

Some are buying chip companies, others are buying chip equipment, and some are playing energy, but it’s all the same trade. And I find that fascinating because it’s a consensus trade that everyone thinks will work.

More on that in a moment.

Hedge Funds Making the Same Bet

One of the things I always find interesting in the public discourse about stocks is how much everyone is just talking their book.

And this quarter, we found out that hedge fund books look almost exactly the same. No wonder the conversation has very little nuance. You’re either an AI bull or someone AI bulls laugh at.

I’ll start here. These are the biggest fund buys for Q2 2026 from Hedge Follow: $Alphabet(GOOGL)$ $NVIDIA(NVDA)$ $Micron Technology(MU)$ $Amazon.com(AMZN)$ $Microsoft(MSFT)$

These are some of the biggest companies in the world, so maybe the only surprise is $34.1 billion going into Micron. And look who the #3 buyer was…

Next on the list are a few more interesting stocks. If Google, Microsoft, Amazon, and Meta are primary beneficiaries of the AI buildout, Marvell, AMD, NVIDIA, and Broadcom are first derivative plays on the AI buildout because they’re the ones providing chips to data centers.

$Apple(AAPL)$ $Marvell Technology(MRVL)$ $Alphabet(GOOG)$ $Meta Platforms, Inc.(META)$ $Advanced Micro Devices(AMD)$ $Broadcom(AVGO)$ $Devon(DVN)$ $Taiwan Semiconductor Manufacturing(TSM)$

And now we get to the second and third derivatives. Micron was above, but we also have Applied Materials, Sandisk, Seagate, Lam, GE Vernova, and Intel, which are downstream from the AI buildout, providing equipment, components, or energy that goes into chips/data centers.

$Tesla Motors(TSLA)$ $Applied Materials(AMAT)$ $SanDisk Corp.(SNDK)$ $Seagate Technology PLC(STX)$ $Lam Research(LRCX)$ $Eli Lilly(LLY)$ $GE Vernova Inc.(GEV)$ $Intel(INTC)$

Nearly every stock that hedge funds were buying in large numbers are AI stocks in one form or another. There’s no software. No banks. No real estate. No retailers.

It’s all AI!

This dynamic has helped push these stocks higher as everyone has been buying into the same trade. And I want to show details of how some of the big funds are betting.

Jane Street bet big on Sandisk, Bloom, and the big tech names.

Coatue is a huge fund with Lam Research, Micron, Applied Materials, GE Vernova, etc in its holdings. This is a who’s who of AI 2nd and 3rd derivative stocks.

Of course, Situational Awareness was all-in on AI before blowing up (yes, it blew up because the stock portfolio went to $0).

Even David Tepper, who will follow opportunity wherever it leads, is going big on AI stocks.

But my two favorites in the podcast circuit are Gavin Baker…

and Brad Gerstner, who are both all-in on AI on numerous levels.

I don’t point this out to dunk on these guys. They’re all outperforming me in 2026.

What I want to point out is how a handful of big, powerful names in finance and on the CNBC/podcast circuit create the narrative for the market.

Realize it or not, they’re all over all of our feeds.

AND THEY’RE ALL SAYING THE SAME THING!

Because they’re all talking their book.

Is that good?

Is it sustainable?

Eventually, these positions will have to be sold, and hedge funds, which are inherently short-term investment vehicles, will move to another opportunity. What happens then?

Keep an eye on what these investors are doing over the next few months because the AI trade is a consensus now, but it won’t be forever.

It’s also why I’m seeing more opportunities outside AI than ever before.