Loeb Dumps Nvidia, Bets Big on Streaming with $533M Warner Bros. Discovery Stake

Dan Loeb's Third Point LLC made significant changes to its portfolio in the second quarter of 2026, with one major move being the full exit from Nvidia Corp. (NASDAQ:NVDA) for $33.14 million.

This was part of a broader trend, with Loeb selling all semiconductor-linked positions, including Broadcom Inc. (NASDAQ:AVGO), KLA Corp. (NASDAQ:KLAC), Lam Research Corp. (NASDAQ:LRCX), and the VanEck Semiconductor ETF.

The capital from these exits went into new positions, including a $533 million stake in Warner Bros. Discovery Inc. (NASDAQ:WBD), valued at 11.4% of the portfolio, with Loeb citing conviction that the streaming turnaround has further room to run.

Third Point also increased its Alphabet Inc. (NASDAQ:GOOG) stake from 175,000 shares to 1,025,000 shares during Q2, a 486% increase that brought the position to $366.3 million and 6.5% of the portfolio.

Loeb's move is significant because it shows a deliberate thesis change rather than routine position management, with Loeb doubling down on Taiwan Semiconductor Manufacturing Co. (NYSE:TSM) and ASML Holding NV (NASDAQ:ASML), companies that sit at the narrowest points of the supply chain, benefiting regardless of which designer leads next.