Carolina Panthers owner David Tepper watches before the game against the Atlanta Falcons at Mercedes-Benz Stadium on January 05, 2025 in Atlanta, Georgia.
Kevin C. Cox | Getty Images Sports | Getty Images
A version of this article first appeared in CNBC’s Inside Wealth with Robert Frank, a weekly guide for the high net worth investor and consumer. sign up to receive upcoming programs, straight to your inbox.
Private equity firms have doubled down on shipbuilders in the first half of 2026 despite pressures from the Iran war, according to securities documents analyzed by CNBC. Several family offices have also become dependent on energy producers as the Middle East conflict has pushed up oil prices, although some have opted to lock in their gains.
David Tepper’s family office Appaloosa Management raised its stake Micron technology by 11%, making the chipmaker the second largest, with $562.5 million, at the end of March. The Appaloosa also increased its share Taiwan Semiconductor by 18%, to $448.6 million, and disclosed a new position of $179 million Sandisk.
Duquesne Family Office, the personal investment firm of Stanley Druckenmiller, is also disclosing a new position in Sandisk estimated at $24 million and a position of $161 million Broadcom.
Soros Fund Management, George Soros’ namesake company, has raised its stake Nvidia position by 61%, to $187 million, making it one of the top 10 family offices.
Some of these moves were fortuitous, with semiconductor stocks rising sharply in recent months.
Over the past 30 days, shares of Sandisk and Micron have risen nearly 50% and 60%, respectively.
Shares of Nvidia, Broadcom and Taiwan Semiconductor have gained small percentages in recent weeks but are the biggest 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 is locked in on profits from two semiconductor firms through exits Entegris again ON Semiconductor last quarter. Appaloosa also cut its stake in Nvidia by 13%, but it still ranks as its ninth largest at $257 million.
Billionaire family offices have taken a different approach to energy stocks as the Iran war has disrupted the market. Appaloosa also doubled its share Company Vistra Corp reached $304 million while BlueCrest Capital Management, the private equity firm of billionaire financier Michael Platt, exited its $103 million position in the Texas-based power and energy company.
Duquesne decided to end his power Bloom Powerthe fuel cell maker, by 82% to $89 million, while increasing its position in YPF Sociedad fivefold to $150 million. The family office is the fifth largest 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 stake American Airlines, Delta Air Lines again United Airlines. Duquesne also pulled out of its stake in Delta.
