Stephen Mandel's Trades and Holdings in Q2 2026

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

Who are Stephen Mandel and Lone Pine Capital?

Stephen Mandel is the founder and managing director of Lone Pine Capital LLC (commonly referred to as Lone Pine Capital). The fund is known for its concentrated portfolio, typically consisting of 20-25 stocks, with the top 10 holdings comprising approximately 57% of assets, and minimal cash holdings as it aims to remain close to fully invested over time. His investment strategy is a growth-oriented long/short equity approach inspired by Julian Robertson's Tiger Management, emphasizing long-term capital appreciation through an integrated, iterative research process that generates differentiated insights and high-conviction ideas across public and private markets. Mandel focuses on innovative companies undergoing catalysts for change that can compound value over multiple years, with strong qualitative factors like management caliber, growth potential, favorable unit economics, high margin profiles, durable competitive advantages, franchise value, and alignment with secular trends and inflection points.

Lonepinecapital.com
Q2 '26 13F filed with SEC

Holdings in Q2 2026

Current Investment Strategy

Lone Pine Capital, the concentrated growth-oriented long/short equity fund founded by Tiger Management alum Stephen Mandel, entered the third quarter of 2026 rotating out of the AI-power trade that dominated its book in early 2026, exiting Vistra and Talen Energy alongside Clean Harbors, Tenet Healthcare and Capital One, while redeploying capital into semiconductor and data-infrastructure plays such as Applied Materials, Seagate and cloud/AI infrastructure firm Nebius Group. The fund's fresh stakes in Home Depot and industrial-gas giant Linde alongside its tech bets underscore Mandel's continued focus on secular growth compounders with durable competitive advantages and management quality, even as the portfolio's thematic emphasis shifts from power generation toward AI hardware, storage and broader digital-economy infrastructure.

New Investments

Nebius Group N.V.

Stephen Mandel bought $1.18B of Nebius Group N.V. in Q2 2026. In the most recent quarter, Nebius delivered a nearly 8x year‑over‑year revenue increase and a share price move of about 14% on the print, indicating accelerating demand for its AI cloud platform and outperformance versus many infrastructure peers. This builds on Q4 2025, when revenue grew roughly 547% year‑over‑year to about $227.7 billion but missed consensus by around 8%, while adjusted EBITDA turned positive, showing the business pivoting from pure top‑line growth toward improving profitability. Over the last twelve months, the shift to large‑scale GPU clusters and AI‑centric cloud services, reinforced by a new long‑term AI infrastructure supply agreement with Meta, has strengthened the growth and fundamental story and supports continued valuation upside as Nebius gains share in the global AI compute market.

• Most recent quarterly revenue increased nearly 8x year‑over‑year, with the stock up about 14% on the earnings release..
• Q4 2025 revenue grew approximately 547% year‑over‑year to about $227.7 billion, but was roughly 8% below analyst expectations..
• Q4 2025 adjusted EBITDA turned positive after a prior loss of about $62.6 million in Q1 2025, indicating improving operating leverage..

Seagate

Stephen Mandel bought $965.11M of Seagate in Q2 2026. Over the past two quarters, Seagate has delivered accelerating growth, with revenue rising from $3.1B in fiscal Q3 2026 to $3.6B in Q4, and non-GAAP EPS climbing from $4.10 to $5.71 as AI-driven demand for high-capacity hard disk drives boosts datacenter sales. Margins and cash generation have inflected sharply, with non-GAAP gross margin expanding to a record 52.7% and non-GAAP operating margin reaching 44.6% in Q4, while free cash flow increased from about $953M in Q3 to roughly $1.1B, supporting higher guidance for revenue of around $4.1B next quarter. Compared with the prior year, revenue is up roughly 48–50% and EPS has more than doubled, positioning the company as a key beneficiary of the AI infrastructure build-out and underpinning a stronger fundamental backdrop even as the share price pulled back about 8.5% on the Q4 earnings release.

• Revenue grew from $3.11B in FQ3 2026 to $3.6B in FQ4, a 17% sequential and 48% year-over-year increase.
• Non-GAAP EPS increased from $4.10 in FQ3 to $5.71 in FQ4, up 39% quarter over quarter and 121% year over year.
• Non-GAAP gross margin reached a record 52.7% and operating margin 44.6% in FQ4, with free cash flow about $1.1B versus roughly $953M in FQ3.

