AHNIM STUDIO · Guru · Institutional 13F · Q2 2026
Whale Rock expanded AMD from a small holding to 1.51 million shares and first reported Astera Labs, while its Sandisk share count fell 25.39%. Sandisk nevertheless became its largest disclosed holding by value. The useful finding is the contrast between position size and marked weight—not a blanket claim that the firm bought every AI-infrastructure stock.
Research cut-off: October 19, 2026 (Korea). Quarter-end holdings: March 31 and June 30, 2026. Legal filer: Whale Rock Capital Management LLC; CIK 1387322. Q2 filed 2026-08-14, accession 0001172661-26-003733. Tables use USD millions except share quantities; calculations retain original dollar precision.
A technology manager, measured through one disclosure window
The reporting entity is Whale Rock Capital Management LLC. Official Sohn Montreal material identifies Alex Sacerdote as founder, CEO and portfolio manager. This analysis measures the legal manager’s filed portfolio, not his personal assets or a real-time list of the firm’s positions.
Both quarter-end information tables contain 35 rows and 35 eligible operating-company issuers. An unchanged number of reported holdings does not mean an unchanged portfolio: newly reported names replace absent names and continuing holdings change size. The full row-level comparison is retained separately from the selected tables shown here.
AMD’s expansion is in shares, not just dollars
AMD increased from 69,211 to 1,509,650 shares, a gain of 1,440,439, or 2,081.23%. Its eligible-equity weight rose from 0.18% to 7.04%. TTM Technologies increased 20.37%, Amazon 34.53%, Coherent 25.33% and Fabrinet 21.84%. These are changes in reported share quantities, not estimated dollars spent.
Astera Labs first appears with 1,567,882 shares and 6.08% of eligible equity. Snowflake, Twilio, Seagate and Intel are also among the largest first-reported names. This reveals a different mix of compute, connectivity and software exposure. The filing alone cannot establish a technology preference, a product endorsement or why the manager selected those businesses.
Reporting scope and concentration
| Measure | Q1 2026 | Q2 2026 |
|---|---|---|
| All reported line values | $7,742.273m | $12,456.319m |
| Eligible operating-company equity | $7,742.273m | $12,456.319m |
| Original information-table rows | 35 | 35 |
| Eligible equity issuers | 35 | 35 |
| Top 10 issuers / eligible equity | 51.40% | 59.27% |
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 |
|---|---|---|---|
| SANDISK CORP · COM | 596,545 | 1,356.382 | 10.89% |
| ADVANCED MICRO DEVICES INC · COM | 1,509,650 | 876.971 | 7.04% |
| ALPHABET INC · CAP STK CL A | 2,396,352 | 856.384 | 6.88% |
| TTM TECHNOLOGIES INC · COM | 4,230,575 | 791.202 | 6.35% |
| ASTERA LABS INC · COM | 1,567,882 | 757.318 | 6.08% |
| AMAZON COM INC · COM | 2,447,732 | 583.392 | 4.68% |
| CORNING INC · COM | 2,233,999 | 570.630 | 4.58% |
| MKS INC. · COM | 1,271,373 | 565.507 | 4.54% |
| CELESTICA INC · COM | 1,476,430 | 538.602 | 4.32% |
| BLOOM ENERGY CORP · COM CL A | 1,608,305 | 486.834 | 3.91% |
Sandisk’s larger weight came with fewer shares
Sandisk declined from 799,587 to 596,545 shares, down 25.39%. Its reported value nevertheless rose from $508.010 million to $1.356 billion and its portfolio weight from 6.56% to 10.89%. The arithmetic comes from two independent quantities: the smaller share count and the much higher reported value per share. That is not evidence of buying.
Bloom Energy shows a less dramatic version of the same pattern. Shares fell 2.75%, from 1,653,788 to 1,608,305, while eligible-equity weight rose from 2.89% to 3.91%. TSMC’s share count fell 28.01%, NVIDIA 63.77% and Alphabet 10.31%. Readers should therefore resist translating an expanding AI-themed dollar exposure into an increase in each underlying holding.
More concentration, and one crucial split correction
Top-ten issuer concentration increased from 51.40% to 59.27%. Sandisk, AMD, Alphabet, TTM and Astera now lead the disclosed book. That is a more concentrated quarter-end equity report even though the issuer count stayed at 35. It is not a statement about the firm’s net exposure, short book or investment performance.
Carvana is a particularly easy error to avoid with original documents. Raw shares rose from 877,554 to 4,267,080, but the issuer effected a five-for-one split on May 8. Adjusted Q1 shares are 4,387,770, so the comparable position fell 120,690 shares, or 2.75%. We do not count the split-created shares as additional buying.
Advanced Energy, Roblox, Tower Semiconductor, Ciena and Arm are among the largest names no longer reported. The public table does not disclose execution dates or rule out other economic exposure. We use that narrower wording rather than claiming a confirmed complete liquidation.
What to follow next
The next filed comparison should test whether AMD and Astera remain substantial positions, whether Sandisk’s shares keep declining as its weight changes and whether concentration continues upward. These checks separate a persistent allocation change from one quarter’s price-driven weight movement.
