Viking Global Investors (Halvorsen)

Viking ran a busy but coherent quarter: a brand-new $1B Apple stake at 2.6% (Viking has rarely held AAPL), Visa scaled +59% to become the #1 weight (5.4%), and big trims/exits in AMD (full), DraftKings (full), Ross (full), PNC (-58%). The pattern is consumer/financial up, semis-and-betting down — the opposite of what Coatue and Situational Awareness did the same quarter, which makes Viking's read on the AI cycle look much more cautious.

• ▲ ADDED
  VISA INC V

  Shares +59% to 5.4% weight — the new top position in the book. 45 quarters of persistence; the scale-up is the largest add to a single name in a long time.

• + NEW
  APPLE INC AAPL

  Initiated at 2.6% with $1B+ in dollar terms — Viking rarely holds AAPL outright, so this is a real view change.

• × EXIT
  ADVANCED MICRO DEVICES INC AMD

  Cleared the AMD position after only 8 quarters — Viking pruning semi exposure while every Tiger Cub peer is doubling down.

• ▼ REDUCED
  PNC FINL SVCS GROUP INC PNC

  Cut -58% in shares; weight from 4.0% to 1.8%. The banks thesis being trimmed.

• ▲ ADDED
  CARVANA CO CVNA

  Shares +162% — meaningful conviction add at +111% unrealized; Viking comfortable scaling the volatile consumer-credit winner.

• ▲ ADDED
  THERMO FISHER SCIENTIFIC INC TMO

  Shares +110% over 33 quarters in the book — the healthcare-tools persistence with a real new commitment.

• × EXIT
  DRAFTKINGS INC NEW DKNG

  Full exit after only 2 quarters — short-tenured speculative position closed.