Cantor Fitzgerald L P 13F Portfolio

The biggest buys this quarter are not incremental. Marvell Technology's position exploded from 74,900 shares to 2,896,855, turning a 1.3% sliver into a 16.9% anchor position worth $862.9M. That is a deliberate, high-conviction bet on custom AI silicon — the ASICs that hyperscalers are using to reduce dependence on Nvidia.

AMD and Intel received similar treatment. AMD is now 12.7% of the book at $647.3M, with the fund's average cost implying a 102.0% gain. Intel, at 6.3%, carries a 111.7% gain versus average cost. The addition of Applied Materials (0.5% to 1.0%) and ASML (new, 0.4%) extends the bet downstream into the equipment that makes the chips.

The push into ServiceNow (up 205.5%) and Broadcom (up 67.7%) suggests the fund sees enterprise software and networking as complementary AI beneficiaries, not substitutes. Corning's 126.8% increase points to the optical infrastructure angle. Collectively, these moves argue that Cantor believes the AI capex cycle is still in its early-to-middle innings and is willing to pay up for exposure.

The semis expansion did not come from cash. It came from monetizing existing positions with less appealing risk-reward. Strategy Inc (MSTR) was cut by 51.3%, a $81.3M reduction, with the stock sitting 58.7% below the fund's average cost. That is a classic stop-loss discipline move — the crypto-proxy bet is being trimmed, not abandoned entirely.

UnitedHealth was cut 40.8% for a $57.7M reduction while still sitting 23.5% above cost. The fund appears to be locking in gains in managed care, a sector facing policy and cost headwinds. Netflix was reduced 36.3%, with the position now 27.7% underwater relative to average cost — another sign of conviction cooling.

On the smaller end, Hims & Hers was halved (-49.2%), and Circle Internet Group was cut 47.2%. Both moves suggest a preference for the compute infrastructure layer over consumer-facing digital health and stablecoin payments. Notably, the fund also trimmed Microsoft by 32.8%, reallocating from a mega-cap software name into higher-beta semiconductor exposure.

The sector rotation chart shows a barbell: Technology rose to 78.7% from 71.2%, while Health Care collapsed to 3.3% from 7.6%. The health care reduction was the largest single-sector cut, funding the semis expansion almost point-for-point in dollar terms.

Utilities rose modestly to 1.3% from 0.9%, entirely due to Oklo Inc, which was increased 125.2%. Oklo is a small modular reactor developer — a bet on nuclear power as the AI data-center energy solution. That is a thematic play, not a defensive utility allocation.

Unclassified holdings, which include the IVV S&P 500 ETF and bitcoin trusts, held steady at 6.2%. The fund added to IBIT (up 87.6%) while holding FBTC flat, a nuanced crypto stance. The overall rotation signals a preference for hard infrastructure — chips, equipment, power — over consumer, healthcare and financial services.

Going forward, the key risk in this portfolio is not the AI thesis itself but its concentration. With 35.9% in three semiconductor names, the book is a leveraged expression of a single macro bet. If the AI capex cycle accelerates, Marvell and AMD could deliver outsized returns. If it pauses or hyperscaler spending disappoints, there is very little offset.

The fund's latest quarter performance of 28.5% shows the strategy has worked recently, and the 3-year annualized return of 11.5% is solid. But the 18-quarters-since-first-filing record shows a cumulative -1.6% on an available basis, a reminder that concentration cuts both ways.

The new positions in Trulieve Cannabis, Glass House Brands, SoFi and Nebius suggest the fund is still hunting for idiosyncratic bets. But the dominant message from this filing is clear: Cantor is betting that compute, bandwidth and power are the defining investment themes of the next cycle, and it is willing to accept the volatility that comes with that conviction.