Altimeter Q2 2026 13F: Cerebras Debuts at 16% While NVIDIA’s Weight Falls Despite More Shares

AHNIM STUDIO · Guru · Institutional 13F · Q2 2026

Altimeter’s newly reported Cerebras position accounted for 16.24% of its disclosed Q2 equity, while NVIDIA’s weight fell from 28.57% to 19.16% even though its share count increased. The report became less concentrated by its top-ten measure, but it remained heavily exposed to a small group of technology businesses. Weight dilution is not evidence of NVIDIA selling.

Research cut-off: October 19, 2026 (Korea). Quarter-end holdings: March 31 and June 30, 2026. Legal filer: Altimeter Capital Management, LP; CIK 1541617. Q2 filed 2026-08-14, accession 0001541617-26-000008. Tables use USD millions except share quantities; calculations retain original dollar precision.

The legal manager, not a personal brokerage account

This report covers Altimeter Capital Management, LP, CIK 1541617. The firm’s own materials identify Brad Gerstner as founder and CEO and describe an investment business spanning public and private markets. The legal name ends in LP; similarly named entities are not added to this holdings report.

The Q2 information table contains 20 reported instruments, compared with 13 in Q1. All rows in this specific filing qualify for the stated operating-company equity denominator; there are no put/call rows to subtract. That makes the weight calculations relatively direct, but it does not turn the table into complete firm assets or reveal private investments outside the reportable universe.

Why NVIDIA’s lower weight does not mean a sale

NVIDIA increased from 9,336,039 to 9,413,589 shares, a gain of 77,550, or 0.83%. Its filed value rose from $1.628 billion to $1.884 billion. Nevertheless its portfolio weight fell by 9.41 percentage points because the disclosed-equity denominator grew from $5.699 billion to $9.830 billion.

This is a useful distinction between an absolute holding and a relative allocation. A lower weight can result from additions elsewhere, newly reportable assets or relative price movements even if the original holding is unchanged or slightly larger. The filing supports the arithmetic; it does not tell us how much of the larger denominator reflects outside capital, market purchases or previously held interests becoming reportable.

Reporting scope and concentration

Measure	Q1 2026	Q2 2026
All reported line values	$5,699.288m	$9,829.676m
Eligible operating-company equity	$5,699.288m	$9,829.676m
Original information-table rows	13	20
Eligible equity issuers	13	20
Top 10 issuers / eligible equity	98.54%	83.28%

Eligible equity includes ordinary/common shares, ADRs, REITs and operating-partnership equity. ETFs/funds, options, debt or principal-unit securities, warrants, preferred securities and dated equity units are separate. All-line values may include option-underlying values, not option premiums. Neither denominator is complete AUM, net exposure or performance.

Largest disclosed operating-company equity positions

Issuer / security class	Q2 shares or units	Q2 value (USD m)	Equity weight
NVIDIA CORPORATION · COM	9,413,589	1,883.565	19.16%
CEREBRAS SYSTEMS INC · COM CL A	7,225,037	1,596.733	16.24%
META PLATFORMS INC · CL A	1,354,990	763.252	7.76%
TAIWAN SEMICONDUCTOR MFG LTD · SPONSORED ADS	1,429,355	682.617	6.94%
COREWEAVE INC · COM CL A	6,073,695	604.576	6.15%
ARM HOLDINGS PLC · SPONSORED ADS	1,641,972	582.194	5.92%
AMAZON COM INC · COM	2,425,351	578.058	5.88%
UBER TECHNOLOGIES INC · COM	7,372,440	531.995	5.41%
SNOWFLAKE INC · COM SHS	1,926,250	490.231	4.99%
MICROSOFT CORP · COM	1,268,082	473.020	4.81%

June 30, 2026 eligible-equity weights. Common share classes merged at issuer level; source: original SEC 13F information tables and AHNIM calculations. Not performance or AUM.

