During the first quarter of 2026, prominent family offices and private investment firms significantly adjusted their portfolios to navigate the economic volatility triggered by the conflict in Iran. Despite the resulting pressures on data center economics and global supply chains, ultra-wealthy investors demonstrated a strong appetite for semiconductor manufacturers, betting that the sector would remain resilient in the face of geopolitical instability.

Major players led the charge into the tech sector. David Tepper’s Appaloosa Management notably increased its stake in Micron Technology by 11% and Taiwan Semiconductor by 18%, while also initiating a new $179 million position in Sandisk. Similarly, Stanley Druckenmiller’s Duquesne Family Office established a $161 million stake in Broadcom, and Soros Fund Management aggressively expanded its Nvidia holdings by 61%. These strategic moves proved highly profitable, as shares in these companies saw significant appreciation in the months following the initial investments.

Energy sector strategies, however, were more varied as oil prices fluctuated due to Middle East tensions. While some firms doubled down on power generation—such as Appaloosa increasing its Vistra Corp stake to $304 million—others opted to divest. Duquesne significantly reduced its exposure to Bloom Energy while aggressively expanding its position in the Argentinian oil producer YPF Sociedad. Furthermore, the airline industry faced a wave of divestment, with major family offices exiting positions in American Airlines, Delta Air Lines, and United Airlines as fuel costs surged.