Daniel Loeb’s $7.3B Third Point Drops Its S&P 500 Hedge and Bets on AI Power

Third Point LLC, the activist hedge fund run by 30-year veteran investor Daniel Loeb, holds a $7.27 billion equity portfolio per its February 13F filing, where Loeb closed a $583 million S&P 500 put hedge, sold Meta, and built a new $168 million Constellation Energy stake to bet on the power supply behind AI compute.

On February 17, 2026, Third Point LLC filed its quarterly 13F-HR (the SEC form U.S. institutional managers use to report their stock holdings 45 days after each quarter end) showing $7.27 billion in equity holdings across 40 issuers as of December 31, 2025. The fund, run by Daniel Loeb, the 64-year-old activist investor who founded Third Point in 1995, used the quarter to close a $583 million S&P 500 put hedge, sell Meta, and rotate into the power suppliers behind AI compute.

That rotation is the picks-and-shovels of the AI data center build-out. Hyperscalers (Amazon, Microsoft, Google, Oracle, Meta and a handful of frontier AI labs) are racing to bring online tens of gigawatts of new compute capacity through 2030. Every gigawatt needs nuclear baseload, gas turbines, on-site fuel cells, and transmission upgrades that take years to permit. Loeb is betting the bottleneck has shifted from chips to power, and that the supplier layer underneath the big AI names is where the next leg of returns sits.

From $9 Billion to $7.3 Billion in One Quarter

Third Point’s reported 13F value fell from $8.99 billion in late September to $7.27 billion at year-end 2025, a 19 percent drop. Roughly a third of that change came from one trade: Loeb closed his $583 million S&P 500 put hedge in full. The rest came from deliberate trims across the long holdings. Amazon shares were cut 23 percent, Microsoft 16 percent, Taiwan Semiconductor 61 percent, and PG&E was reduced by 26 percent. Norfolk Southern was cut 41 percent. The fund kept its Nvidia stake flat, the only AI mega-cap not trimmed in the quarter. At $7.27 billion across 40 names, Third Point sits in the same range as Bill Ackman’s Pershing Square and Brad Gerstner’s Altimeter Capital.

The Top Positions and How They Changed

The top 5 stakes hold about 34 percent of the portfolio. The top 11 hold about 58 percent. The table below shows each stake’s value as of September 30, 2025 alongside its value as of December 31, 2025, and the percent change.

Why This 13F Is Trending Now

The catalyst is Loeb’s Q4 2025 investor letter, which has circulated across finance media since publication. In it, Loeb warns that generative AI is changing how he thinks about competitive moats, naming the supplier layer beneath Nvidia and the hyperscalers as a higher-conviction trade than the AI mega-caps themselves. The 13F is the receipt. The new $168 million Constellation Energy stake sits alongside Vistra at $162 million as the AI-power sleeve, replacing exited holdings in Talen Energy ($149 million) and Core Scientific ($54 million). Constellation runs the nuclear plants restarting Three Mile Island for Microsoft. Vistra owns the largest unregulated nuclear and gas fleet supplying Texas data center growth. Both names have rallied roughly 60 to 90 percent year-to-date through early May 2026 as the trade goes mainstream.

What to Watch

The mid-May 2026 deadline: Third Point’s Q1 2026 13F is due 45 days after the March 31 quarter end. The single fact to watch is whether Loeb extends the Constellation build past $200 million, or whether he peels it back after the year-to-date rally.

The activist 13D question: Loeb files Schedule 13Ds (the SEC form required when an investor crosses 5 percent of a public company with intent to influence) several times a year. None of the Q4 2025 top eleven holdings sit at that threshold today. Watch whether the new Constellation or rebuilt Alibaba stakes graduate to 13D status.

The AI power supply story: The Constellation and Vistra thesis works only if data center load growth keeps absorbing every megawatt these utilities can sell. The Federal Energy Regulatory Commission ruling on behind-the-meter data center contracts, the gas-turbine order book at GE Vernova and Siemens Energy, and the Texas grid summer reliability margin are the three upstream variables to track.