Atreides Management 13F Portfolio · Gavin Baker

Atreides did not just nibble. It opened or materially expanded positions that monetize AI capex without relying on a single chip cycle.

• Meta Platforms: new 2.04%, $226.9M. This is the largest new stake and gives exposure to AI-driven ad ranking and a hyperscaler's capex budget.
• CoreWeave: increased 162.2% to 1.9%, $211.5M. The purest AI-cloud bet in the book, tied to GPU scarcity and rented compute.
• Amphenol: new 1.01%, $112.9M. Connectors, cables and power are the unglamorous bottleneck for data-center buildouts.
• Palo Alto Networks: increased 56.1% to 2.68%, $299.1M. Security spending is becoming a tax on cloud and AI adoption.
• GitLab: new 0.92%, $103.0M. DevOps tooling fits the software layer that gets more valuable as AI-generated code scales.
• Cipher Digital: new 0.79%, $87.9M. A digital-infrastructure play that may be about power and data-center capacity as much as crypto.
• Samsara, PDF Solutions and ServiceTitan: new positions at 0.67%, 0.42% and 0.34%. They add workflow automation, semiconductor yield and field-service software to the AI-adjacent basket.

The sell side of the 13F reads as a funding exercise. Atreides trimmed several large winners and consumer-discretionary names, not because the AI theme is broken but because new positions needed capital.

• Astera Labs: share count down 63.8%, still 5.27% of book and up 105.1% vs average cost. A classic de-risking after a huge run.
• Micron: trimmed 6.5%, still the top holding at 7.37% and up 565.9% vs cost. Small trim, not a broken thesis.
• Unity Software: cut 17.3%, leaving 2.63%, after a 66.4% gain. Cooling conviction on the ad/gaming turnaround.
• Wayfair: cut 41.0% to 0.7%, the sharpest consumer-discretionary reduction.
• Twilio: cut 21.8% to 1.33%, despite a 105.5% gain; mature software may be less compelling than newer AI-adjacent names.
• Alphabet: trimmed 12.0% to 1.57%, taking profits on a 100.1% gain.
• Dick's Sporting Goods: cut 17.1% to 0.76% and barely above cost at 0.9%; consumer retail remains a source of funds.

Because the data only covers current top-50 positions, full exits from prior quarters are not visible. What is visible is a clear pattern: monetize semis and consumer discretionary, recycle into AI's network, cloud, security and software layer.

At the headline sector level, Technology slipped to 76.5% from 79.23%, Consumer Discretionary fell to 6.9% from 7.8%, and Finance rose to 3.32% from 1.63%. Those moves look small, but they understate a real rotation inside the book.

Two sector labels need correcting. Ciena is telecom equipment, not a utility, and the Real Estate bucket—Akamai, ACV Auctions and Mastercard—is really cloud/CDN, auto auctions and payments. Read literally, those labels hide the actual shift.

Health Care ticked up to 0.86% from 0.35% on the new Natera position, while Industrials stayed near 2% through Tesla and Rogers. The meaningful change is thematic: less raw semiconductor exposure, more networking, cloud compute, security, payments and digital infrastructure.

Atreides is not rotating out of technology; it is shifting within technology and into adjacent cash-generative franchises. The Finance increase, for example, comes from Affirm, Cipher Digital and BitGo, not traditional banks.

Atreides appears to be positioning for the second derivative of AI: not whether accelerators sell, but who supplies the network, power, security and software around them. The 2026-Q2 filing is a portfolio that still believes in AI infrastructure but wants less single-name semiconductor risk after enormous gains.

The new high-conviction expressions are CoreWeave, Meta Platforms, Amphenol, Palo Alto Networks and Ciena, while Micron remains the anchor. If AI capex keeps compounding, these names should capture more of the deployment phase; if it digests, the trimmed chip winners may no longer cushion the book the way they did.

The key risk is concentration. A 32.4% top-10 weight and a 76.5% technology-label exposure mean Atreides is still making a bold, high-beta AI call. The quarter's message is that the call is getting broader, not smaller.