- 01 Gavin Baker's Atreides Management filed its Q1 2026 13F-HR on May 18, 2026, disclosing $5.0 billion in U.S. long-equity concentrated in AI connectivity chips and a residual macro-hedge sleeve.
- 02 Disclosed value fell from $8.2 billion in Q4 2025 to $5.0 billion in Q1 2026, a 39 percent drop driven almost entirely by closing options legs and trimming the macro put hedge, not by share-price marks.
- 03 The biggest stakes were Invesco QQQ Trust puts at $808M (the residual macro hedge), Astera Labs at $369M, Unity Software at $272M, Ciena at $263M, and Micron Technology at $257M.
- 04 The connecting thread is that AI compute scales only if data moves and is stored fast between chips, so Baker built around the silicon and optical layer that wires GPU clusters together.
- 05 The next 13F (Q2 2026, due August 14) will show whether the residual $808M QQQ put hedge stayed on, was closed, or was rolled to a different strike as the AI rally continues.
How Atreides Moved Last Quarter
What to watch
1. Whether Baker rebuilds a Nvidia leveraged-call leg next quarter or stays cash-equity only. The $653M call exit this quarter signaled that Baker no longer wanted convex upside in the GPU maker, leaving $218M of plain stock. If the Q2 filing shows fresh Nvidia call options, the de-leveraging was tactical. If it shows further Nvidia stock cuts, the rotation toward connectivity chips is structural.
2. Whether Astera Labs holds its new top-conviction spot or gets trimmed after a price rally. The stake doubled to $369M and became the second-largest holding, sized close to the residual QQQ macro hedge. If Astera Labs stays in the top three next quarter, the connectivity-chip thesis is anchored. If it gets cut, the doubling reads as a trade.
3. Whether the Pure Storage and GitLab exits come back as new buys on weakness. Baker fully exited both companies, retiring a combined $538M, in a quarter when neither stock collapsed. If the next 13F shows either name re-entering at a discount, the moves were valuation calls. If neither returns, they were structural rotations out of enterprise software.
Verified as of May 26, 2026.
Primary Filings & Announcements
- Atreides Management Q1 2026 13F-HR Information Table (period 3/31/2026, filed May 18, 2026)
- Filing Index for Atreides Management Q1 2026 13F-HR (accession 0001777813-26-000006)
- Atreides Management LP, EDGAR full filing history
Market Coverage
- Astera Labs (ALAB) on Yahoo Finance
- Unity Software (U) on Yahoo Finance
- Ciena (CIEN) on Yahoo Finance
Background & Analysis
- Atreides Management firm site (Boston, founded 2019)
- Gavin Baker biography at Atreides Management
- Atreides Management, all SEC filings on EDGAR