Alphabet Inc 13F Portfolio

Because there were no disclosed “biggest buys” in 2026‑Q2, the real conviction signal is what they refused to touch. Several positions with large embedded gains were left entirely alone, which is telling given how actively they trimmed elsewhere.

• PLANET LABS (PL) at 1.18% of the book and up 159.6% versus cost is untouched, signaling continued belief that global satellite imaging is a core data input to Alphabet’s mapping and earth‑observation stack, not a trade to be top‑ticked.
• AST SpaceMobile (ASTS), up 203.2% versus average buy and still 0.8% of the portfolio, stays intact despite volatility, underscoring a thesis that direct‑to‑device satellite connectivity can extend Android’s reach where terrestrial networks failed.
• ARM Holdings (ARM), with a 421.1% gain versus cost, remains a cornerstone semiconductor bet: Alphabet is effectively anchoring itself to the CPU and accelerator IP that underpins mobile, edge, and increasingly AI workloads.

On the software side, AI‑adjacent tools like Freshworks (FRSH), GitLab (GTLB), UiPath (PATH), and Figma (FIG) are deeply underwater relative to cost, yet share counts are flat. That looks less like neglect and more like deliberate patience: Alphabet appears willing to sit through multiple product cycles for platforms that could plug directly into its own developer and enterprise ecosystems.

Tempus AI (TEM), already showing a 48.9% gain versus its $35.0 average entry, is another “do nothing” tell. Alphabet seems to view AI‑driven precision medicine and diagnostics as too strategic to trade tactically, even after a fast move higher.

If the buys are defined by inaction, the sells are precise and pointed. Alphabet’s main use of the quarter was to take risk off where it has either already been paid or lost confidence in the scientific path.

• Revolution Medicines (RVMD) saw shares cut by 10.5%, taking roughly $64.8M off the table while the position still shows a massive 661.5% gain versus cost. That looks like classic risk management: bank some upside in an oncology name that has moved, without abandoning the underlying pathway bet.
• Monte Rosa Therapeutics (GLUE) was slashed by 45.6%, even though it is already down 31.7% against Alphabet’s entry. That combination — big cut into weakness — reads as a thesis downgrade on its targeted protein degradation platform, not just portfolio housekeeping.
• Relay Therapeutics (RLAY) is trimmed 9.9% with the holding sitting 52.3% below cost. This is more incremental, but still suggests skepticism about timelines or competitive edge in structure‑based drug design.
• Ethos Technologies / LIFE, a specialty insurance play in the finance sleeve, was gently reduced by 3.9% despite a 204.6% gain, likely serving as a smaller funding source while keeping exposure to tech‑enabled insurance economics.

Across these moves, the pattern is consistent: monetize oversized biotech wins, cut hardest where clinical or platform conviction has eroded, and free capacity for higher‑leverage bets in data and AI — even if this quarter that capacity remains as dry powder rather than visible new positions.

Under the hood, this quarter continues a multi‑year transition from speculative therapeutics into the infrastructure that will monetize AI and ubiquitous connectivity. Health care drops from 17.67% to 16.36% of the book, while technology and financials creep up to 48.78% and 17.86% respectively; consumer exposure, driven by AST SpaceMobile, edges to 17.0%.

Within technology, the weight is dominated by semis and software that either feed Alphabet’s own stack or sit adjacent: ARM at 0.7%, Planet Labs at 1.18%, and a cluster of enterprise SaaS (FRSH, GTLB, PATH, FIG) and AI/biomed data names like Tempus. This is where Alphabet is concentrating optionality on AI workflows, developer tooling, and unique data streams.

Health care, by contrast, is increasingly a barbell. On one side, Alphabet retains small, long‑dated options in early‑stage biotech — PRME, MAZE, BBOT, BEAM, VERA, and a slew of sub‑0.01% positions (SANA, SPRO, HYPR, AUTL, LYEL) that can move the strategic needle more than the P&L. On the other, it is actively pruning names where the payoff profile no longer justifies the binary risk.

Finance exposure via CME and LIFE reinforces the theme: these are not classic value holdings, but infrastructure around capital markets and insurance, both ripe for data and AI leverage. The net effect is a sector mix that looks less like a biotech incubator and more like a toolkit for monetizing the next compute and connectivity cycle.

Put together, 2026‑Q2 shows a manager that is done with broad experimentation and is now curating a smaller, more thematic universe. The core bet is that control over unique data (Planet, Tempus), distribution and connectivity (AST SpaceMobile), and foundational compute IP (ARM) will matter far more over the next decade than marginal clinical wins in crowded indications.

The trims in RVMD, GLUE, and RLAY suggest Alphabet will continue to recycle biotech capital into assets that can plug directly into its AI and cloud flywheels. Expect more of the same: gradual whittling of long‑tail health‑care bets, rather than a wholesale exit, and a willingness to sit on deeply underwater software positions as long as the strategic logic holds.

The absence of new positions this quarter should not be read as complacency. A 20.43% portfolio gain in the period gives them the luxury of time: they can afford to let volatility shake out in AI infrastructure, satellites, and software before redeploying the cash freed from biotech. For external observers, the message is clear: watch for future 13Fs where that freed‑up risk budget finally migrates from labs into code, chips, and orbital bandwidth.