AHNIM STUDIO · Guru · Institutional 13F · Q2 2026
Light Street cut AMD and NVIDIA share counts by roughly half, while increasing GitLab and first reporting Astera Labs. TSMC remained its largest common-equity position despite a small share reduction. The manager also reported TSMC puts, which must be kept separate rather than subtracted from the common shares to invent a net exposure.
Research cut-off: October 19, 2026 (Korea). Quarter-end holdings: March 31 and June 30, 2026. Legal filer: LIGHT STREET CAPITAL MANAGEMENT, LLC; CIK 1569049. Q2 filed 2026-08-14, accession 0000935836-26-000422. Tables use USD millions except share quantities; calculations retain original dollar precision.
The manager and the limits of the portrait
The legal filer is LIGHT STREET CAPITAL MANAGEMENT, LLC, CIK 1569049. Its March 27, 2026 SEC adviser annual amendment identifies Glen Kacher as chief investment officer and founder. The editorial portrait is checked against a reliable conference reference; that historic photo is not evidence of a 2026 conference appearance or personal execution of all reported positions.
Q2 has 28 reported instruments: 26 eligible operating-company equity positions, one ETF and one put-option line. The reported all-line total is $902.840 million, but the eligible-equity denominator is $841.827 million after separating $52.151 million of TSMC put-underlying value and $8.862 million in the ETF. These are not three interchangeable measures of capital committed.
Large chip share reductions, but no simple exit from hardware
AMD declined from 219,251 to 109,500 shares, down 50.06%. NVIDIA fell from 272,214 to 136,720, down 49.77%. In contrast, Broadcom increased 2.30% and Amkor 46.63%. Astera Labs first appears with 125,750 shares and 7.22% of eligible equity. The evidence shows a change in the mix of disclosed chip and connectivity exposure, not a wholesale abandonment of the sector.
TSMC fell only 0.72%, from 227,585 to 225,949 ADRs, and remained the largest equity holding at 12.82%. Its equity weight was 15.47% in Q1. Again, a falling weight is not the same as a similarly sized share reduction.
The TSMC put-underlying share quantity remained 109,200 in both quarters, while its reported underlying value rose. A 13F does not provide enough terms to calculate the option’s delta or premium. We therefore do not subtract those 109,200 from the 225,949 ADR shares and call the result net shares.
Reporting scope and concentration
| Measure | Q1 2026 | Q2 2026 |
|---|---|---|
| All reported line values | $534.227m | $902.840m |
| Eligible operating-company equity | $497.323m | $841.827m |
| Original information-table rows | 24 | 28 |
| Eligible equity issuers | 23 | 26 |
| Top 10 issuers / eligible equity | 77.33% | 68.20% |
| Instrument category | Q1 reported USD value | Q2 reported USD value |
|---|---|---|
| Fund | $0.000m | $8.862m |
| Operating Company Equity | $497.323m | $841.827m |
| Option | $36.904m | $52.151m |
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 |
|---|---|---|---|
| TAIWAN SEMICONDUCTOR MANUFAC · SPONSORED ADS | 225,949 | 107.906 | 12.82% |
| ADVANCED MICRO DEVICES INC · COM | 109,500 | 63.610 | 7.56% |
| ASTERA LABS INC · COM | 125,750 | 60.740 | 7.22% |
| GITLAB INC · CLASS A COM | 1,945,000 | 59.381 | 7.05% |
| BROADCOM INC · COM | 153,250 | 57.890 | 6.88% |
| AMKOR TECHNOLOGY INC · COM | 596,783 | 51.461 | 6.11% |
| JFROG LTD · ORD SHS | 514,500 | 46.758 | 5.55% |
| MKS INC. · COM | 103,800 | 46.170 | 5.48% |
| CHIME FINL INC · COM SHS CL A | 2,199,089 | 45.037 | 5.35% |
| COUPANG INC · CL A | 2,025,000 | 35.174 | 4.18% |
Software and other additions broaden the visible book
GitLab rose from 1,170,000 to 1,945,000 shares, up 66.24%, and reached 7.05% of eligible equity. Coupang rose 92.50%, Chime 5.85% and Bloom Energy 66.26%. JFrog declined 10.52% and MKS 15.10%. These directions are based on quantities rather than changes in dollar marks.
Toast, Reddit, MercadoLibre and Snowflake are among the largest first-reported positions after Astera. BILL, Samsara, Lumentum and Amplitude are among names no longer reported. We distinguish first disclosure from an established market purchase and absence from a proven complete liquidation.
Top-ten concentration declined from 77.33% to 68.20% while the eligible issuer count rose from 23 to 26. That is evidence of a broader disclosed equity book, although it does not reveal total firm diversification, leverage or short positions.
How this connects to the businesses we cover
Astera’s new position makes its rack-scale connectivity economics a relevant follow-up, while the larger Bloom share count connects to power-project execution and cash collection. Neither is an operating conclusion derived from the manager’s ownership. The company research below evaluates those questions with issuer evidence rather than borrowing the manager’s presumed conviction.
For the next quarter, the falsifiable checks are straightforward: do AMD and NVIDIA share counts stabilize, does GitLab’s larger position persist, and does TSMC remain a major equity holding alongside a separately reported put line? Those checks are narrower—and more useful—than assigning the firm a bullish or bearish label from one delayed snapshot.
