Third Point's Q2 13F reveals a new $533M stake in Warner Bros. Discovery (WBD), a nearly 500% boost to its Alphabet (GOOGL) position, and complete exits from Meta (META) and NVIDIA (NVDA).

Third Point LLC reported significant portfolio changes in its Q2 2026 13F filing, with a total reported value of $4.68 billion. The firm's activity was high, highlighted by the initiation of a major new position in Warner Bros. Discovery (WBD), valued at $533.20 million, immediately constituting 11.4% of the portfolio. Another substantial move was a 486% increase in its Alphabet (GOOGL) stake, which grew from $50.32 million to $366.30 million. The fund also established other notable new positions, including Keysight Technologies (KEYS) at $204.79 million, Block Inc. (XYZ) at $194.48 million, and Flex Ltd. at $166.93 million.

Dan Loeb's fund also dramatically increased its conviction in several existing holdings. The position in Norfolk Southern Corp (NSC) was boosted by 500% to $188.75 million, and the stake in Capital One Financial (COF) grew by 489% to $165.51 million. Other significant increases included a 144% addition to Live Nation Entertainment (LYV) and a 67% increase in Taiwan Semiconductor (TSM). These moves indicate a strategy of concentrating capital into specific high-conviction names across various sectors, including media, technology, financials, and industrials.

Conversely, Third Point exited several key technology positions. The firm completely sold its stakes in Meta Platforms (META), which was previously valued at $51.49 million, and NVIDIA (NVDA), a $33.14 million position. This divestment from big tech extended to the semiconductor space, with the closure of positions in KLA Corp (KLAC), Lam Research (LRCX), Broadcom (AVGO), and the VanEck Semiconductor ETF (SMH). The fund also made minor reductions to its top holding, Amazon (AMZN), trimming it by 10% to $417.10 million. A new put option on the SPDR S&P 500 ETF (SPY) was also added, potentially as a portfolio hedge.

Position changes