For AHNIM readers, Astera’s business case and Bloom’s project economics provide natural follow-ups. The first asks whether rack-scale connectivity products can translate into revenue and margins; the second separates project announcements and output constraints from supplier revenue. Neither company thesis is validated merely because a well-known manager reported shares.
Comparable share changes
| Security | Observed status | Adjusted Q1 → Q2 shares | Shares QoQ | Weight change |
|---|---|---|---|---|
| ASTERA LABS INC | First reported | 0 → 1,567,882 | New | +6.08 pp |
| SNOWFLAKE INC | First reported | 0 → 884,691 | New | +1.81 pp |
| TWILIO INC | First reported | 0 → 821,768 | New | +1.36 pp |
| SEAGATE TECHNOLOGY HLDNGS PL | First reported | 0 → 148,543 | New | +1.15 pp |
| ADVANCED MICRO DEVICES INC | Increased | 69,211 → 1,509,650 | +2081.23% | +6.86 pp |
| TTM TECHNOLOGIES INC | Increased | 3,514,560 → 4,230,575 | +20.37% | +1.93 pp |
| AMAZON COM INC | Increased | 1,819,439 → 2,447,732 | +34.53% | -0.21 pp |
| COHERENT CORP | Increased | 975,048 → 1,222,035 | +25.33% | +0.87 pp |
| SANDISK CORP | Reduced | 799,587 → 596,545 | -25.39% | +4.33 pp |
| ALPHABET INC | Reduced | 2,671,821 → 2,396,352 | -10.31% | -3.05 pp |
| CORNING INC | Reduced | 2,297,424 → 2,233,999 | -2.76% | +0.55 pp |
| MKS INC. | Reduced | 1,306,724 → 1,271,373 | -2.71% | +0.66 pp |
| ADVANCED ENERGY INDS | No longer reported | 1,022,112 → 0 | -100.00% | -4.26 pp |
| ROBLOX CORP | No longer reported | 3,532,184 → 0 | -100.00% | -2.58 pp |
| TOWER SEMICONDUCTOR LTD | No longer reported | 1,066,737 → 0 | -100.00% | -2.42 pp |
| CIENA CORP | No longer reported | 231,267 → 0 | -100.00% | -1.16 pp |
| MONGODB INC | Unchanged | 224,648 → 224,648 | +0.00% | -0.10 pp |
| IMPINJ INC | Unchanged | 405,244 → 405,244 | +0.00% | -0.07 pp |
| DUOLINGO INC | Unchanged | 471,764 → 471,764 | +0.00% | -0.17 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.
Carvana split bridge: 877,554 raw Q1 ×5 = 4,387,770 comparable Q1 shares, versus 4,267,080 Q2; difference -120,690 (-2.75%). Split-created shares are not purchases.
Industry mix: SEC SIC, not an invented sector model
| SEC SIC industry | Q1 equity weight | Q2 equity weight |
|---|---|---|
| Semiconductors & Related Devices | 17.37% | 25.56% |
| Computer Storage Devices | 8.00% | 14.09% |
| Services-Computer Programming, Data Processing, Etc. | 17.29% | 11.06% |
| Printed Circuit Boards | 9.95% | 10.68% |
| Services-Prepackaged Software | 9.51% | 8.13% |
| Retail-Catalog & Mail-Order Houses | 4.89% | 4.68% |
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 Whale Rock 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
Whale Rock Capital Management LLC · 13F-HR · period 2026-06-30 · filed 2026-08-14 · accession 0001172661-26-003733. 13F-HR XML · INFORMATION TABLE XML.
Whale Rock Capital Management LLC · 13F-HR · period 2026-03-31 · filed 2026-05-15 · accession 0001172661-26-002159. 13F-HR XML · INFORMATION TABLE XML.
Carvana Q2 2026 Form 10-Q: split adjustment.
Current person/manager role: Founder, CEO and Portfolio Manager.
Portrait identity reference; illustration, not photo republication.
Additional official institutional role evidence.
Industry identity evidence: SEC issuer profile 0000002488 · SEC issuer profile 0000024741 · SEC issuer profile 0000050863 · SEC issuer profile 0000106040 · SEC issuer profile 0000320193 · SEC issuer profile 0000707549 · SEC issuer profile 0000820318 · SEC issuer profile 0000912093 · SEC issuer profile 0001018724 · SEC issuer profile 0001030894 · SEC issuer profile 0001045810 · SEC issuer profile 0001046179 · SEC issuer profile 0001049502 · SEC issuer profile 0001114995 · SEC issuer profile 0001116942 · SEC issuer profile 0001137789 · SEC issuer profile 0001181412 · SEC issuer profile 0001326801 · SEC issuer profile 0001408710 · SEC issuer profile 0001441816 · SEC issuer profile 0001447669 · SEC issuer profile 0001451809 · SEC issuer profile 0001493594 · SEC issuer profile 0001562088 · SEC issuer profile 0001640147 · SEC issuer profile 0001652044 · SEC issuer profile 0001664703 · SEC issuer profile 0001690820 · SEC issuer profile 0001730168 · SEC issuer profile 0001736297 · SEC issuer profile 0001751008 · SEC issuer profile 0001800667 · SEC issuer profile 0001835830 · SEC issuer profile 0002021728 · SEC issuer profile 0002023554. 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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