- 01 Lone Pine Capital, the concentrated growth fund run by Tiger Cub Stephen Mandel, holds a $12.5 billion equity portfolio per its May 2026 13F filing (the SEC form institutional managers use to report stock holdings 45 days after quarter end), built around one shift: sell the mega-cap cloud giants and rotate into Bitcoin miners, power plants, and physical infrastructure.
- 02 The portfolio shrank from about $13.6 billion to $12.5 billion between filings, an 8 percent decline, as Mandel exited seven names worth $3.4 billion and opened 11 new ones worth $3.4 billion.
- 03 The top 5 stakes hold about 30 percent of the portfolio: Vistra at $930 million, ASML at $865 million, Carpenter Technology at $717 million, LPL Financial at $617 million, and AppLovin at $583 million.
- 04 The exits tell the thesis: Mandel sold Broadcom, Microsoft, Amazon, and DoorDash, all software and cloud names, and bought TeraWulf and Hut 8, two Bitcoin miners that are repurposing their power campuses to host AI computing.
- 05 The filing landed on EDGAR May 15, 2026, during peak 13F season, with both Bitcoin miners up sharply year-to-date as hyperscalers compete for power-ready data center capacity.
How Lone Pine Moved Last Quarter
Here is what Lone Pine Capital did with the portfolio last quarter, grouped by the kind of move. Share count change is what the manager chose. Value change also reflects where the stock price went.
| Position | Share Change | Value |
|---|---|---|
| New Buys | ||
| TeradyneMakes the machines that test computer chips before they ship | New | $555M |
| CorningMakes specialty glass and fiber optic cables that connect data centers | New | $506M |
| MasTecBuilds cell towers, pipelines, and data center infrastructure under contract | New | $493M |
| US FoodsDistributes food to restaurants, hospitals, and cafeterias across the U.S. | New | $350M |
| Performance Food GroupDelivers food and supplies to restaurants and convenience stores nationwide | New | $341M |
| McKessonDistributes pharmaceuticals to pharmacies and hospitals across North America | New | $339M |
| CienaBuilds networking equipment that moves data through fiber optic cables at high speeds | New | $314M |
| TeraWulfMines Bitcoin using mostly nuclear and hydroelectric power, expanding into AI hosting | New | $287M |
| Hut 8Mines Bitcoin and runs AI data centers repurposed from former mining facilities | New | $285M |
| ArganBuilds power plants and industrial facilities for utilities and energy companies | New | $214M |
| AlphabetRuns Google Search, YouTube, and the Google Cloud AI platform | New | $54M |
| Largest Holdings Now (30% of portfolio) | ||
| VistraRuns U.S. nuclear and natural gas power plants, a major data center electricity supplier | $930M | |
| ASMLMakes the lithography machines chip factories need to produce advanced semiconductors | $865M | |
| Carpenter TechnologyProduces specialty metals and alloys used in aerospace engines and defense systems | $717M | |
| LPL FinancialRuns the largest independent broker-dealer platform for financial advisors | $617M | |
| AppLovinOperates an AI-powered advertising platform for mobile app developers | $583M | |
| Added To | ||
| VisaProcesses digital payments across a global network of over 4 billion cards | +510% | $28M |
| SpotifyStreams music and podcasts to over 600 million users worldwide | +288% | $33M |
| AppLovinAI-powered mobile ad platform, share count nearly doubled from Q4 | +88% | $583M |
| TransDigmMakes niche aerospace parts with no close substitutes, giving it pricing power | +86% | $41M |
| HiltonManages nearly 8,000 hotels worldwide without owning most of the buildings | +54% | $27M |
| Talen EnergyRuns the Susquehanna nuclear plant selling power to an Amazon data center next door | +41% | $580M |
| Carpenter TechnologySpecialty metals maker, shares added 38 percent on top of a Q4 base | +38% | $717M |
| Nu HoldingsRuns the largest digital bank in Latin America with over 100 million customers | +28% | $546M |
| Clean HarborsCollects and disposes of hazardous waste for industrial companies | +27% | $503M |
| Tenet HealthcareOperates hospitals and ambulatory surgery centers across the U.S. | +26% | $426M |
| VistraNuclear and gas power plants, the fund’s largest holding by dollar value | +19% | $930M |
| ASMLLithography machines for chip production, the fund’s second-largest holding | +8% | $865M |
| EntegrisSupplies purification materials that chipmakers need to manufacture advanced semiconductors | +2% | $365M |
| MedlineDistributes medical supplies to hospitals and clinics nationwide | +1% | $525M |
| Cut Back | ||
| KKRGlobal investment firm managing private equity, credit, and real estate | -96% | $17M |
| AmphenolMakes electronic connectors that link components inside servers and data centers | -92% | $28M |
| Vulcan MaterialsMines and sells crushed stone, sand, and gravel for construction projects | -91% | $39M |
| TSMCManufactures the advanced chips inside Nvidia GPUs and Apple processors | -54% | $470M |
| Boston ScientificMakes medical devices including stents, pacemakers, and surgical tools | -48% | $7M |
| Booking HoldingsRuns the largest online travel reservation platform in the world | -48% | $10M |
| MastercardProcesses electronic payments across a global network alongside Visa | -41% | $29M |
| BrookfieldManages renewable power, infrastructure, and real estate assets globally | -30% | $454M |
| Capital OneIssues credit cards and runs digital banking for U.S. consumers | -1% | $414M |
| CarvanaSells used cars online and delivers them to buyers’ doors | -1% | $552M |
| LPL FinancialLargest independent broker-dealer, share count essentially flat | -1% | $617M |
| Exited | ||
| BroadcomDesigns networking and custom AI chips for cloud data centers | $599M | |
| MicrosoftRuns Azure cloud, Office 365, and invested over $13 billion in OpenAI | $597M | |
| DoorDashDelivers restaurant food and groceries through a mobile app | $573M | |
| AmazonRuns Amazon Web Services, the largest cloud computing platform for AI workloads | $557M | |
| Philip MorrisSells Marlboro cigarettes and heated tobacco products in over 180 countries | $424M | |
| WingstopFranchises over 2,400 chicken wing restaurants worldwide | $380M | |
| AffirmOffers buy-now-pay-later loans at online and in-store retail checkouts | $284M | |
What to watch
1. Lone Pine’s next 13F is due by August 14, 2026. It will show whether the Bitcoin mining and power infrastructure bets grew further or whether Mandel trimmed them after the first quarter.
2. Mandel sold every share of Microsoft and Amazon in one quarter, two of the most widely held institutional names in the market. The next filing will reveal whether he stayed out of both or started rebuilding either stake.
3. TeraWulf and Hut 8 both depend on two revenue streams simultaneously: Bitcoin mining income and AI hosting contracts from hyperscalers. A sustained drop in Bitcoin’s price or a slowdown in data center leasing would pressure both the $287 million and $285 million bets at the same time.
Verified as of May 17, 2026.
Primary Filings & Announcements
SEC EDGAR: Lone Pine Capital 13F-HR Information Table (Q1 2026, filed May 15, 2026)
SEC EDGAR: 13F-HR Filing Index, Accession 0000919574-26-003439
SEC EDGAR: Lone Pine Capital CIK 0001061165 Full 13F Filing History
Market Coverage
Yahoo Finance: TeraWulf Quote and Performance
Yahoo Finance: Vistra Quote and Performance
Yahoo Finance: ASML Quote and Performance
Background & Analysis
SEC EDGAR: Lone Pine Capital Full Filing History (all forms)
SEC EDGAR: Lone Pine Capital Q4 2025 13F-HR Information Table (prior quarter comparison)