Dan Loeb's Trades and Holdings in Q2 2026

Breaking down the stocks Dan Loeb (Third Point) bought, sold, and held in Q2 2026, including their holdings at the end of the quarter. All data sourced from Third Point's 13F filed on August 14, 2026.

Who are Dan Loeb and Third Point?

Third Point is a multi-strategy hedge fund founded in 1995 by activist investor Dan Loeb, known for his sharply worded letters to underperforming company executives. The firm has generated annualized returns of approximately 15% since inception through opportunistic investments across equities, corporate credit, structured credit, and venture capital. Loeb's approach combines fundamental analysis with shareholder activism, pushing for strategic changes in target companies to unlock value through operational improvements, financial restructuring, or corporate governance reforms.

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Q2 '26 13F filed with SEC

Holdings in Q2 2026

Current Investment Strategy

Third Point's positioning at the end of the second quarter of 2026 underscored Dan Loeb's classic event-driven, catalyst-hunting playbook, as the firm trimmed exposure to crowded AI and semiconductor trades—unwinding stakes in Meta, NVIDIA, KLA, Lam Research and its SPDR Gold hedge—while rotating into turnaround and infrastructure-adjacent names including Warner Bros. Discovery, Block, Keysight Technologies, Flex and TTM Technologies, the latter three tied to electronics manufacturing benefiting from AI and defense-related demand. The hedge fund's top holdings—spanning Strata Critical Medical, ARS Pharmaceuticals, Aurora Innovation, Hertz and FlyExclusive—reflect Loeb's enduring preference for special situations and distressed or cyclical recovery stories over passive megacap tech exposure, consistent with a firm built on identifying catalysts to unlock value through special-situation equities, distressed debt, and risk arbitrage.

New Investments

Warner Bros. Discovery

Dan Loeb bought $533.2M of Warner Bros. Discovery in Q2 2026. Over the past 12 months, the stock has risen 137.61%, far outperforming the S&P 500’s 20.36% return, as investors increasingly focus on the company’s improving streaming economics despite ongoing pressure in its legacy TV businesses. In the current quarter (Q2 2026), the company’s streaming segment surpassed $3.0 billion in revenue, growing roughly 10% year over year and generating more than $500 million of adjusted EBITDA with a margin near 17%, while total company revenue declined about 11% and consolidated adjusted EBITDA fell modestly as weakness in Studios and Global Linear Networks offset streaming strength. Compared with Q1 2026—when the company reported a net loss of about $2.9 billion driven largely by a one‑time $2.8 billion Netflix termination fee and other transaction‑related charges, yet still grew adjusted EBITDA roughly 5%—the Q2 EPS beat ($0.06 versus an expected loss), alongside a strategic plan to reach roughly 150 million global streaming subscribers by the end of 2026, underscores a business that is operationally improving even as headline earnings remain volatile.

• Stock price up 137.61% over the last 12 months versus the S&P 500’s 20.36% return..
• Q2 2026 streaming revenue above $3.0 billion, up roughly 10% year over year, with streaming adjusted EBITDA of about $512 million and a margin near 17% (more than 60% YoY growth)..
• Q2 2026 EPS of $0.06 versus consensus expectations near ‑$0.14, on total revenue of approximately $8.72 billion (down about 11% year over year)..

Keysight Technologies

Dan Loeb bought $204.79M of Keysight Technologies in Q2 2026. Over the last two quarters, the company has delivered accelerating growth, with fiscal Q1 2026 revenue up 23% year over year to $1.6B and non-GAAP EPS of $2.17, followed by record Q2 revenue of $1.717B up 31% year over year and non-GAAP EPS of $2.87 up 69%, underscoring strong fundamental momentum in electronic measurement markets. Current-quarter performance is particularly robust, with orders surpassing $2.0B (up 56% year over year), gross margin expanding to 72.3%, operating margin reaching 33.3%, and free cash flow hitting a record $472M, driven by broad-based strength in communications, data-center, and industrial end-markets and disciplined cost control. Shares reacted positively to the above-consensus Q2 outlook, jumping over 15% in after-hours trading and recently quoting in the low- to mid-$300s, while the scheduled fiscal Q3 2026 results release on August 18, 2026 provides a clear near-term catalyst as investors look for continued high-margin growth and strong orders.

