Gavin Baker’s Atreides Management is making big changes to its portfolio, exiting its entire Microsoft (MSFT) position while deploying hundreds of millions of dollars into AI-linked names.
The News
Atreides’ latest 13F filing from the U.S. Securities and Exchange Commission shows that the fund fully exited its stake in Microsoft in Q1 2026.
The fund sold all 181,468 MSFT shares previously valued at $87.761 million.
Atreides redeployed the capital and more into five new positions totaling $376.685 million. In Q1 of this year, the fund opened a new position in Zoom Communications (ZM), gobbling up 1,315,605 ZM shares valued at $105.761 million. Zoom is a video communications platform integrating AI agents and meeting intelligence features
Atreides also initiated a fresh stake in Credo Technology (CRDO), a fabless semiconductor company making high-speed connectivity chips critical for AI networking. The fund snapped up 1,091,233 CRDO shares worth $102.434 million.
In the quarter ending March 31st, Atreides opened a fresh position in Palo Alto Networks (PANW), a cybersecurity firm leaning into AI-powered threat detection. The firm accumulated 561,797 PANW shares worth $90.067 million.
Atreides also opened a new stake in Vistra Corp (VST), a nuclear and power generation company benefiting from AI data center electricity demand. The fund bought 523,788 VST shares valued at $78.741 million. And Atreides opened a fresh position in Akamai Technologies (AKAM), a CDN and cloud security provider expanding into AI inference delivery at the edge. The firm gobbled up 682,837 AKAM shares valued at $78.423 million.
But the Atreides’ biggest purchase last quarter is Astera Labs (ALAB), a semiconductor connectivity solutions provider for AI data centers. The firm bought 1,754,593 ALAB shares to bring its total position to 3,365,787 ALAB shares worth $368.890 million.
What It Means for Investors
Baker has made big new plays in Q1, allocating a significant portion of its $5 billion portfolio into AI-related and picks-and-shovels plays. Astera Labs, Zoom, Credo and Palo Alto Networks are four of the top five largest buys of Atreides last quarter, indicating that Baker is making large bets in semiconductor plays as well as AI-powered cybersecurity and video communication plays.
The firm also opened a fresh position in Vistra Corp and Akamai for energy and cloud security exposures.
Earlier this week, Morgan Stanley CIO Mike Wilson warned that equities could witness a “meaningful correction” amid rising bond yields. An S&P 500 pullback from all-time high levels could open a golden opportunity for investors to snap up discounted prices in AI-related names accumulated by funds like Atreides, Brad Gerstner’s Altimeter or even billionaire Stanley Druckenmiller’s Duquesne Family Office.
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