Carolina Panthers owner David Tepper looks on before the game against the Atlanta Falcons at Mercedes-Benz Stadium on January 5, 2025 in Atlanta, Georgia.
Kevin C. Cox | Getty Images Sports | Getty Images
A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide for wealthy investors and consumers. Register to receive future editions, straight to your inbox.
Private investment firms of the ultra-rich doubled their investments in chipmakers in the first quarter of 2026 despite pressures from the Iran war, according to securities filings analyzed by CNBC. Several family offices also turned to energy producers as conflict in the Middle East drove up oil prices, while others opted to lock in their gains.
Appaloosa Management, the family office of David Tepper, has increased its stake in Micron technology by 11%, making the chipmaker its second-largest holding, with $562.5 million, at the end of March. Appaloosa also increased its stake in Taiwan Semiconductor by 18%, to $448.6 million, and disclosed a new position of $179 million in Sandisk.
Duquesne Family Office, Stanley Druckenmiller’s personal investment firm, also unveiled a new position in Sandisk valued at $24 million as well as a $161 million position in Broadcom.
Soros Fund Management, the namesake company of George Soros, raised its Nvidia 61% position, at $187 million, making it one of the family office’s top 10 holdings.
Some of these developments were fortuitous, as semiconductor stocks have soared in recent months.
Over the past 30 days, shares of Sandisk and Micron are both up about 50% and 60%, respectively.
Shares of Nvidia, Broadcom and Taiwan Semiconductor have risen by smaller amounts in recent weeks, but have made substantial gains since last quarter. Broadcom and Taiwan Semiconductor are up about 35% and 19%, respectively, since the end of March, while Nvidia shares are up about 28%.
Duquesne locked in gains on two semiconductor companies by exiting positions in Entegris And ABOUT Semiconductor last quarter. Appaloosa also reduced its stake in Nvidia by 13%, but remains in ninth place with $257 million.
Billionaire family offices have taken divergent approaches to energy stocks as the war in Iran has disrupted the market. Appaloosa more than doubled its stake in Vistra Corp. to $304 million while BlueCrest Capital Management, the private company of billionaire hedge fund Michael Platt, liquidated its $103 million position in the Texas-based power and utility company.
Duquesne reduced its stake in Flowering Energya fuel cell manufacturer, by 82% to $89 million, while increasing its position in YPF Sociedad more than fivefold to $150 million. The family office is the fifth largest institutional shareholder in the Argentine oil and gas producer, according to InsiderScore.
As airlines face a fuel crisis, some family offices have chosen to exit their positions. In the first quarter, Appaloosa sold its interests in American airlines, Delta Airlines And United Airlines. Duquesne also sold its stake in Delta.