• Fiscal Q1 2026 revenue grew 23% year over year to $1.6B, with non-GAAP EPS of $2.17 up roughly 19% year over year..
• Fiscal Q2 2026 revenue reached $1.717B (up 31% year over year), orders exceeded $2.051B (up 56% year over year), and non-GAAP EPS rose to $2.87 (up 69% year over year)..
• Non-GAAP gross margin expanded to 72.3% and operating margin to 33.3% in Q2 2026, driving record free cash flow of $472M and supporting a fundamentally strong ROI profile..

Block

Dan Loeb bought $194.48M of Block in Q2 2026. Over the past two quarters, Block has delivered robust growth, with gross profit rising to $2.91B in Q1 2026 (up 27% year over year) and to about $3.17B in Q2 2026 (up around 25%), indicating the business is gaining momentum rather than declining. In the current quarter, Block reported total net revenue of roughly $6.62B, record gross profit of about $3.17B, a peak adjusted operating margin of 27%, and adjusted EPS of $1.02—approximately 65% year-over-year growth and a substantial beat versus consensus—highlighting strengthening profitability and operating leverage. While GAAP net income remains modest (Q2 diluted EPS of $0.15 and a year-to-date net loss of about $220M), management has raised 2026 guidance to roughly $12.5B gross profit, $3.5B adjusted operating income, and $4.02 adjusted EPS and is implementing workforce reductions of around 4,000 employees with $450–$500M in related charges, making cost discipline and the upgraded outlook key catalysts for further value creation.

• Q2 2026 total net revenue grew from about $6.05B to roughly $6.62B year over year, with gross profit increasing from around $2.54B to approximately $3.17B (about 25% growth)..
• Adjusted diluted EPS rose from about $0.85 in Q1 2026 to $1.02 in Q2 2026, versus a Q2 consensus of roughly $0.48, delivering an earnings beat of about $0.54 per share..
• Block’s full-year 2026 outlook now targets approximately $12.5B gross profit (around 21% growth), $3.5B adjusted operating income, and $4.02 adjusted diluted EPS..

Flex

Dan Loeb bought $166.93M of Flex in Q2 2026. This purchase adds exposure to a contract manufacturer that is showing accelerating top-line growth and margin expansion, with the latest quarter delivering sales up 21% year over year, net income rising to $285 million, and EPS increasing to $0.76 GAAP and $1.00 on an adjusted basis. Momentum has been building over the last two quarters, as the prior quarter reported revenue of $7.5 billion, adjusted EPS of $0.93, and margins meeting long-term targets early, driving roughly a 31% jump in the share price following the announcement of a business spin-off that could unlock further value. Across the past year, revenue growth in the mid- to high-single digits and EPS advancing from $0.51 to $0.72 in early fiscal 2026, alongside gross margin improvement from 7.8% to as high as 9.8%, highlight a strengthening earnings profile and fundamentals that support a higher valuation over time.

• Latest quarter sales up 21% year over year, net income $285 million, GAAP EPS $0.76, adjusted EPS $1.00..
• Prior quarter revenue $7.5 billion, adjusted operating margin around 6%, adjusted EPS $0.93, share price up roughly 31% on results and spin-off news..
• Early fiscal 2026 quarter revenue grew about 4% year over year to $6.6 billion, with gross margin rising 130 bps to 9.1% and adjusted EPS climbing over 40% to $0.72 from $0.51..

TTM Technologies

Dan Loeb bought $94.45M of TTM Technologies in Q2 2026. The purchase comes as the company delivers back-to-back beat-and-raise quarters, with Q1 2026 net sales of $846 million (up 30% year on year) and non-GAAP EPS of $0.75, both above Street forecasts. Q2 2026 accelerated further with record revenue of $1.0 billion (up about 37% year on year), non-GAAP EPS of $0.99 (rising roughly 71% year on year), and adjusted EBITDA margin expanding to 16.6%, again beating consensus. Fundamentals appear to be strengthening versus the prior year as management ramps capacity and capital expenditure to $300–$320 million and secures a new $1.0 billion cash flow revolver, positioning the business to capture sustained AI, data center, and defense demand.

• Q1 2026 net sales were $846 million, up 30% year on year, with non-GAAP EPS of $0.75 versus consensus around $0.67..
• Q2 2026 revenue reached a record $1.0 billion, up about 37–37.4% year on year, with adjusted EBITDA of $166.8 million and margin of 16.6% (up roughly 160 bps year on year)..
• Management has lifted full-year CapEx guidance to $300–$320 million and closed a new $1.0 billion cash flow revolver and upsized term loan, supporting growth investments in AI, networking, and defense end markets..

