Steve Cohen Q1 2026 Portfolio — META Surges 1272%, AZ & CVX Initiated

Steve Cohen's Point72 Asset Management disclosed in its Q1 2026 13F filing a 1272% expansion of its META position to $520M, and a 260% increase in AMAT to $587M, elevating both to core holdings. Conversely, five positions were fully exited — DHR ($388M), PEP ($338M), TEAM ($314M), CSCO ($304M), and TEL ($232M) — compressing the portfolio to 20 holdings with total AUM of $12.9B.

Top 5 Holdings — Q1 2026

• NVDA: $1.3B (1.8%)
• AMZN: $1.0B (1.4%)
• ANET: $804M (1.1%)
• SPY: $800M (1.1%)
• SPY: $796M (1.1%)

Q1 2026 Key Trading Activity

The largest holding remains NVDA ($1.3B, 1.8% weight), anchoring Point72's top position in AI infrastructure. AMZN ($1.0B) ranks second, followed by networking equipment maker ANET ($804M) in third. Notably, SPY ETF appears separately at both fourth and fifth place with $800M and $796M respectively, and including QQQ ($680M), index-tracking ETFs represent a sizeable allocation. ASML ($746M), AVGO ($701M), and semiconductor test equipment maker TER ($677M) also feature in the top 10, underscoring the portfolio's heavy concentration in the semiconductor sector.

• META: Added +1272% ($520M) — A large-scale bet targeting advertising revenue recovery and AI momentum
• AMAT: Added +260% ($587M) — Positioning ahead of a semiconductor equipment cycle rebound
• CRDO: Added +34% ($702M) — Sustained conviction in data center high-speed interconnect demand
• AstraZeneca: Initiated $243M — Adding healthcare defensives to a tech-heavy portfolio
• CVX: Initiated $217M — Energy sector diversification as a hedge against macro uncertainty
• DHR: Fully exited $388M → 0 — Precision instruments rebalancing; growth momentum deemed to have slowed
• PEP: Fully exited $338M → 0 — Consumer staples defensive liquidated, rotated into higher-return names
• TEAM: Fully exited $314M → 0 — Reducing software valuation overhang

Among new initiations, defensive, energy, and healthcare names made their debut: AstraZeneca ($243M), CVX ($217M), utility PPL ($216M), auto parts distributor ORLY ($198M), and regional bank PNFP ($159M). These additions signal a deliberate effort to broaden diversification within an otherwise tech-concentrated portfolio. CRDO was increased by 34% to $702M, reflecting continued conviction in data center connectivity solutions.

Point72's Direction: Doubling Down on Semiconductors & AI While Balancing with Defensives

Point72 is maintaining its semiconductor belt — NVDA, ANET, ASML, AVGO, and TER — while reinforcing its AI exposure through the aggressive builds in META and AMAT. Simultaneously, the fund is adopting a dual strategy by initiating defensive and energy positions in AstraZeneca, CVX, and PPL to mitigate concentration risk in technology. The decisive exit from mature names like DHR, PEP, and CSCO signals Cohen's clear preference for reallocating capital toward AI and semiconductor cycle beneficiaries over low-growth incumbents. Going forward, the recovery in semiconductor equipment demand and Meta's AI-driven advertising performance will be the defining variables for portfolio outcomes.