Institutional investors are split down the middle on Big Tech

2Q 2026 13F filings are in, and they reveal something more important than any individual fund’s positioning. Institutional investors are nearly evenly split on the largest US megacap tech stocks, on major software names, and on data centers. The balance is between funds trimming and funds adding, but the direction has become genuinely contested for the first time in three years.

A Reuters analysis of 6.4k filings shows 44% of institutions trimmed their Magnificent Seven positions in 2Q, while 42% initiated or expanded. Major software names (Adobe, Datadog, and the broader group) saw 28.2% act as net sellers against 26.3% net buyers. Data centers were near-perfectly split at 24.3% each. Semiconductors retained a modest bullish tilt (48% net buyers vs 34.5% net sellers), but even that is far from the crowded consensus that drove the rally through 2024 and early 2025. “When buys and sells are that closely matched, to us it signals the absence of consensus. Nobody disputes the quantum of AI spending that is happening. There is disagreement about which companies ultimately will profit,” OnyxPoint Global Management founder Shaia Hosseinzadeh told the newswire.

The consensus names losing conviction: Tiger Global Management, one of the most-watched hedge funds in the AI trade, cut Alphabet by 45.4% and trimmed Microsoft, Nvidia, and Meta positions. SoftBank reduced its TSMC holdings. Erlen Capital’s Bruno Schneller told Reuters the 2Q data reflects AI-related stocks moving “from a fundamental growth story into a highly leveraged momentum trade” — with July’s tech-sector unwinding as the confirmation. The software-disruption thesis we flagged in June through Adobe's 9% collapse now has institutional-flow validation: more than 28% of filers reviewed by Reuters were net sellers of the major software cohort.

OnyxPoint established new positions in BP, Devon Energy, geothermal developer Fervo Energy, and data center operator Keel Infrastructure — clean, textbook HALO positioning. Berkshire Hathaway added USD 17 bn to Alphabet, boosted its Delta stake, and lifted housing bets, making Alphabet a top-three holding in what is now Greg Abel’s second full quarter running the shop. Nvidia’s 13F disclosed a USD 21 bn SpaceX position and a USD 30 bn Intel stake — together about 80% of Nvidia’s disclosed public equity portfolio, in two companies that have both committed to Nvidia’s Vera Rubin architecture. The pattern is consistent: the money isn’t leaving AI; rather, it is rotating from broad-consensus names into concentrated positions in power, real assets, and vendor-linked infrastructure.

PIF’s 1Q pivot to four US positions — which we covered as the smartest single capital allocation call in the GCC complex this year — looks better with each passing quarter. The names PIF exited (Amazon, Visa, Mastercard) are now inside the cohort losing institutional conviction. The names PIF held — Uber, Electronic Arts, Lucid, Clarivate — fit the rotation targets institutional flows are now moving toward. Mubadala, Adia, ADQ, and QIA still carry meaningful exposure across the Magnificent 7 and software complex. 2Q’s 13F data is the closest thing markets have produced to a coordinated institutional signal in months, and the signal is that the consensus trade has moved from crowded to contested.

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MARKETS THIS MORNING-

Asian markets opened to mixed results earlier today. South Korea’s Kospi gained around 2.5%, while Japan’s Nikkei lagged behind at a loss of 0.3%. Meanwhile, US equities notched losses across the board as the prospects dim for a lasting truce in the regional war.

THE CLOSING BELL-

The EGX30 fell 0.8% at yesterday’s close on turnover of EGP 14.2 bn (35.3% above the 90-day average). Regional investors were the sole net sellers. The index is up 32.5% YTD.

In the green: AMOC (+6.0%), Rameda (+3.5%), and Ibnsina Pharma (+3.1%).

In the red: Edita (-4.9%), Misr Cement (-4.6%), and Arabian Cement (-4.3%).