The latest 13F filing from Steve Cohen’s Point72 Asset Management reveals significant portfolio adjustments, characterized by aggressive expansions in semiconductor and mega-cap tech holdings, paired with substantial derivative positions that indicate sophisticated risk management. Here are some of the largest position moves.
1. SPDR S&P 500 ETF Trust (SPY): +3,144,900 shares (Put) & +499,000 shares (Call)
Point72 established two large, opposing derivative positions in SPY.
- A Put Position of 5,282,200 shares ($3.52B) was increased by 3.14 million shares. This represents a direct hedge or bearish bet on the broad market.
- A separate Call Position of 2,389,400 shares ($1.59B) was increased by 499,000 shares. This represents a bullish or leveraged long position.
- What it means: This shows Point72 running a complex options strategy, potentially a collar or distinct bets on volatility and direction. The put position is notably larger, suggesting a primary focus on downside protection.
2. NVIDIA Corp (NVDA): +820,955 shares (+12.78%)
Point72 meaningfully added to its already large stake in NVIDIA, bringing its total holding to over 7.2 million shares valued at $1.35 billion.
3. Invesco QQQ Trust (QQQ): +1,560,400 shares (Put) (+2,863.12%)
Point72 dramatically increased a long put position on QQQ to 1.61 million shares ($969.5M). This signals a tactical decision to hedge against a potential downturn in the mega-cap technology sector.
4. Arista Networks (ANET): –1,419,213 shares (–20.48%)
The fund trimmed its position in Arista Networks, though it remains a top-10 holding at over $803 million.
5. Credo Technology Group (CRDO): +629,016 shares (+15.33%)
Point72 expanded its stake in this provider of high-speed connectivity solutions.
6. Amazon.com Inc (AMZN): –1,663,819 shares (–34.75%)
A substantial reduction, though Amazon remains a large position at $685 million.
7. Meta Platforms Inc (META): +611,420 shares (+294.09%)
One of the largest percentage increases in the filing, boosting the stake to over $601 million.
8. Teradyne Inc (TER): +3,807,853 shares (+1,370.82%)
A massive addition, making Teradyne a new significant holding in semiconductor testing equipment.
9. Broadcom Inc (AVGO): +1,035,700 shares (+187.80%)
A major increase in exposure to another AI infrastructure giant, bringing the stake to over $523 million.
10. Taiwan Semiconductor (TSM): +398,803 shares (+28.18%)
Point72 added to its position in the world’s leading foundry, bringing the holding to over $506 million.
Big Picture Themes
1. Concentrated Bet on the AI/Semiconductor Value Chain:
The filing shows a layered, high-conviction wager across the semiconductor ecosystem: from design (NVDA, AVGO), to manufacturing (TSM), to testing equipment (TER), and connectivity (CRDO). This is the portfolio’s dominant theme.
2. Explicit Hedging of Tech and Broad Market Risk:
Contrary to some interpretations, the data shows significant, direct bearish hedges. The large long put positions on SPY and especially QQQ are explicit, costly insurance policies against a market or tech sector decline. This reflects a cautious or risk-managed stance beneath the aggressive stock picks.
3. Active Rotation Within Mega-Cap Tech:
The fund increased exposure to NVDA and META while trimming AMZN. This indicates active stock selection and sizing within the large-cap tech universe rather than a blanket bullish view.
In Summary: Point72’s Q3 2025 activity reveals a strategy of aggressive stock picking in AI and semiconductors, paired with explicit, sizable hedges against the very sectors it is long. This presents a picture of high conviction in specific companies but notable caution regarding broader market valuations and potential volatility heading into the end of 2025.
For all the latest news and podcasts, join our free newsletter here.
Don’t forget to check out our FREE Large Cap 1000 – Stock Screener, here at The Acquirer’s Multiple:
