Loeb's $4.7B Fund Abandons Nvidia, Bets Big on Streaming Turnarounds
Daniel Loeb's Third Point LLC has made significant changes to its portfolio in the second quarter of 2026, dumping $4.68 billion worth of Nvidia stock and other semiconductor-linked positions.
The fund sold every share of Nvidia Corp., worth $33.14 million, alongside full exits from Broadcom, KLA, Lam Research, and a semiconductor ETF, as disclosed in its 13F filing on August 14, 2026.
This move is notable for its breadth, with Loeb exiting the entire category rather than trimming or rotating within semiconductors. The fund's capital went toward new positions, including Warner Bros. Discovery Inc., which became the top holding at $533.2 million and 11.4% of the portfolio.
The streaming segment of Warner Bros. Discovery surpassed $3 billion in revenue for Q2 2026, growing about 10% year over year. Loeb's entry signals conviction that the streaming turnaround has further room to run.