Home Depot

Stephen Mandel bought $918.09M of Home Depot in Q2 2026. This incremental position comes as the company delivered Q1 FY26 sales of $41.8B (+4.8% y/y) with comps up 0.6%, while adjusted EPS slipped to $3.43 from $3.56 a year ago, signaling modest growth with ongoing margin pressure. Relative to Q4 FY25, where sales of $38.2B and adjusted EPS of $2.72 were down 3.8% and 13.1% y/y, respectively, recent performance shows improving top-line trends and a stabilization in earnings despite continued year-over-year declines. Near term, valuation is supported by revenue benefits from the SRS Distribution integration, reaffirmed FY26 guidance, cost actions including workforce reductions and a return-to-office shift, and clear interim management plans following the CEO's temporary medical leave, all of which reduce execution risk and underpin confidence in the earnings trajectory.

• Q1 FY26 sales $41.8B, up 4.8% year over year, with comps up 0.6% and U.S. comps up 0.4%..
• Q1 FY26 adjusted diluted EPS was $3.43, down from $3.56 in Q1 FY25, while reported diluted EPS declined to $3.30 from $3.45..
• Q4 FY25 sales were $38.2B (down 3.8% y/y) with adjusted EPS of $2.72 (down 13.1% y/y), both slightly ahead of consensus expectations..

Applied Materials

Stephen Mandel bought $873.19M of Applied Materials in Q2 2026. Over the past two quarters, Applied Materials has delivered accelerating results, with Q2 FY2026 revenue of $7.91 billion up about 11% year over year and non-GAAP EPS of $2.86, followed by a record Q3 FY2026 print of $9.12 billion revenue up 25% year over year and adjusted EPS rising to $3.50. Momentum in the current quarter is being driven by extremely strong AI-driven demand in advanced foundry logic, DRAM, high-bandwidth memory and advanced packaging, which is keeping leading-edge capacity near full utilization and supporting record non-GAAP gross margin of 50.4% and operating margin of 34%. Recent catalysts include a Q3 FY2026 earnings beat and raised systems growth outlook, new tools for DRAM, 3D scaling and advanced packaging, and manufacturing expansion in Singapore to support AI chip demand, all of which reinforce a positive twelve-month fundamental trajectory and should support further value creation versus peers.

• Q3 FY2026 revenue $9.12 billion, up 25% year over year and about 15% sequentially, with non-GAAP EPS of $3.50 up 41% year over year and 22% sequentially..
• Q2 FY2026 revenue $7.91 billion, up roughly 11% year over year, and non-GAAP EPS of $2.86 grew around 20% versus the prior year..
• Q3 FY2026 non-GAAP gross margin reached 50.4% and operating margin 34%, expanding by about 150 and 330 basis points year over year respectively..

Linde

Stephen Mandel bought $808.55M of Linde in Q2 2026. This position increases exposure to a defensive industrial gases leader that has delivered high-quality earnings, with Q1 2026 diluted EPS up 13% to $3.98 and Q2 adjusted EPS up 10% to $4.50, supported by solid volume growth and disciplined pricing. Operationally the business is gaining this quarter: Q2 2026 sales grew 9% year over year to $9.3B, electronics end-market sales were up 18%, and the sale-of-gas backlog reached a record $8.1B, offset only partially by about 60 bps of operating margin compression from mix and U.S. homecare headwinds. Over the last 12 months the stock has risen a modest 3.7% but is up 14.9% year-to-date, with a recent mid-single-digit pullback after Q2 on margin concerns that could reverse as investors refocus on the strong backlog, electronics wins and raised full-year EPS guidance.

• Q2 2026 sales increased 9% YoY to $9.3B, with electronics end markets up 18%.
• Adjusted EPS grew 10% YoY in Q2 2026 to $4.50, following Q1 2026 diluted EPS growth of 13% to $3.98.
• Share price performance: +14.9% year-to-date, +3.7% over the last 12 months, with a recent 6.8% decline on margin and guidance-related concerns.

TTM Technologies

Stephen Mandel bought $512.07M of TTM Technologies in Q2 2026. Q2 2026 was a breakout quarter for TTM Technologies, with net sales reaching a record $1.0B (up 37% year over year) and non-GAAP EPS climbing to a record $0.99, driven primarily by robust AI data center and networking demand and strong aerospace and defense contributions. Sequentially from Q1 2026, revenue grew from $846M and non-GAAP EPS of $0.75, while adjusted EBITDA margin expanded from 15.7% to 16.6%, indicating operating leverage and an improving mix toward higher-value interconnect and mission systems solutions. Over the last two quarters the company has clearly been gaining rather than declining, supported by double-digit revenue growth in medical, industrial, instrumentation and aerospace and defense, a total program backlog over $1.7B, book-to-bill of 1.49, and enhanced financial flexibility from a new $1.0B revolver and $400M term loan.