Performance Food Group

Dan Loeb bought $75.46M of Performance Food Group in Q2 2026. Over the last year, Performance Food Group has delivered strong top-line and profit growth, with fiscal Q4 2025 net sales up 11.5% year over year to about $16.9 billion and full-year revenue above $63 billion, while adjusted EBITDA in that quarter rose 19.9% to $546.9 million on foodservice and convenience strength. In the most recently reported quarter ended December 27, 2025, revenue increased 5.2% year over year to $16.44 billion, GAAP net income improved to $61.7 million with diluted EPS of $0.39, and adjusted EPS remained a solid $0.98, reflecting resilient operating performance despite higher interest expense tied to prior acquisitions. Gross profit has been rising in the mid-teens percentage range due to procurement efficiencies and favorable mix, and recent news on brand expansion plus reported takeover interest from US Foods offer potential upside catalysts, so the current-quarter share purchase leans into a company that is gaining strategic and operational momentum.

• Fiscal Q4 2025 net sales grew 11.5% year over year to roughly $16.9 billion, driving full-year revenue beyond $63 billion..
• Most recent quarter sales were $16.44 billion, up 5.2% year over year, with net income at $61.7 million and diluted EPS of $0.39..
• Adjusted EBITDA increased 19.9% in fiscal Q4 2025 to $546.9 million, following prior-year fiscal Q2 adjusted EBITDA growth of 22.5% to $423 million..

Alphabet

Dan Loeb bought $66.16M of Alphabet in Q2 2026. In the current quarter, Alphabet reported Q2 2026 revenue of $119.8B, up 24% year over year, with operating income rising about 30% to roughly $40.8B, operating margin expanding to 34%, and Cloud revenue jumping 82% to $24.8B as AI infrastructure and enterprise solutions drove demand.[31][35] Q1 2026 already showed strong momentum, with revenue up 22% to $109.9B, net income up 81% to $62.6B, EPS up 82% to $5.11, and Google Cloud revenue up 63% to just over $20B, contributing to roughly 65–70% share price appreciation over the last 12 months—well ahead of major equity indices and many mega-cap tech peers. Recent strategic moves—including guiding 2026 capex up to $195–205B, executing an upsized $84.75B equity raise to fund AI infrastructure, and acquisitions like Wiz to strengthen cloud security—signal an aggressive push to consolidate AI and cloud leadership that may compress near-term free cash flow, with Q2 free cash flow around - $5.9B versus $53.3B for the trailing 12 months, but is likely to support long-term value creation and continued outperformance.[37]

• Q2 2026 revenue $119.8B (+24% YoY), operating income about $40.8B (+30% YoY), operating margin 34%, EPS $9.11.[34][35].
• Q1 2026 revenue $109.9B (+22% YoY), net income $62.6B (+81% YoY), EPS $5.11 (+82% YoY), operating margin 36.1%..
• Alphabet shares gained roughly 65–70% over the last 12 months and about 8–10% in 2026 year-to-date, while 2026 capex guidance rose to $195–205B to fund AI and cloud expansion.[31][37].

Sysco

Dan Loeb bought $48.16M of Sysco in Q2 2026. Over the last two quarters, Sysco has delivered steady top-line growth, with fiscal Q3 2026 sales up 4.7% to $20.5 billion and fiscal Q4 2026 driving operating income up 10.6% to roughly $983 million. Despite Q3 margin pressure from higher incentive compensation that pushed GAAP EPS down 13.4% to $0.71, adjusted EPS remained resilient at $0.94 and rebounded to about $1.53 in Q4, modestly beating Street expectations. Management has reiterated full‑year adjusted EPS guidance toward the high end of the $4.50–$4.60 range and announced a planned $29 billion acquisition of Jetro Restaurant Depot expected to be mid‑ to high‑single‑digit EPS accretive in the first year post‑closing, positioning the company for continued earnings and value growth.

• Fiscal Q3 2026 revenue grew 4.7% year-over-year to $20.5 billion while gross profit rose 6.5% to $3.8 billion.
• Fiscal Q3 2026 GAAP EPS declined 13.4% to $0.71, but adjusted EPS was only down 2.1% at $0.94.
• Fiscal Q4 2026 adjusted EPS came in around $1.53, ahead of the $1.51 consensus, with operating income up 10.6% and net earnings up 3.8%.

