Key Findings — Q2 2026

SpaceX (SPCX) and Cerebras (CBRS) define the quarter. Seven of 12 tracked funds initiated SpaceX positions simultaneously — the broadest synchronized new-position signal in our dataset. Cerebras, a newly public AI accelerator company, saw the same pattern: seven new positions with zero trims. These entries reshaped the conviction landscape in a single quarter.

NVDA conviction declined sharply. The conviction score fell from 91.4 (Q1) to 34.7 (Q2), with the number of holding funds dropping from 9 to 6. Four funds trimmed and two fully exited. After three consecutive quarters as the top conviction name, institutional positioning is rotating.

GOOGL overtook TSM as the most widely held name — 10 of 12 funds. SpaceX entered at a 120.8 conviction score, substantially above NVDA’s Q1 score of 91.4, driven primarily by D1 Capital’s 48.2% portfolio allocation.

D1 Capital’s reported 13F portfolio value increased from roughly $11.2B to $34.8B, with its exceptionally large SpaceX position a major contributor.

Carvana is the broadest equity add — six funds increased their position. Four funds established new Snowflake positions, reversing the prior quarter’s de-emphasis of Cloud/SaaS. Intel and AMD each saw three to four funds initiate or add.