Steve Cohen’s Q3 2025 Portfolio: AI & Semiconductor Bets Paired with Major Market Hedges

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.

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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.

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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.

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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.

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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.

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5. Credo Technology Group (CRDO): +629,016 shares (+15.33%)
Point72 expanded its stake in this provider of high-speed connectivity solutions.

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6. Amazon.com Inc (AMZN): –1,663,819 shares (–34.75%)
A substantial reduction, though Amazon remains a large position at $685 million.

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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.

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8. Teradyne Inc (TER): +3,807,853 shares (+1,370.82%)
A massive addition, making Teradyne a new significant holding in semiconductor testing equipment.

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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.

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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.

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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.

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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.