Cerebras changes the visible shape of the report

Cerebras appears with 7,225,037 shares and a reported value of $1.597 billion, making it the second-largest position and 16.24% of eligible equity. Qualcomm, Space Exploration Technologies, Micron and Applied Materials also appear among the largest first-reported positions. Their first appearance is identified as a disclosure event, not automatically an open-market purchase made during the quarter.

The ten largest issuers account for 83.28% of Q2 equity, down from 98.54% in Q1. That is a broader public report, not a broadly diversified overall firm. The largest two positions, NVIDIA and Cerebras, still represent about 35.41% together. This concentration describes issuer exposure, not the similarity of the two companies’ products or a forecast of their returns.

Share changes tell a more specific story than the total value

CoreWeave shares rose 35.00%, Amazon 16.07% and Microsoft 7.13%. TSMC shares increased 4.66%. In contrast, Meta fell 30.63%, Arm 4.28% and Uber 7.52%. Snowflake stayed at 1,926,250 shares and Robinhood at 899,691. A table of marked values alone would obscure several of these different directions.

Axon and Broadcom are no longer reported. Grab requires a separate class-identity caution: the old G0370L116 row disappears and G4124C117 appears. We quarantine that pair from routine initiation/exit claims until its class/CUSIP transition is fully reconciled. A security-identifier change should not be turned into an unsupported trade narrative.

The next checks are concentration and financing exposure

A subsequent filed portfolio should show whether the Cerebras weight persists, whether NVIDIA’s share count changes materially and whether CoreWeave continues to expand in shares rather than only marked value. Those are observable tests; saying Gerstner is rotating from one AI winner to another would go beyond the report.

For an operating-business follow-up, the CoreWeave increase makes debt funding and cash obligations relevant reading. NVIDIA, TSMC and Cerebras exposure should likewise be considered alongside each business’s economics, not treated as one interchangeable AI bet. The linked company articles are later business evidence and do not purport to explain the manager’s earlier motivation.

Comparable share changes

Security	Observed status	Adjusted Q1 → Q2 shares	Shares QoQ	Weight change
CEREBRAS SYSTEMS INC	First reported	0 → 7,225,037	New	+16.24 pp
QUALCOMM INC	First reported	0 → 1,882,490	New	+3.54 pp
SPACE EXPLORATION TECHN CORP	First reported	0 → 1,776,485	New	+3.09 pp
MICRON TECHNOLOGY INC	First reported	0 → 209,520	New	+2.46 pp
NVIDIA CORPORATION	Increased	9,336,039 → 9,413,589	+0.83%	-9.41 pp
TAIWAN SEMICONDUCTOR MFG LTD	Increased	1,365,675 → 1,429,355	+4.66%	-1.15 pp
COREWEAVE INC	Increased	4,499,075 → 6,073,695	+35.00%	+0.03 pp
AMAZON COM INC	Increased	2,089,558 → 2,425,351	+16.07%	-1.76 pp
META PLATFORMS INC	Reduced	1,953,373 → 1,354,990	-30.63%	-11.84 pp
ARM HOLDINGS PLC	Reduced	1,715,440 → 1,641,972	-4.28%	+1.37 pp
UBER TECHNOLOGIES INC	Reduced	7,971,772 → 7,372,440	-7.52%	-4.65 pp
AXON ENTERPRISE INC	No longer reported	148,986 → 0	-100.00%	-1.11 pp
BROADCOM INC	No longer reported	67,094 → 0	-100.00%	-0.36 pp
SNOWFLAKE INC	Unchanged	1,926,250 → 1,926,250	+0.00%	-0.11 pp
ROBINHOOD MKTS INC	Unchanged	899,691 → 899,691	+0.00%	-0.18 pp

The largest four eligible security lines in each status group are shown, ranked by Q2 value (Q1 value for absent lines). New means no comparable row in the prior public report, not proof of an open-market purchase. No longer reported does not prove elimination of every economic exposure. These are holding differences, not dollar purchases or sale proceeds.