Ares

Dan Loeb bought $41.74M of Ares in Q2 2026. Over the past two quarters, Ares has delivered strong fundamental momentum, with Q2 2026 results showing record fundraising of $36 billion, AUM up 17% year over year to about $671 billion, and fee-related earnings rising 20% year over year to roughly $491 million. Sequentially, Q2 2026 fee-related earnings increased from $464.4 million in Q1 2026, after-tax realized income per share climbed from $1.24 to $1.29, and AUM expanded from around $644 billion, indicating the company is still gaining scale and earnings power rather than slowing. GAAP net income of $150.6 million, diluted EPS of $0.49, continued dividend payments totaling roughly $1.35 per common share, and reaffirmed full-year guidance support a constructive outlook for valuation as markets reward its consistent growth across credit, real assets, and wealth channels.

• Fee-related earnings rose from $464.4 million in Q1 2026 to $491.1 million in Q2 2026, a roughly 6% QoQ increase and 20% YoY growth..
• After-tax realized income per share increased from $1.24 in Q1 2026 to $1.29 in Q2 2026, about a 4% QoQ and 25% YoY rise..
• AUM grew from around $644 billion in Q1 2026 to approximately $671 billion in Q2 2026, a roughly 4% QoQ and 17% YoY increase, supported by record Q2 fundraising of $36 billion..

Space Exploration Techn Corp

Dan Loeb bought $30.83M of Space Exploration Techn Corp in Q2 2026. The security is in a clear acceleration phase, with Q2 2026 revenue rising to $7.8 billion (up 92% year over year) and adjusted EBITDA surging to about $3.5 billion, marking a sharp improvement in profitability versus the prior year and a reversal from Q1’s heavy losses. Compared with Q1 2026, when growth slowed to roughly 15% year-over-year and net losses were about $4.3 billion, the latest quarter shows the company gaining momentum as Starlink and AI-compute revenues drive top-line expansion while the net loss narrows to roughly $541 million. Major recent catalysts supporting higher valuation potential include rapid Starlink subscriber growth to around 12 million, connectivity revenue climbing to roughly $4.3 billion, landmark AI-compute deals with Anthropic and Google, and a post-IPO Q2 earnings beat with raised full-year guidance, even as near-term stock performance reflects investor caution around continued AI investment and lock-up dynamics.

• Q2 2026 revenue of $7.8–$7.81 billion, up 92% year over year, with adjusted EBITDA of about $3.5 billion (+191% YoY)..
• Net loss improved from roughly $4.27–$4.3 billion in Q1 2026 to about $541 million in Q2 2026, reducing losses by more than 85% quarter over quarter..
• Starlink connectivity revenue reached about $4.29–$4.3 billion in Q2 2026, up 66% year over year and roughly 32% quarter over quarter, with subscribers climbing to around 12 million..

State Str Spdr S&P 500 Etf T

Dan Loeb bought $28.8M of State Str Spdr S&P 500 Etf T in Q2 2026. Over the last 6–12 months, the ETF has delivered strong absolute returns, rising about 13–14% year-to-date and roughly 20% over the past year, modestly outperforming large-blend peers year-to-date. In the current quarter, performance remains positive with 1–3 month gains of roughly 3–4% and the fund trading near its record high around $777–778, supported by a powerful earnings season in S&P 500 constituents and strength in mega-cap technology holdings that now account for about 29% of the portfolio. Major recent drivers include Q2 index earnings growth of about 50.4% with record net margins near 16.9% and an earnings surprise of roughly 29.2%, alongside softer July payrolls that may reinforce expectations for policy easing, all of which can underpin continued valuation support and upside for the ETF.

• Year-to-date price return approximately 13–14% versus about 5% for the large-blend category..
• Six-month performance around +13.4%, with 3-month gains near 4.0% and 1-month gains about 3.5%, leaving the fund less than 1% below its $776.85 record high..
• Q2 index earnings for the underlying S&P 500 constituents grew roughly 50.4%, with net margins near 16.9% and an earnings surprise of about 29.2%, supporting the ETF’s recent price strength..

