David Shaw disclosed in the Q1 2026 13F filing that D.E. Shaw & Co newly bought index ETFs including SPY ($585M) and QQQ ($433M), while fully exiting its $805M IVV position. D.E. Shaw & Co's total assets under management (AUM) stood at $27.1B across 20 holdings.
Top 5 Holdings — As of Q1 2026
- NVDA: $2.6B (1.6%)
- MSFT: $2.3B (1.4%)
- AVGO: $2.0B (1.3%)
- GOOGL: $2.0B (1.2%)
- AAPL: $1.8B (1.1%)
Key Trading Highlights
Among the top 10 holdings, NVDA remained the largest position at $2.6B (1.6% weight), followed by MSFT at $2.3B and AVGO at $2.0B. AVGO saw the biggest increase, up 127% from the prior quarter, while GOOGL rose 76% to $2.0B. AAPL also climbed 28% to $1.8B, placing it among the top holdings. The moves suggest a simultaneous bet on AI semiconductors and Big Tech cloud infrastructure.
- SPY: New buy of $585M — signals a shift toward broad market exposure over individual stocks
- AVGO: Stake expanded +127% ($2.0B) — deepening bet on the AI semiconductor value chain
- IVV: Fully sold, $805M → 0 — rotated out in favor of SPY and QQQ within index ETF holdings
Among new purchases, large-cap index ETFs stood out, including SPY ($585M) and QQQ ($433M), suggesting a greater emphasis on broad market exposure over individual stocks. Meanwhile, positions in IVV ($805M), NXPI ($215M), and MCHP ($152M) were fully liquidated. BROS, DXCM, and Ascendis Pharma each saw their stakes cut by 99%, effectively amounting to a full exit.
Outlook
D.E. Shaw appears to be restructuring its portfolio toward index ETFs and large-cap semiconductor and Big Tech names rather than individual stocks. The new SPY and QQQ positions alongside expanded AVGO and GOOGL stakes suggest a strategy that bets on broad market gains while simultaneously increasing exposure to the AI infrastructure theme. The sale of smaller semiconductor names like NXPI and MCHP reaffirms the tilt toward large-cap AI semiconductor stocks.