Comparable share changes
| Security | Observed status | Adjusted Q1 → Q2 shares | Shares QoQ | Weight change |
|---|---|---|---|---|
| ASTERA LABS INC | First reported | 0 → 125,750 | New | +7.22 pp |
| TOAST INC | First reported | 0 → 1,167,500 | New | +3.86 pp |
| REDDIT INC | First reported | 0 → 182,500 | New | +3.76 pp |
| MERCADOLIBRE INC | First reported | 0 → 12,750 | New | +2.57 pp |
| GITLAB INC | Increased | 1,170,000 → 1,945,000 | +66.24% | +1.96 pp |
| BROADCOM INC | Increased | 149,800 → 153,250 | +2.30% | -2.45 pp |
| AMKOR TECHNOLOGY INC | Increased | 406,990 → 596,783 | +46.63% | +2.43 pp |
| CHIME FINL INC | Increased | 2,077,615 → 2,199,089 | +5.85% | -2.47 pp |
| TAIWAN SEMICONDUCTOR MANUFAC | Reduced | 227,585 → 225,949 | -0.72% | -2.65 pp |
| ADVANCED MICRO DEVICES INC | Reduced | 219,251 → 109,500 | -50.06% | -1.41 pp |
| JFROG LTD | Reduced | 575,000 → 514,500 | -10.52% | +0.13 pp |
| MKS INC. | Reduced | 122,264 → 103,800 | -15.10% | -0.17 pp |
| BILL HOLDINGS INC | No longer reported | 625,000 → 0 | -100.00% | -4.81 pp |
| SAMSARA INC | No longer reported | 384,000 → 0 | -100.00% | -2.45 pp |
| LUMENTUM HLDGS INC | No longer reported | 2,892 → 0 | -100.00% | -0.41 pp |
| AMPLITUDE INC | No longer reported | 292,844 → 0 | -100.00% | -0.40 pp |
| DATADOG INC | Unchanged | 40,000 → 40,000 | +0.00% | +0.29 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.
Industry mix: SEC SIC, not an invented sector model
| SEC SIC industry | Q1 equity weight | Q2 equity weight |
|---|---|---|
| Semiconductors & Related Devices | 48.67% | 45.09% |
| Services-Prepackaged Software | 13.24% | 20.23% |
| Services-Computer Processing & Data Preparation | 0.00% | 7.62% |
| Retail-Catalog & Mail-Order Houses | 9.22% | 5.62% |
| Industrial Instruments For Measurement, Display, and Control | 5.65% | 5.48% |
| Finance Services | 7.82% | 5.35% |
Current official SEC issuer-submissions SIC descriptions are applied consistently to both quarters, not treated as historical GICS sectors. Verified Q2 industry mapping covers 99.66% 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 Light Street quarterly coverage.
Astera Labs (ALAB) Stock Analysis: AI Connectivity and Valuation — separate AHNIM business research; later operating evidence is not attributed to this manager’s earlier motives.
Astera Labs’ Orion and Optical PCIe: What Changes in Our Valuation Case — separate AHNIM business research; later operating evidence is not attributed to this manager’s earlier motives.
Bloom Energy (BE) Stock Analysis: AI Power, Cash Flow and Valuation — separate AHNIM business research; later operating evidence is not attributed to this manager’s earlier motives.
Bloom Energy: Project Jupiter’s Proposed Output Cap Is a Permit Test, Not a Revenue Forecast — separate AHNIM business research; later operating evidence is not attributed to this manager’s earlier 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
LIGHT STREET CAPITAL MANAGEMENT, LLC · 13F-HR · period 2026-06-30 · filed 2026-08-14 · accession 0000935836-26-000422. 13F-HR XML · INFORMATION TABLE XML.
LIGHT STREET CAPITAL MANAGEMENT, LLC · 13F-HR · period 2026-03-31 · filed 2026-05-15 · accession 0000935836-26-000261. 13F-HR XML · INFORMATION TABLE XML.
Current person/manager role: Chief Investment Officer and Founder.
Portrait identity reference; illustration, not photo republication.
Additional official institutional role evidence.
Industry identity evidence: SEC issuer profile 0000002488 · SEC issuer profile 0000006281 · SEC issuer profile 0000937966 · SEC issuer profile 0001018724 · SEC issuer profile 0001045810 · SEC issuer profile 0001046179 · SEC issuer profile 0001047127 · SEC issuer profile 0001049502 · SEC issuer profile 0001099590 · SEC issuer profile 0001413447 · SEC issuer profile 0001441816 · SEC issuer profile 0001526125 · SEC issuer profile 0001561550 · SEC issuer profile 0001640147 · SEC issuer profile 0001650164 · SEC issuer profile 0001652044 · SEC issuer profile 0001653482 · SEC issuer profile 0001664703 · SEC issuer profile 0001713445 · SEC issuer profile 0001730168 · SEC issuer profile 0001736297 · SEC issuer profile 0001795586 · SEC issuer profile 0001800667 · SEC issuer profile 0001834584 · SEC issuer profile 0001854587. Current metadata checked October 19, 2026.
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).
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