Grab old/new identifier pair G0370L116→G4124C117 is excluded from the ordinary first-reported/no-longer-reported groups above. The filed values are retained without inferring a split ratio or the size of any discretionary trade.

Industry mix: SEC SIC, not an invented sector model

SEC SIC industry	Q1 equity weight	Q2 equity weight
Semiconductors & Related Devices	41.58%	52.66%
Services-Prepackaged Software	18.90%	16.59%
Services-Computer Programming, Data Processing, Etc.	19.61%	11.49%
Retail-Catalog & Mail-Order Houses	7.64%	5.88%
Services-Business Services, NEC	10.06%	5.41%
Radio & Tv Broadcasting & Communications Equipment	0.00%	3.54%

Current official SEC issuer-submissions SIC descriptions are applied consistently to both quarters, not treated as historical GICS sectors. Verified Q2 industry mapping covers 100.00% of eligible equity; unmapped rows remain explicit. The six displayed industries are a subset, not a complete allocation. Full rows and provenance are preserved.

Methodology and limitations

Equity weight = eligible security value ÷ the same manager’s same-quarter eligible equity value. Top 10 concentration merges common share classes by verified issuer identity. Share change (%) = (Q2 quantity ÷ split-adjusted Q1 quantity − 1) × 100; a zero baseline is New. The selected table’s weights are security-class weights, so they may differ from the issuer-level chart. Related-manager account slices are summed once within the reporting group, not counted as separate institutions.

Refreshed SEC submission histories revealed no applicable Q1/Q2 amendments and no actual Q3 holdings report for these sources. The official Q3 deadline is November 16, 2026; it is not evidence of a submitted portfolio. Restatements would replace the affected baseline, while adds-new-holdings amendments would be joined with original rows preserved. Confidential treatment, permitted small-position omissions and non-reportable assets limit public coverage.

A 13F does not reveal complete shorts, trade dates, purchase costs, option strikes/premiums, or all firm assets. We do not infer motivation without a manager statement, rank manager returns, or call market-value changes performance. Targeted corporate-action checks do not guarantee that every immaterial row has an exhaustive transaction history. This holdings analysis does not create or change a company price target. See our AI-assisted research, original-source and corrections policy.

Continue the research

Guru: published coverage and same-quarter statistics · All Altimeter quarterly coverage.

CoreWeave’s Bond Rout: Why a 16% Yield Does Not Reprice All Its Debt — separate AHNIM business research; later operating evidence is not attributed to this manager’s earlier motives.

TSMC Q3 Results: AI Demand, the 2nm Margin Cost and the Cash-Flow Test — separate AHNIM business research; later operating evidence is not attributed to this manager’s earlier motives.

Tiger Global Q2 2026 13F: Why TSMC Became the Largest Holding Despite Fewer Shares — related same-quarter holdings analysis; differences across managers do not establish motives.

This is AHNIM’s initial Q2 edition for this manager. The Q1 baseline is the original filing, not an earlier AHNIM article.

Sources and original documents

Altimeter Capital Management, LP · 13F-HR · period 2026-06-30 · filed 2026-08-14 · accession 0001541617-26-000008. 13F-HR XML · INFORMATION TABLE XML.

Altimeter Capital Management, LP · 13F-HR · period 2026-03-31 · filed 2026-05-15 · accession 0001541617-26-000006. 13F-HR XML · INFORMATION TABLE XML.

Current person/manager role: Founder and CEO.

Portrait identity reference; illustration, not photo republication.

SEC Form 13F FAQ · official Form 13F instructions · SEC SIC dictionary. Scope, current dollar units, amendments, calendar and industry classification.

AI-generated editorial portrait checked against the linked reliable identity reference, not a photograph or endorsement. Initial analysis: October 19, 2026 (Korea).