Riot Platforms

Dan Loeb bought $7.03M of Riot Platforms in Q2 2026. Over the past two quarters, the company has moved from a substantial Q1 2025 net loss of $296.4 million to a record Q2 2025 net income of $219.5 million, driven by rising Bitcoin prices and large unrealized gains on its Bitcoin holdings. While Q2 2025 revenue slipped about 5% sequentially to roughly $153 million, it grew approximately 118% year-over-year, and Q1 2025 gross margin of 46% with higher gross profit underscores a structurally larger, more efficient mining operation. Recent earnings beats, a strategic pivot toward AI-focused data centers, and increasing self-mining hash rate and operational uptime position the company to benefit from both Bitcoin price strength and growing digital infrastructure demand, supporting potential valuation upside if execution remains on track.

• Q2 2025 revenue of $153 million was down about 5% QoQ but up roughly 118% YoY, with net income of $219.5 million and EPS around $0.65..
• Q1 2025 revenue reached $161.4 million, up 13% QoQ and about 104% YoY, but the company recorded a net loss of $296.4 million (EPS -0.90). .
• Non-GAAP adjusted EBITDA swung from -$176.3 million in Q1 2025 to $495.3 million in Q2 2025, aided by roughly $470.8 million in unrealized Bitcoin gains..

Bausch Plus Lomb Corp

Dan Loeb bought $1.41M of Bausch Plus Lomb Corp in Q2 2026. Over the last two quarters, Bausch + Lomb has delivered mid- to high-single-digit top-line growth and outsized EBITDA expansion, with revenue rising from $1.244B in Q1 2026 to $1.394B in Q2 and adjusted EBITDA increasing from roughly $200M to about $246M, driving margin expansion from about 16.1% to roughly 17.6%. Profitability and cash generation have inflected positively, as operating income has swung from prior-year losses to around $33M in Q1 and $83M in Q2, GAAP net loss per share has narrowed to roughly ($0.20) in Q1 and ($0.04) in Q2, and operating cash flow reached about $153M in the latest quarter, supporting a reduction in leverage to roughly 4.7x. The company appears to be gaining momentum, underpinned by broad-based growth across Pharmaceuticals, Vision Care, and Surgical (including roughly 14% pharma growth in Q1), execution of the cost-focused “Vision ’27” initiative that improved adjusted SG&A margin by about 340bps, and raised full-year 2026 guidance to a revenue range of roughly $5.44–$5.54B alongside higher adjusted EBITDA targets, all of which are supportive of further value creation if sustained.

• Q2 2026 revenue up 8% constant currency year over year to $1.394B; adjusted EBITDA up roughly 28% to about $246M with margin near 17.6%.
• Q1 2026 revenue $1.244B, up around 6% constant currency; adjusted EBITDA (ex-IPR&D) about $200M with a 16.1% margin, representing approximately 59% year-over-year growth.
• Leverage reduced to approximately 4.7x following strong H1 cash generation, including Q2 operating cash flow of about $153M and adjusted operating cash flow around $161M.

Core Scientific

Dan Loeb bought $1.38M of Core Scientific in Q2 2026. Over the last 12 months, Core Scientific has transitioned rapidly from legacy Bitcoin mining into high‑density AI infrastructure colocation, delivering 109% year‑over‑year revenue growth to $164.2 million in Q2 2026 and a more than tenfold increase in gross profit to $70.0 million, while still posting large GAAP net losses; relative to traditional data‑center and Bitcoin‑mining peers, this profile combines above‑average growth with weaker profitability. Sequentially, revenue grew more than 40% from Q1’s $115.2 million as GAAP colocation revenue nearly doubled to $136.7 million and adjusted EBITDA improved from about $4.4 million in Q1 to $41.1 million in Q2, signaling improving unit economics even as heavy CapEx of $797.5 million and a GAAP net loss of roughly $1,155.3 million kept reported EPS deeply negative. Despite share price volatility following Q1 and Q2 earnings, the announcement of an expanded AMD infrastructure partnership that could drive over $14 billion in long‑term contracted revenue, upgraded cash gross profit guidance of 80–85% on the CoreWeave AI contract, and recent board appointments collectively support a thesis that the company is gaining strategic value, with upside contingent on successful execution of its AI build‑out and balance‑sheet management.

