Millennium Q2 13F: New $3B SpaceX stake, massive SPY ETF buys, and large bearish put positions on NVIDIA & Micron.

Millennium Management reported a portfolio value of $276.29 billion for the quarter. The firm's latest 13F filing revealed significant changes, highlighted by the establishment of a major new position in Space Exploration Technologies Corp (SPCX) valued at $2.98 billion, representing over 1% of the total portfolio. The fund also substantially increased its exposure to the broader market, boosting its stake in the iShares Core S&P 500 ETF (IVV) by 12% to $10.86 billion.

The most dramatic moves were concentrated in S&P 500 index ETFs. Millennium aggressively increased its common stock position in the SPDR S&P 500 ETF (SPY) by 680% to $3.63 billion. This was accompanied by a 202% increase in SPY call options to $3.54 billion and a 58% increase in SPY put options to $3.22 billion, indicating a large and complex strategy on the index's direction. In contrast, the firm completely exited its $1.65 billion position in the SPDR Portfolio S&P 500 Growth ETF (SPYM). Additionally, a large bullish bet was placed on the Russell 2000 index via iShares Russell 2000 ETF (IWM) call options, which grew to $4.36 billion.

The semiconductor and technology sectors saw significant repositioning, often with a bearish tilt through options. While Millennium increased its NVIDIA (NVDA) common stock to $2.43 billion, it also held a massive $5.10 billion put option position on the chipmaker. Similarly, the firm's put option position on Micron Technology (MU) surged by 55% to $3.26 billion. Other major tech names saw reductions in common stock, with the Apple (AAPL) position cut by 84% and Alphabet (GOOGL) by 94%.

Among other notable changes, Millennium almost completely divested from CRH PLC, closing out call and put option positions that were previously valued at a combined $2.7 billion. The firm also closed a $1.65 billion position in the SPDR S&P 500 Growth ETF (SPYM) and significantly reduced stakes in financials like Bank of America and Morgan Stanley.

Position changes