• Q2 2026 net sales reached $1.0B, up 37% year over year and roughly 18% sequentially from Q1 2026 revenue of $846M..
• Non-GAAP EPS grew to a record $0.99 in Q2 2026, approximately 71% higher year over year, after rising from $0.50 to $0.75 in Q1 2026..
• Adjusted EBITDA increased from $132.9M (margin 15.7%) in Q1 2026 to $166.8M (margin 16.6%) in Q2 2026, while total program backlog exceeds $1.7B with book-to-bill of 1.49..

Sterling Infrastructure

Stephen Mandel bought $511.71M of Sterling Infrastructure in Q2 2026. Over the last two quarters, Sterling Infrastructure has been gaining momentum, highlighted by a record Q2 2026 where revenue reached $1.17 billion (up roughly 90% year over year), adjusted diluted EPS climbed to $5.80 (about 116% growth), adjusted EBITDA more than doubled with margins around 22%, and management raised full‑year 2026 guidance on the back of surging E‑Infrastructure demand in mission‑critical data centers and semiconductor campuses. Q1 2026 also came in exceptionally strong, with revenue of $825.7 million (up about 92% year over year), adjusted diluted EPS of $3.59 (around 120% growth), adjusted EBITDA more than doubling as margins expanded to roughly 20%, and operating cash flow of roughly $166 million, establishing a high‑growth base that Q2 then accelerated. These back‑to‑back beats and guidance upgrades, combined with significant margin expansion and exposure to structurally growing data‑center and semiconductor infrastructure, position the company as a clear earnings growth outlier versus typical construction peers over the last 12 months and provide a strong fundamental case for further valuation upside if execution continues.

• Q2 2026 revenue of $1.17 billion, up 90% year over year, with gross margin expanding to about 24.8% and adjusted EBITDA margin near 22%.
• Q2 2026 adjusted diluted EPS of $5.80, up roughly 116% year over year and coming in about 16% above consensus estimates.
• Q1 2026 revenue of $825.7 million, up about 92% year over year, with adjusted diluted EPS of $3.59 rising roughly 120% and adjusted EBITDA margin around 20%.

On Hldg Ag

Stephen Mandel bought $470.38M of On Hldg Ag in Q2 2026. This purchase adds exposure to a brand that has delivered double-digit revenue growth and record profitability, with Q2 2026 net sales up 13.5% year-over-year to CHF 850.3m and gross profit rising to CHF 555.7m, driving net income of CHF 105m versus a loss a year ago. In Q1 2026, net sales reached a record CHF 831.9m, growing about 26% at constant currency, while adjusted EPS of CHF 0.37 beat the CHF 0.27 consensus and management raised its profit outlook, reinforcing a positive trajectory into the current quarter. While the stock sold off roughly 20% after Q2 on a sales miss versus high expectations, fundamentals over the last two quarters show the company gaining operating leverage through a mix shift toward higher-margin DTC (now 45.7% of sales) and building a net cash position of around CHF 1.2b, factors that support potential value creation as growth normalizes.

• Q2 2026 net sales up 13.5% year-over-year to CHF 850.3m, or 21.6% growth at constant currency..
• Q2 2026 gross margin at 65.4% (+3.9 percentage points year-over-year) and adjusted EBITDA margin at 19.8%..
• H1 2026 net income of CHF 208.3m, up about 1,220% versus H1 2025, with Q2 DTC sales of CHF 388.4m growing 26% year-over-year and reaching 45.7% of total revenue..

Bitdeer

Stephen Mandel bought $111.41M of Bitdeer in Q2 2026. Over the last two quarters, the company has delivered rapid top-line growth, with revenue rising from $188.9 million in Q1 2026 to $228.8 million in Q2 2026 (up 21% sequentially and 47% year over year), while still operating at a loss at both the gross and operating line. Losses are narrowing as gross loss improved from $39.0 million in Q1 to $8.5 million in Q2 and adjusted EBITDA swung to a positive $31.1 million, yet Q2 still posted a net loss of $92.3 million and an operating loss of $101.7 million amid heavy investment in capacity. Strategically, the company is scaling its self-mining hash rate to 73 EH/s and Bitcoin production by 377% year over year to 2,694 BTC, ramping AI Cloud revenue by 284% sequentially to $14 million, and has signed a $4.7 billion, 16‑year AI/HPC data center lease in Norway, developments that have supported a positive share reaction around the Q2 release despite an earnings miss.