• Q2 2026 revenue increased from $115.2 million in Q1 to $164.2 million, a sequential gain of over 40% and a year‑over‑year increase of 109% versus Q2 2025..
• GAAP colocation revenue rose from $77.5 million in Q1 to $136.7 million in Q2 2026, while gross profit expanded from $30.1 million to $70.0 million over the same period..
• Capital expenditures climbed to $797.5 million in Q2 2026, contributing to a GAAP net loss of about $1,155.3 million and negative diluted EPS of roughly -$3.32 even as adjusted EBITDA improved to $41.1 million..

Erock Inc

Dan Loeb bought $1.2M of Erock Inc in Q2 2026. Over the last two quarters, ERock Inc has seen revenue contract, with Q2 2026 revenue falling to $39.9M, down 41.7% year over year as power system sales softened versus a strong prior period. Profitability deteriorated in the current quarter, with a consolidated net loss of $67.7M, adjusted EBITDA of -$14.0M (a -35.1% margin) and diluted EPS of -$0.06, highlighting that the business is still in a heavy investment phase rather than delivering consistent positive earnings. Despite these near-term pressures, a growing backlog of roughly $1.7B and the recent NYSE listing under EROC enhance visibility with institutional investors, creating potential upside over the next 12 months if management can convert this contracted pipeline into profitable growth.

• Q2 2026 revenue $39.9M, down 41.7% from $68.5M in Q2 2025.
• Q2 2026 consolidated net loss $67.7M; adjusted EBITDA -$14.0M with a -35.1% margin.
• Backlog approximately $1.7B, supporting future revenue visibility despite current negative EPS and margins.

Applied Digital

Dan Loeb bought $820.6K of Applied Digital in Q2 2026. This new position comes as Applied Digital has delivered two consecutive quarters of explosive revenue growth, with fiscal Q3 2026 revenue of $126.6 million up 139% sequentially and fiscal Q4 2026 revenue surging to $258.7 million, a 407% quarter-on-quarter increase driven by accelerating AI data-center demand. Profitability metrics are improving—Q3 non-GAAP EPS reached $0.09 with adjusted EBITDA of $44.1 million, and Q4 adjusted EPS came in at $0.04 with adjusted net income of $12.9 million—but GAAP results still show sizable net losses and a leveraged balance sheet, with about $2.1 billion of cash versus $2.7 billion of debt. Over the last year revenue has scaled to FY 2026 levels of $611.3 million, up 167% year over year and outpacing growth at most established data-center peers, and the stock has rallied on repeated upside surprises versus consensus as new AI customer wins and capacity additions position the company as a high-growth infrastructure play with further value potential if execution remains on track.

• Fiscal Q4 2026 revenue of $258.7 million, up 407% sequentially and beating consensus by roughly $163 million; adjusted EPS $0.04 vs expected loss of about $0.19–$0.22..
• Fiscal Q3 2026 revenue of $126.6 million, a 139% quarter-on-quarter increase, with adjusted EBITDA of $44.1 million and non-GAAP EPS of $0.09 vs forecast -$0.14..
• FY 2026 revenue of $611.3 million, up 167% year over year, with adjusted EBITDA of $107.2 million and adjusted net income of $36.1 million..

Lithium Argentina Ag

Dan Loeb bought $611.75K of Lithium Argentina Ag in Q2 2026. Over the last two quarters, performance has improved, with the share price rebounding into the mid‑$6 range and posting a year‑to‑date gain of about 19.9%, signaling recovering sentiment toward its Argentine lithium assets. In the current quarter, Q2 2026, results highlighted ongoing ramp‑up at the Cauchari‑Olaroz brine operation and continued advancement of the Pastos Grandes project, while a negative P/E of -20.3x underscores that the business is still loss‑making at this stage. Recent corporate developments, including the completed spin‑off from Lithium Americas and the 2025 rebranding, have clarified the pure‑play focus on Argentine lithium production, positioning the company to benefit if lithium prices stabilize or improve.

• Share price around $6.8 per share as of mid‑August 2026, up roughly 19.9% year to date.
• Market capitalization approximately $1.21B with a P/E ratio of -20.30, reflecting negative EPS and early‑stage profitability.
• Stock has more than doubled from 2025 lows near $3.33 to the current mid‑$6 range, implying a recovery of over 100% from last year's trough.

