Portfolio Evolution — Q4 2024 to Q1 2026

All diffs below are computed directly from the SEC 13F-HR XML filings ([CIK 0001777813]¹), aggregating common + option lines per issuer. “New” means no line item for that issuer existed in the prior quarter; values are the quarter-end market values of the new position.

The Shape of the Last Six Quarters

Atreides turns the book over hard. Roughly a third of names rotate each quarter, position sizes routinely move ±50% or more, and the options overlay swings from zero to multi-billion-dollar notional and back. Three regimes are visible:

Q4 2024 – Q1 2025: AI-semis core + hedges. Astera Labs, AMD, ASML, NVDA (common + calls), with a $1.4 B QQQ put rolled off and a SMH (semiconductor ETF) put added — long innovation, short the index.
Q2 2025: de-hedged and broadened. All options dropped. New consumer/value-tech cohort (Dick’s, e.l.f., Sea, MercadoLibre, AutoZone, Nu) alongside the first big software adds (GitLab, Pure Storage).
Q3 2025 – Q1 2026: the AI-infrastructure barbell. Optics (Coherent, Lumentum, Ciena), memory (Micron), connectivity (Astera, Credo, Semtech), power (Vistra), with QQQ puts re-established in size — peaking at $2.15 B n o t i o na l in Q 42025 a l o n g s i d e$ 653 M notional NVDA calls, then both unwound into Q1 2026.

Q4 2025 → Q1 2026 (filed 2026-05-18)

The de-grossing quarter. Reported value fell $8.18 B \to$ 5.00 B, driven by unwinding the giant options overlay (QQQ puts trimmed 3.5 M → 1.4 M underlying; NVDA calls on 3.5 M shares, Micron puts, Coherent calls, Pure Storage calls and GitLab calls all closed) plus clean exits.

New: Zoom ( $106 M), C r e d o T ec hn o l o g y ($ 102 M), Palo Alto Networks ( $90 M), V i s t r a ($ 79 M), Akamai ( $78 M), H u b S p o t (r e - e n t r y,$ 57 M), Synopsys (re-entry, $54 M), A er o V i r o nm e n t ($ 30 M), Visa ( $22 M), Gl o ba l F o u n d r i es ($ 21 M), Nokia ( $20 M), V eeco ($ 8 M), Nebius ( $7 M), E q u i p m e n tS ha r e ($ 4 M), BitGo ($0.2 M).
Exited: Pure Storage ( $280 M co mm o n +$ 101 M calls), GitLab ( $119 M +$ 38 M calls), Microsoft ( $88 M — a f u l l e x i tw i d e l y co v er e d in M a y 2026 p r ess [^{2}]), S er v i ce T i t an ($ 84 M), Philip Morris ( $65 M), A tl a ss ian ($ 65 M), Nu Holdings ( $55 M), A u t o Z o n e ($ 39 M), Sea ( $35 M), A m er i c an S u p er co n d u c t or ($ 30 M), Generac ( $25 M), P er f or man ce F oo d G r o u p ($ 11 M), MercadoLibre ($9 M).
Big adds: Astera Labs +109% shares (now $369 M, t o p e q u i t y l o n g), U ni t y + 87$ 272 M), Roblox common +255% plus new $57 M calls, Rocket +70%, Wayfair +64%.
Big trims: Snowflake −70%, Ciena −53% shares (still $263 M), Coherent −49%, Wix −48%, Unity calls −59%.

Reading: out of big-cap safety (MSFT) and “AI-pressured” software (GitLab — Baker publicly cited AI coding-agent pressure²), deeper into connectivity/optics and the game-engine pair, with new power (Vistra) and edge/CDN (Akamai) themes.

Q3 2025 → Q4 2025 (filed 2026-02-17)

The leverage quarter. Reported value jumped $5.13 B \to$ 8.18 B, mostly via options notional: QQQ puts +75% to $2.15 B, n e w N V D A c a l l s ($ 653 M notional on 3.5 M underlying — timed around the Meta–NVIDIA Blackwell/Rubin partnership news³), new Micron puts ( $200 M — ah e d g eo n t h eco mm o n), C o h er e n t c a l l s ($ 166 M), Unity calls ( $163 M), P u r e S t or a g ec a l l s ($ 101 M), GitLab calls ($38 M).

New (equity): Wix ( $130 M), E c h o S t a r ($ 98 M), Wingstop ( $93 M), C o m p a ss ($ 92 M), Microsoft ( $88 M), C him e ($ 38 M), Generac ( $25 M), P er f or man ce F oo d G r o u p ($ 11 M), Warby Parker ($9 M).
Exited: Deckers ( $127 M), H u b S p o t ($ 114 M), Intuit ( $92 M), M a r v e l l c a l l s ($ 84 M), e.l.f. Beauty ( $71 M), A M D ($ 55 M), Meta ($49 M), Varonis, Samsara, Synopsys, Five9, Builders FirstSource, AppLovin, Joby, Zillow, Gemini Space Station, Sonder.
Big adds: Astera Labs +2,497% shares (62 k → 1.61 M — the quarter’s signature trade), NVDA common +235% ($359 M), CoreWeave +864%, Affirm +566%, Rocket +260%, Axon +189%, ACV Auctions +125%.
Big trims: Intel −81%, Roblox −47%, GitLab −42%, Lumentum −42%.