• Q2 2026 revenue grew 21% sequentially and 47% year over year to $228.8 million..
• Gross loss improved from $39.0 million in Q1 2026 to $8.5 million in Q2 2026, while adjusted EBITDA reached $31.1 million..
• Self-mining hash rate reached 73 EH/s and Bitcoin production increased 377% year over year to 2,694 BTC in Q2 2026; AI Cloud revenue grew 284% sequentially to $14 million..

Sharonai Holdings Inc

Stephen Mandel bought $102.43M of Sharonai Holdings Inc in Q2 2026. Over the last two quarters, SharonAI has shifted from a small-scale GPU cloud operator to a rapidly scaling AI infrastructure platform, with Q2 2026 revenue reaching $1.9m, up 412% year over year and gross profit turning positive at approximately $1.2m. In the current quarter, reported net loss widened to $430.4m largely due to non-cash items of about $423.8m tied to a $400.4m fair value loss on convertible notes from share price appreciation, while underlying performance improved with adjusted EBITDA swinging to a positive $0.6m from a loss of $(1.7m) a year ago. Operational momentum appears to be building, supported by an estimated $8.8bn contracted and pipeline opportunity and a sharply strengthened cash balance of roughly $1.9bn versus $71.1m at year-end 2025, providing capacity for further GPU capacity build-out and contributing to recent share gains of about 5.2% on August 13, 2026 following the latest update.

• Q2 2026 revenue of $1.9m, up 412% year over year from approximately $0.38m in Q2 2025..
• Q2 2026 adjusted EBITDA improved to a positive $0.6m from $(1.7m) in Q2 2025..
• Cash and cash equivalents increased to about $1.9bn at June 30, 2026 from roughly $71.1m at year-end 2025, underpinned by an estimated $8.8bn contracted and pipeline opportunity..

Kodiak Gas Services

Stephen Mandel bought $63.49M of Kodiak Gas Services in Q2 2026. The new position adds exposure to a leading contract compression and distributed power provider that has delivered record results over the last two quarters, with Q1 2026 revenue of $346 million (up 5% year over year) and record adjusted EBITDA of $190 million (up 7%). In the current quarter (Q2 2026), revenue accelerated to $391 million (up about 21% year over year), adjusted EBITDA reached a record $216.8 million (up roughly 21.7% year over year), and discretionary cash flow jumped 40%, indicating that the company is gaining momentum as it integrates its DPS acquisition and benefits from strong compression demand and margin expansion. Management has responded by raising 2026 adjusted EBITDA guidance to $820-$860 million, and while the latest EPS of $0.55 came in below consensus, the stock’s forward P/E near 74x is anchored by expected EPS growth of about 21% and industry-leading average horsepower per unit versus peers, offering upside if execution continues.

• Q2 2026 revenue up about 21% year-over-year to $391 million, above analyst estimates of roughly $386 million..
• Q2 2026 adjusted EBITDA a record $216.8 million, up about 21.7% year-over-year; discretionary cash flow up 40.2% to $163.3 million..
• Raised 2026 adjusted EBITDA guidance to $820-$860 million, with consensus calling for EPS to grow about 20-21% and a current forward P/E near 74x..

Interactive Brokers

Stephen Mandel bought $50.28M of Interactive Brokers in Q2 2026. Over the last two quarters, Interactive Brokers has shown strengthening fundamentals, with Q1 2026 adjusted diluted EPS of $0.60 on GAAP net revenues of $1.67 billion, followed by Q2 2026 diluted EPS of $0.69 on record net revenues approaching $1.90 billion, sustaining a pre-tax margin near 77%. In the current quarter, performance is clearly gaining rather than declining as higher client trading activity, a 23% year-over-year increase in net interest income to over $1 billion, and roughly 30% commission growth drove revenue and EPS beats versus consensus and pushed net revenues, pre-tax income, and key client metrics to new highs. Recent developments—including record account growth, a dividend increase earlier in 2026, and continued expansion of global products—support a positive re-rating potential for the stock as investors reward its scalable technology-driven model and industry-leading profitability.

• Q2 2026 diluted EPS $0.69 versus prior-year quarter $0.51, an increase of roughly 35% year-over-year..
• Sequential net revenue growth of about 13% from Q1 2026 GAAP net revenues of $1.67 billion to Q2 2026 GAAP net revenues of $1.90 billion (adjusted $1.88 billion)..
• Q1–Q2 2026 pre-tax profit margins around 77% supported by net interest income up 23% year-over-year to over $1 billion and strong account growth..