Wolfspeed

Dan Loeb bought $482.5K of Wolfspeed in Q2 2026. Over the last two quarters, the company’s revenue has declined from about $168 million in fiscal Q2 2026 to approximately $150 million in fiscal Q3 2026, a sequential drop of roughly 10% and a year-over-year decline of about 19%, signaling continued top-line pressure even as results tracked the midpoint of guidance. At the same time, profitability metrics are moving in the right direction, with non-GAAP gross margin improving from roughly -34% in Q2 to around -21% in Q3 and adjusted EBITDA loss narrowing from about $82 million to roughly $62 million, as underutilization charges of about $46 million at the Mohawk Valley fab begin to ease and product mix improves. The stock rose roughly 18.5% around the Q3 2026 print despite a material EPS and revenue miss versus Street expectations, reflecting investor focus on margin improvement, ongoing restructuring and equity issuance to Renesas, board strengthening, and patent enforcement actions—all of which could support a re-rating if the company continues to narrow losses over coming quarters.

• Revenue declined from about $168 million in fiscal Q2 2026 to roughly $150.2 million in fiscal Q3 2026, down approximately 10.6% sequentially and about 19% year over year.
• Non-GAAP gross margin improved from around -34% in Q2 2026 to roughly -20.6% in Q3 2026, while GAAP gross margin narrowed from approximately -46% to about -27%.
• Adjusted EBITDA loss improved from roughly -$82 million in fiscal Q2 2026 to about -$62 million in fiscal Q3 2026, with GAAP net loss narrowing from around -$151 million to approximately -$120 million.

Added, Trimmed, and Exited

Added

Third Point added most aggressively to Alphabet (+850,000 shares, position value up 627.9% to $366.3M), Norfolk Southern (+500,000 shares, up 557.7%), Capital One (+685,000 shares, up 548.0%), Hut 8 (+445,437 shares, up 272.2%), Union Pacific (+250,000 shares, up 292.4%), TransDigm (+54,000 shares, up 263.2%), ASML Hldg NV (+18,000 shares, up 276.1%), TSMC (+185,000 shares, up 136.4%), and Live Nation (+670,000 shares, up 193.1%), with smaller top-ups to API Group, Somnigroup International, CRH, and Danaher.
What it means: The scale of these adds suggests Third Point is conviction-building across a diverse set of themes rather than a single sector bet: quadrupling down on Alphabet right as its cloud and AI-driven earnings accelerate, doubling exposure to rails (Norfolk Southern, Union Pacific) likely on M&A/consolidation optionality, and expanding bitcoin-infrastructure exposure via Hut 8 alongside the new AI-datacenter names discussed elsewhere in the portfolio. Notably, the fund grew stakes in semiconductor-equipment/foundry leaders ASML and TSMC even as it simultaneously exited domestic equipment peers (see Exited section), implying a preference for the highest-quality, most defensible players in the AI capex supply chain rather than broad sector exposure.

Trimmed

Third Point modestly trimmed four positions: Telephone & Data Systems (-325,000 shares, value down 16.4%), Amazon (-190,000 shares, though value still rose 3.2% on price appreciation), Carpenter Technology (-95,000 shares, value up 8.5%), and Mastec (-30,000 shares, value up 17.2%).
What it means: These trims look more like disciplined profit-taking/rebalancing than a change of thesis — in three of the four cases (Amazon, Carpenter Technology, Mastec) position value actually rose despite fewer shares, meaning gains outpaced the share reduction. Only Telephone & Data Systems saw both share count and dollar value decline, suggesting a genuine reduction in conviction there, possibly tied to sector-specific headwinds in legacy telecom.

Exited

Third Point fully exited nine positions, led by Meta Platforms ($51.5M), SPDR Gold ($40.9M), NVIDIA ($33.1M), KLA ($16.2M), Lam Research ($16.0M), Broadcom ($15.5M), VanEck ETF (Semiconductor) ($15.3M), SharkNinja ($13.8M), and Claritev Corporation ($0.7M).
What it means: This is the most striking shift in the portfolio: a wholesale rotation out of AI-chip designers and equipment makers (NVIDIA, Broadcom, KLA, Lam Research) and the broad semiconductor ETF, in favor of more concentrated bets on ASML and TSMC — arguably the two hardest-to-replicate chokepoints in the chip supply chain. Combined with the full exit of Meta alongside a massive add to Alphabet, and the liquidation of the traditional gold hedge (SPDR Gold), the quarter reflects a broader thesis shift: less diversified “basket” exposure to AI/semis and safe-haven gold, more concentrated, high-conviction stakes in perceived best-in-class AI infrastructure and search/cloud winners.

Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.