Q2 2025 → Q3 2025 (filed 2025-11-14)

Re-hedged, into optics and Intel. QQQ puts re-established at $1.2 B n o t i o na l . N e w : H u b S p o t ($ 114 M), Coherent ( $98 M), I n t u i t ($ 92 M), Intel ( $88 M), M a r v e l l c a l l s ($ 84 M), Atlassian ( $49 M), P hi l i pM or r i s ($ 45 M), Varonis ( $38 M), S am s a r a ($ 26 M), Ambiq Micro ( $20 M, I P O), J F r o g ($ 19 M), AppLovin ( $12 M), G e mini ($ 2 M). Exited: Confluent, First Solar, SentinelOne. Micron +929% shares; Astera −94% (sold before buying back 25× bigger the next quarter); AMD −80%; Affirm −89%.

Q1 2025 → Q2 2025 (filed 2025-08-14)

De-hedged and broadened into consumer. All option lines closed (NVDA calls, AMD calls, SMH puts). New: Pure Storage ( $205 M), D i c k^{'} s ($ 173 M), Ciena ( $103 M), S er v i ce T i t an ($ 69 M), First Solar ( $65 M), e . l . f . ($ 61 M), Sea ( $55 M), M er c a d o L ib r e ($ 47 M), Rubrik ( $42 M), N u ($ 38 M), Builders FirstSource ( $38 M), A u t o Z o n e ($ 36 M), Semtech ( $30 M), R oc k e t ($ 25 M), plus 10 k-share starter positions in the Chime and Voyager IPOs. Exited: Microsoft ( $158 M), R H ($ 111 M), Ulta ($80 M), Synopsys, Elastic, MongoDB, Norwegian, Reddit, ASML, Bath & Body Works. GitLab +867%, Affirm +543%, Twilio +533%, Alphabet +403%; Micron −92%, CoreWeave −92% (trimmed the IPO pop), Astera −79%.

Q4 2024 → Q1 2025 (filed 2025-05-15)

Rotated the hedge, added NVDA/AMD calls. $1.38 B QQQp u t c l ose d,$ 211 M SMH put opened; NVDA calls ( $249 M) an d A M D c a l l s ($ 82 M) added alongside commons. New: Meta ( $138 M), N V D A co mm o n ($ 118 M), CoreWeave ( $70 M I P O a l l oc a t i o n), S y n o p sy s ($ 65 M), Axon, Zillow, Norwegian, Reddit, AMSC, Twilio. Exited: Adobe ( $138 M), B r o a d co m ($ 105 M), Starbucks ( $89 M), B l oc k ($ 62 M), Charter ( $61 M), N ik e ($ 41 M), Nu, Lattice, Nutanix, Nextracker, GlobalFoundries, Lam, Ciena. Micron +270%, Roblox +232%, Astera +153%, Unity +147%, Deckers +124%; ASML −93%, Alphabet −57%.

Patterns Worth Noting

Astera Labs is the conviction name with a trader’s hands. Held since at least Q4 2024, but the share count went 1.8 M → 4.7 M → 0.95 M → 62 k → 1.6 M → 3.4 M. The thesis (AI connectivity) never left; the sizing traded around it violently.
The QQQ put is structural, not tactical. Present in 5 of the last 6 quarters; Baker runs a concentrated innovation long book and shorts the index against it rather than de-grossing the longs.
Options express timing views. NVDA calls appeared exactly twice — Q1 2025 (pre-Blackwell ramp) and Q4 2025 (Meta partnership) — and were gone the following quarter both times.
He buys the IPO cohort. CoreWeave, Chime, Ambiq, Gemini, Voyager, Nebius, EquipmentShare, BitGo all show up at or shortly after listing — consistent with the crossover model, though only Astera Labs is confirmed as a pre-IPO Atreides position; see Private Book.
Software is treated as AI-vulnerable. GitLab, Atlassian, ServiceTitan, Intuit, HubSpot, Five9, Varonis cycled in and out within 2–3 quarters — consistent with Baker’s public line that SaaS faces a “life or death decision” on AI agents.⁴

Footnotes

SEC EDGAR — Atreides Management 13F filing list ↩
24/7 Wall St — “Top AI investor Gavin Baker bets big on Nvidia with leveraged call options” (Feb 18, 2026) ↩
Same 24/7 Wall St piece; the calls covered 3.5 M underlying shares per the Q4 2025 XML. ↩
Invest Like the Best EP.451 (Dec 9, 2025) ↩

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