Sea

Stephen Mandel bought $47.4M of Sea in Q2 2026. Over the last two quarters, the company has shown clear momentum, with GAAP revenue rising from $7.1 billion in Q1 2026 (up 46.6% year over year) to $7.8 billion in Q2 2026 (up 48.1% year over year), underscoring its continued scale advantage in regional ecommerce, digital financial services, and gaming. Profitability is improving but at a slower pace than revenue, as gross profit reached about $3.5 billion and net income $458.1 million in Q2 2026 (up 47.3% and 10.6% year over year, respectively), while adjusted EBITDA growth of roughly 9–11% and recurring EPS misses versus consensus leave the market focused on margin discipline and earnings quality. In the current quarter, stronger-than-expected revenue across Shopee, financial services, and Garena, combined with sustained net income growth and a recovery in sentiment from March’s cost-driven share selloff, positions the company for potential multiple expansion if management can convert its high-growth top line into faster EPS and EBITDA per-share accretion.

• GAAP revenue grew 46.6% year over year to $7.1 billion in Q1 2026 and 48.1% to $7.8 billion in Q2 2026..
• Net income increased from $438.2 million in Q1 2026 (up 6.7% year over year) to $458.1 million in Q2 2026 (up 10.6% year over year), roughly 4.6% sequential growth..
• Adjusted EBITDA was about $1.0 billion in Q1 2026 and $917 million in Q2 2026, both up roughly 9–11% year over year despite adjusted EPS missing Street expectations in consecutive quarters..

Added, Trimmed, and Exited

Added

Lone Pine Capital added meaningfully to several existing holdings, led by Nu Holdings (+9.2M shares, +15.5% value), Medline Inc (+9.2M shares, +57.6%), Carvana (+8.8M shares, +25.5%), Terawulf (+4.2M shares, +107.5%), Performance Food Group (+1.9M shares, +92.0%), US Foods (+1.1M shares, +43.6%), and smaller top-ups to Visa (+103.1% value) and Alphabet (+42.8% value).
What it means: The fund is leaning further into names that already delivered outsized gains, spanning Latin American fintech (Nu Holdings), used-car and foodservice distribution recovery stories (Carvana, US Foods, Performance Food Group), healthcare supply chain (Medline Inc), and power-hungry crypto/data-center infrastructure (Terawulf). Layering in payments giants like Visa and mega-cap Alphabet alongside these high-momentum compounders suggests Stephen Mandel is doubling down on conviction winners rather than chasing new themes, reinforcing rather than diversifying the portfolio's existing growth bets.

Trimmed

The largest reductions came from Brookfield (-92.6% value, shares cut by over 10M), TSMC (-89.7% value), and McKesson (-87.1% value), with additional cuts to LPL Financial (-44.3%), Carpenter Technology (-17.1%), and AppLovin (-7.9%). Notably, several positions were trimmed by share count even though their value still rose, including Hut 8 (+133.7% value despite fewer shares), Corning (+37.8%), Teradyne (+30.1%), Asml Hldg Nv (+30.9%), Argan (+37.5%), and Mastec (+13.6%).
What it means: The near-total unwinds in Brookfield, TSMC, and McKesson point to a deliberate rotation away from diversified financials, foundry semiconductor exposure, and healthcare distribution—likely to fund the fund's new bets in AI infrastructure and cloud compute. Meanwhile, trimming winners like Hut 8, Corning, and Asml Hldg Nv even as their values climbed suggests disciplined profit-taking and risk management rather than a loss of conviction, keeping position sizes in check within a concentrated book.

Exited

Lone Pine Capital fully liquidated fifteen positions, most notably the power and utility names Vistra ($930M) and Talen Energy ($580M), along with Clean Harbors, Tenet Healthcare, Capital One, Entegris, Ciena, Vulcan Materials, Spotify, Mastercard, Amphenol Corp, Hilton, KKR, Booking Holdings, and Boston Scientific.
What it means: The exits from Vistra and Talen Energy mark a clear step back from the power-generation side of the AI data-center trade, even as the fund initiated large new positions in direct AI infrastructure plays like Nebius Group N.V. and Seagate, suggesting a shift from indirect (power supply) to direct (compute and storage) AI exposure. The broader sweep of exits across financials, healthcare, industrials, and consumer discretionary names indicates a significant portfolio reset, freeing up capital to concentrate the book around higher-conviction AI, semiconductor, and infrastructure themes.

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.