On May 21, regulatory disclosures unveiled that several private investment arms of the ultra-wealthy persistently augmented their equity positions in semiconductor manufacturers during the inaugural quarter of 2026. Concurrently, amidst the backdrop of Middle East tensions, some family offices escalated their investments in energy producers as a precautionary measure against prospective oil price surges, whereas others opted to realize profits.
Notably, David Tepper's family office, Appaloosa Management, amplified its stake in Micron Technology by 11%, elevating it to the second-largest position in its portfolio by the end of March. Furthermore, Appaloosa augmented its holding in TSMC by 18%, amounting to $448.6 million, and initiated a fresh position in SanDisk valued at $79 million.
Stanley Druckenmiller's private investment entity, Duquesne Family Office, also revealed a new position in SanDisk worth $24 million, coupled with a holding in Broadcom worth $161 million. Soros Fund Management, under the stewardship of George Soros, markedly increased its stake in Nvidia by 61%, reaching a total of $187 million.
In contrast, Duquesne capitalized on gains by divesting its positions in Entegris and ON Semiconductor stocks, while Appaloosa trimmed its stake in Nvidia by 13%.
Regarding energy stocks, family offices embraced diverse strategies amid the geopolitical landscape shaped by the Iran conflict. Appaloosa more than doubled its investment in Texas-based power and generation company Vistra Corp, with a total investment of $304 million. Conversely, BlueCrest Capital Management, helmed by Michael Platt, divested its entire $103 million stake in Vistra Corp.