Renaissance Technologies 13F Portfolio · Jim Simons

The biggest buys are remarkably concentrated in a single idea: own the platforms where AI actually touches users and workloads. Renaissance did not nibble; it rewired the top of the book around a handful of mega-cap and upper-mid-cap growth names.

• META: Position up +698.5%, adding roughly $996.9M, signals a bet that Meta’s AI recommendation and ad stack has more runway than consensus credits at just above cost (gain vs avg buy 1.3%). This is factor, not value, buying.
• NVDA: Increasing NVIDIA by +180.6% (about $913.3M added) shows they still want the core AI hardware tollbooth, even after a +29.4% gain vs their average cost; they are choosing momentum and dominance over mean reversion.
• Alphabet (GOOGL and GOOG): A combined multi-hundred-million-dollar ramp (each up well over +300% in shares) says they view Alphabet as under-owned AI infrastructure and search monetization rather than a mature ad utility.
• CRWD: Initiating a $571.6M stake in CrowdStrike, even while sitting -21.7% below their avg buy, looks like deliberate exposure to security as an AI-critical layer, not a quick trade.
• AMZN and NFLX: New Amazon at $546.0M and a massive build in Netflix (shares up +275,718.1%, roughly $484.5M added) re-anchor the book in recurring consumer engagement and cloud/digital distribution tied to AI and streaming demand.
• TSLA, AMD, TXN, TSM, STX, CRDO: The step-ups across Tesla, AMD, Texas Instruments, TSMC, Seagate, and Credo show they still want the semiconductor and hardware plumbing, but selectively — favoring exposure to AI compute, storage, and bandwidth rather than broad memory cycles.

The through line: they are paying up for scale, data, and installed bases that can reprice as AI workloads and digital consumption compound, even when those positions already sit on solid gains.

If the buy tape says “platforms and engagement,” the sell tape says “harvest the cyclicals and side bets.” The single biggest tell is how aggressively Renaissance freed cash from prior semiconductor darlings.

• MU: Micron is the main funding source; the fund slashed the stake by -90.2%, pulling an estimated $2.25B out even though the position shows a +433.4% gain vs their avg cost. That is not fear; it is a clean rotation away from memory’s deep cyclicality.
• AAPL and WDC: Apple (-48.4%, about $430.9M cut) and Western Digital (-53.1%, roughly $388.8M out) look like classic profit-taking in legacy hardware and storage after big runs (+16.2% and +392.3% vs cost), used to finance higher-beta AI and consumer names.
• VRSN, STRL, MEDP: Trims in Verisign, Sterling Infrastructure, and Medpace — each with triple-digit percentage gains versus their average buy — are consistent with recycling capital from idiosyncratic winners into broader, more liquid growth exposure.
• HOOD and CBOE: Cutting Robinhood by -57.0% (about $291.6M) and nudging down CBOE suggests reduced appetite for trading/retail-brokerage sensitivity just as they ramp more direct consumer and tech risk elsewhere.
• CVNA, ABNB, W: Carvana, Airbnb, and Wayfair all see meaningful reductions despite being up versus cost, hinting that Renaissance prefers scaled, multi-vertical consumer engines like Amazon and TJX over narrower, more volatile online consumer niches.

What they are not doing is bailing on Health Care outright. UTHR, EXEL, CORT, INCY, NBIX, and MEDP see trims rather than exits, even with hefty gains, implying the sector becomes a source of incremental cash rather than a thesis they’re abandoning.

On the surface, the sector chart looks almost static: technology sits at 51.01% of the book versus 51.81% last quarter — barely any change. The story is in the internal swap: AI platforms and semis with structural tailwinds in, memory and legacy storage out.

Health care steps down from 19.90% to 18.55% as multi-bagger biopharma and services positions are lightly harvested. That cash, plus proceeds from Basic Materials (down from 5.33% to 4.39%) and Finance (cut from 3.89% to 2.04%), funds a very visible expansion in cyclically exposed demand.

Consumer Discretionary climbs sharply from 10.02% to 14.24%, powered by new or ramped stakes in Amazon, Netflix, AutoZone, TJX, and existing names like AGX and Wayfair. Industrials also nudge up from 3.66% to 4.49%, with Tesla and Sterling reflecting bets on both EV optionality and real-world infrastructure.

Energy edges higher (Chevron now at 2.07% vs 1.67%), and Real Estate and unclassified tech-like storage (Etsy and PSTG) fade slightly. The net effect: the fund keeps its tech superstructure but injects more consumer and cyclical sensitivity, while banking profits in defensive gold and over-earning financials.

Taken together, this 13F snapshot reads like Renaissance expressing a very specific macro and micro view: the next leg of returns will be earned by platforms that channel AI into monetizable consumer and enterprise demand, not by every company vaguely tied to the theme. They are done indiscriminately owning “chips” and “fintech” and instead are concentrating on where they think pricing power and volume can actually show up in income statements.

New and expanded positions in META, NVDA, Alphabet, CrowdStrike, Amazon, Netflix, Tesla, AMD, and TJX suggest they want exposure to both the cloud/AI stack and the end-markets that spend into it. Trims in Micron, Apple, Western Digital, gold-linked names KGC and FNV, and brokers like HOOD and CBOE show a willingness to sacrifice cyclical, defensive, or trading-driven gains to keep the book pointed at secular growth plus consumer spending.

For observers, the message is that Renaissance is leaning into its factor edge rather than stock-picking heroics: use the most liquid AI and consumer platforms as vehicles for its signals, while gradually dialing down reliance on narrower, more idiosyncratic winners. If their 3-year track record — a 48.52% annualized return — is any guide, this quarter’s repositioning is not a style change, but a refinement of how they want to express an AI-and-demand regime.