Billionaire family offices significantly increased their allocations to semiconductor stocks during the first quarter of 2026, even as the Iran war created broader market volatility, according to securities filings analyzed by CNBC.

Market Context

The Middle East conflict has disrupted global markets and driven oil prices higher, creating divergent pressures across sectors. While energy producers have faced supply chain uncertainties, chipmakers have continued to attract institutional interest despite geopolitical headwinds. The Philadelphia Semiconductor Index has been a standout performer in recent months as demand for artificial intelligence infrastructure remains robust.

Analysis

David Tepper's Appaloosa Management emerged as one of the most aggressive buyers of semiconductor exposure during the quarter. The firm raised its stake in Micron Technology by 11% to $562.5 million, making it Appaloosa's second-largest holding at the end of March. The fund also increased its position in Taiwan Semiconductor by 18% to $448.6 million and established a new $179 million position in Sandisk.

Stanley Druckenmiller's Duquesne Family Office similarly disclosed fresh semiconductor exposure, including a new $24 million stake in Sandisk and a $161 million position in Broadcom. Soros Fund Management raised its Nvidia holding by 61% to $187 million, making it one of the family's top-10 holdings.

Not all moves were bullish on chips, however. Duquesne locked in gains by exiting positions in Entegris and ON Semiconductor last quarter. Appaloosa trimmed its Nvidia stake by 13%, though it remained the fund's ninth-largest position at $257 million.

In energy, family offices took markedly different approaches as the Iran conflict affected oil markets. Appaloosa more than doubled its stake in Vistra Corp to $304 million, while BlueCrest Capital Management, led by billionaire Michael Platt, exited a $103 million position in the Texas-based power generator entirely. Duquesne cut its Bloom Energy stake by 82% to $89 million but increased its YPF Sociedad position more than fivefold to $150 million, becoming the fifth-largest institutional shareholder in the Argentinian oil and gas producer.

Airlines faced pressure from rising fuel costs tied to the Middle East tensions, prompting several family offices to exit their positions. Appaloosa sold stakes in American Airlines, Delta Air Lines and United Airlines during the quarter, while Duquesne also exited its Delta position.

The timing of these semiconductor bets has proven fortuitous for some investors. Over the trailing 30-day period, Sandisk shares surged approximately 50% and Micron gained roughly 60%. Nvidia shares have risen about 28% since the end of March, with Broadcom up 35% and Taiwan Semiconductor gaining 19% over the same timeframe.

Key Numbers

- Appaloosa's Micron stake: $562.5 million (11% increase, second-largest holding)

- Appaloosa's Taiwan Semiconductor position: $448.6 million (18% increase)

- Duquesne's Broadcom position: $161 million (new disclosure)

- Soros Fund Management's Nvidia stake: $187 million (61% increase)

- Micron 30-day performance: approximately +60%

- Sandisk 30-day performance: approximately +50%

- Appaloosa's Vistra stake: $304 million (more than doubled)

What to Watch

Investors should monitor whether these family offices continue building semiconductor positions as earnings season approaches. The Iran conflict remains a wildcard for energy prices and airline stocks, while chipmakers face ongoing demand questions tied to AI infrastructure spending. Next quarter's 13F filings will reveal whether the recent gains prompted profit-taking or further accumulation.

Traders should also track Vistra Corp and YPF Sociedad closely given the divergent positioning between Appaloosa and BlueCrest on one side and Duquesne's energy rotation on the other.