Point72 Cuts NVIDIA and Broadcom in Q2, Initiates Texas Instruments Position to Target Semiconductor Subsectors
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Steve Cohen's Point72 grew its portfolio to $90.7 billion in Q2, systematically trimming top AI chip names — Nvidia, Broadcom, AMD — while opening new positions in analog chips, power semis, and server hardware further down the supply chain. The money is moving from "compute leaders" to "compute plumbing."
A $90.7 billion portfolio — what moved in Q2?
Point72's total holdings reached $90.7 billion, up 16% from $78.1 billion the prior quarter.
The fund opened 1,064 new positions and added to 1,327 others, while fully exiting 845 names and trimming 1,461.
This means → both sides of the book were active, but exits plus trims (2,306) roughly matched new buys plus adds (2,391). This was a large-scale portfolio rotation, not a one-directional bet.
Why cut Nvidia and Broadcom at the same time?
Nvidia and Broadcom both landed in the top-five sells; AMD was also trimmed. All three sit at the top of the AI chip-design food chain.
This means → Point72 made a systematic reduction in its exposure to the most obvious AI compute winners — not a single-stock call, but a sector-level rebalancing.
In plain terms = these stocks have already run hard. Cohen chose to lock in gains and redeploy capital to parts of the chain the market hasn't fully priced yet.
Where did the money go?
Four new positions tell the story: Texas Instruments (analog chips), onsemi (power semiconductors), Flex (electronics manufacturing services), and HPE (AI servers).
This reflects a clear logic chain: chip design → chip manufacturing → server hardware. Point72 is spreading deeper along the AI supply chain.
In plain terms = the big chip designers are "the shovel sellers." Texas Instruments and Flex are "the companies that make the shovel parts." Cohen is betting the next wave of gains will flow upstream.
What do the top-five holdings signal?
The largest position is Credo Technology — a data-center high-speed connectivity chip maker — at $1.67 billion, or 1.84% of the portfolio. The stock surged 190% in Q2, yet Point72 trimmed it by 17.73%. It sold into the rally and locked in profits.
The second- and fourth-largest holdings are S&P 500 put options and call options, respectively. The put position grew 27.28%. This means → Point72 is hedging broad-market risk with options, not riding a purely long book.
ASML (lithography equipment) and Amazon sit at third and fifth. Both saw minor adjustments but no major changes — core anchor positions held steady.
Why exit consumer-retail names entirely?
Point72 fully exited Clorox, Ross Stores, Costco, and Airbnb in Q2 — all consumer-facing names.
This reflects a clear capital rotation: out of consumer, into tech hardware. The direction is unambiguous.
In plain terms = when forced to choose between "AI infrastructure" and "everyday consumption," Point72 put all its chips on the former this quarter.
Can this rotation thesis hold?
Point72's core Q2 playbook boils down to four moves: sell the leaders, buy the supply chain, clear consumer, add hedges.
The top-five buys reinforce the pattern: Snowflake (cloud data platform), Seagate (storage hardware), and MKS Instruments (semiconductor equipment components) all sit further down the value chain.
This means → whether this thesis pays off depends on two things: the actual pace of AI infrastructure spending, and whether these mid-chain hardware companies can convert orders into real earnings. If AI capex slows, these "supply-chain mid-tier" names would be hit harder than the leaders.
Content is for reference only, not financial advice.