Dan Loeb's Third Point Q2 2026: A Big Warner Bros. Discovery Bet and an Exit From Semiconductors

Dan Loeb's Third Point doesn't get as much attention as Berkshire or Pershing Square, but its Q2 2026 13F is one of the more interesting reshuffles of the quarter ended June 30. According to GuruFocus and Insiderset coverage of the filing, Loeb opened a headline-sized position in media, rotated out of several chip names, and leaned into Alphabet. Here is what the data shows and how to read it.

The headline: Warner Bros. Discovery

The largest new position was Warner Bros. Discovery (WBD): roughly 20 million shares worth about $533 million, which GuruFocus calculates as about 11.4% of the reported portfolio. That instantly made it Third Point's largest 13F holding. Two other new positions were sizable: Keysight Technologies (585,000 shares, around 4.4% of the portfolio) and Block (about 2.56 million shares, around 4.2%).

Third Point opened roughly a dozen or more new names in total, including Flex, Sysco, Performance Food Group, Ares Management, Bausch + Lomb, Core Scientific and Applied Digital. The mix is eclectic, which is typical for an event-driven, activist-leaning manager.

What Loeb added to

Existing holdings that grew included Alphabet, where Third Point added about 850,000 shares to reach roughly 1.03 million (around $366 million), and Norfolk Southern, which went from about 100,000 to 600,000 shares. Other increases showed up in CRH, Capital One, Live Nation, APi Group and Hut 8.

Alphabet is the interesting one for cross-checking. You can see which other top investors hold it on the InvestorLens overlap page, which is useful for judging whether Loeb is buying alongside the crowd or on his own.

What he sold

The exits were just as telling. Third Point fully closed positions in Nvidia (190,000 shares), Broadcom, Lam Research, KLA, the VanEck Semiconductor ETF, Meta and SPDR Gold. It also trimmed Amazon by about 190,000 shares, which still left Amazon as one of its biggest holdings at roughly 9% of the portfolio.

Taken together, the sales amount to a notable step back from semiconductor exposure in a single quarter. Whether that reflects valuation concerns, profit-taking or simply a reshuffle toward other ideas is not something a 13F can tell you. Third Point's own letters are the better place to look for reasoning.

Reading the move with care

A few cautions apply before drawing conclusions:

• Timing lag. This is a June 30 snapshot, filed in August. Positions may have changed substantially since. Our guide to using the 13F's 45-day lag explains how to account for that.
• Long equity only. 13Fs omit shorts and most non-US holdings, so the WBD stake may be part of a larger structure, such as a hedged or event-driven trade.
• Weight versus size. An 11% weight sounds dramatic, but the entire disclosed book is only about $4.7 billion by GuruFocus's figures, so dollar flows are small compared with the mega-funds.

Where to dig deeper

If you want to see whether Loeb's changes show up elsewhere, a few starting points:

• Browse his full portfolio on the InvestorLens investors page.
• Check quarter-over-quarter flows to see whether other managers also sold semiconductors in Q2.
• Look at the macro consensus view to see how this rotation compares with the broader hedge fund picture.

The takeaway

Third Point's Q2 filing is a good example of a concentrated, high-conviction manager making real changes: a large new media position, a bigger Alphabet stake, and a clear retreat from chips. It is information about what a skilled investor owned at one moment, not a signal to copy. Use it as a starting point for your own research, and compare it against what other top funds were doing in the same quarter.

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Data sourced from public SEC 13F filings. Educational research only — not investment advice.