Billionaire-backed family offices increased their exposure to semiconductor and energy companies in the first quarter of 2026, even as the Iran conflict created uncertainty around global markets and data center costs.
According to regulatory filings reviewed by CNBC, several private investment firms tied to ultra-wealthy families boosted holdings in major chipmakers, while others positioned themselves to benefit from rising energy prices triggered by tensions in the Middle East.
The family office of Carolina Panthers owner David Tepper, Appaloosa Management, expanded its investment in Micron Technology by 11%, bringing the position to $562.5 million by the end of March and making it the firm’s second-largest holding. Appaloosa also raised its stake in Taiwan Semiconductor by 18% to $448.6 million and revealed a new $179 million investment in Sandisk.
Meanwhile, Stanley Druckenmiller’s Duquesne Family Office opened a new $24 million stake in Sandisk and disclosed a $161 million investment in Broadcom.
Soros Fund Management, founded by George Soros, significantly increased its Nvidia holdings by 61%, lifting the stake to $187 million and placing the chipmaker among the firm’s 10 biggest investments.
The bets on semiconductor companies have paid off as the sector rallied strongly in recent months. Over the past month, shares of Sandisk and Micron climbed roughly 50% and 60%, respectively. Nvidia, Broadcom and Taiwan Semiconductor also posted notable gains since the end of the first quarter.
At the same time, some family offices chose to cash in on earlier semiconductor investments. Duquesne exited its positions in Entegris and ON Semiconductor, while Appaloosa reduced its Nvidia stake by 13%, though the company still remained one of the firm’s top holdings at $257 million.
Energy investments also reflected differing views among billionaire investors as the Iran war disrupted global markets. Appaloosa more than doubled its position in Vistra Corp to $304 million, while BlueCrest Capital Management, founded by billionaire investor Michael Platt, sold its entire $103 million stake in the power generation company.
Duquesne sharply reduced its investment in Bloom Energy by 82% to $89 million but increased its holding in Argentine oil and gas producer YPF Sociedad by more than five times to $150 million, making the family office one of the company’s largest institutional shareholders.
With airlines facing mounting fuel-cost pressures, several billionaire family offices also pulled back from the sector. During the quarter, Appaloosa sold its positions in American Airlines, Delta Air Lines and United Airlines, while Duquesne exited its investment in Delta as well.
