u/ExaminationOk6652

The Q2 parent-level 13F disclosed $19.47B across 14 aggregated holdings.

Four positions absent from the Q1 portfolio accounted for $4.20B of quarter-end value:

• Visa: $1.122B
• Mastercard: $1.091B
• S&P Global: $1.056B
• Netflix: $934M

Together, they represented 21.6% of the Q2 filing.

An important methodological caveat: the Q2 filing consolidates six reporting managers under Pershing Square Inc. The headline 42% increase compares this consolidated filing with the previous standalone PSCM filing, so it is not a like-for-like performance figure.

Combining the two relevant Q1 filings produces a comparable base of $14.284B. On that basis, the increase was approximately $5.182B, or 36.3%.

The chart is also already incomplete as a picture of the current portfolio. Pershing Square subsequently disclosed two additional investments—Intercontinental Exchange and Alcon—and exited Hertz in July.

Pershing’s stated rationale for the new investments was broadly similar: high-quality businesses temporarily discounted because of fears surrounding AI, stablecoins, agentic commerce, short-form video or company-specific execution.

Pershing estimates the applicable portfolio companies trade at approximately 19× earnings with expected EPS growth of around 20%, compared with 20× and 12% respectively for the S&P 500.

Sources: SEC 13F filings, Pershing Square Holdings’ June 2026 interim report.

This visualizes Leopold Aschenbrenner’s reported portfolio as of June 30, 2026.

The filing contained approximately $20.17B in common stocks, with more than 55% concentrated in SanDisk and Micron. It also disclosed $68M of call-option notional and one $5.2M put on Infosys.

Four weeks later, the fund had lost 67% and sold most of its public-equity portfolio to Citadel.

Important caveat: 13Fs do not disclose short positions, written options, swaps, cash, borrowings or leverage. Option values shown represent underlying-share notional, not premiums.

Berkshire Hathaway increased its Alphabet position by 83% during Q2 2026, taking the combined GOOG and GOOGL stake to 106 million shares worth $37.8 billion.

That moved Alphabet from Berkshire’s fifth-largest reported US equity holding to its third-largest, behind only Apple and American Express, and ahead of Coca-Cola and Bank of America.

The wider shift may be even more significant: Berkshire invested approximately $20 billion in equities on a net basis, ending a 14-quarter stretch as a net seller.

I analyzed 47 Swiss National Bank 13F filings, from Q4 2014 through Q2 2026.

The upper chart maps the latest portfolio: each cell represents a company and is sized by its reported market value. The lower chart follows the same five sector groups across every filing.

The main findings:

• Technology and communications grew from $5.5B to $91.6B—16.6×—while the other four groups grew 4.7×.
• Its portfolio share increased from 20.6% to a record 47.9%.
• Nvidia moved from the 423rd-largest holding in 2014 to No. 1 in 2025.
• The top 10 holdings expanded from 12.9% to 35.2% of the portfolio.

The portfolio still contains thousands of securities. Its concentration increased because the largest technology positions grew much faster than the rest of the book—not because the smaller holdings disappeared.

Source: Swiss National Bank quarterly Form 13F-HR filings, retrieved from the SEC’s EDGAR database. Values are reported quarter-end market values and should not be interpreted as investment returns.

Sector classifications were derived from GICS data. Technology combines Information Technology and Communication Services; Consumer combines Consumer Discretionary and Consumer Staples. Alphabet combines GOOG and GOOGL.

Tools used: Python, Excel, Illustrator.

SpaceX now accounts for $94.2B, or 95%, of Alphabet’s reported 13F holdings.

This was not a $94.2B purchase during the quarter.

Alphabet invested roughly $900M in SpaceX in January 2015. Because the company was private, the stake sat outside Alphabet’s 13F filings. It only became reportable following the SpaceX IPO.

The $87.5B comparison at the bottom is cumulative. It sums Alphabet’s other reported quarter-end holdings across the previous 50 filings, counting held positions once per quarterly filing.

Data as of Q2 2026 (30 June, 2026)

Tools: illustrator, excel

BlackRock’s assets under management increased from approximately $50 billion in 1994 to $15.3 trillion in Q2 2026—a 307× increase.

The chart divides that growth into four periods:

• 1994–2005: Building the base
• 2005–2009: Merrill Lynch IM and BGI + iShares
• 2009–2020: Global scale and ETF expansion
• 2020–2026: Infrastructure, private credit and data

The pivotal event was arguably BlackRock’s $13.5 billion acquisition of Barclays Global Investors in 2009, which included iShares.

Since the end of 2020, BlackRock’s AUM has risen by approximately $6.6T—more than the $5.2T currently managed by the entire global hedge fund industry.

Important caveat: BlackRock does not own these assets; it manages them for clients. The ETF and hedge-fund figures are scale comparisons, and the categories overlap.

I mapped the latest-reported total assets of America’s ten largest publicly traded banking groups.

The first five to report Q2 now hold $15.8T in assets. Together, they added $379B from Q1 and $1.44T over the past year.

Among those five:

• Goldman Sachs grew fastest: +19.2% YoY
• Citigroup added the most in Q2: +$117B
• JPMorgan crossed $5T in total assets

Separately, six banks shown here helped underwrite SpaceX’s record $85.7B IPO.

The offering generated roughly $500M in fees:

• Goldman Sachs: ~$100M
• Morgan Stanley: ~$100M
• JPMorgan: ~$75M
• Bank of America: ~$75M
• Citigroup: ~$75M
• Wells Fargo: ~$10M

I’m not suggesting the SpaceX IPO caused the banks’ asset growth—the fee figures are additional context about the same institutions.

SpaceX builds reusable rockets.

Wall Street charged $500M for this launch.

First comment: methodology and sources

Cell area represents total assets only. SpaceX fees are not encoded in cell size.

Because Q2 reporting is ongoing, ranks 1–5 use Q2 2026 period-end assets, while ranks 6–10 retain Q1 2026 figures. The headline total is therefore a latest-reported figure rather than a synchronized quarter-end total.

Individual SpaceX fees are estimates based on underwriting allocations.

I mapped the world’s 50 largest publicly traded banks by market capitalization and grouped them into the Americas, Europe, and Asia & the Middle East.

A few patterns stood out:

• The 50 banks have a combined market value of approximately $9.1 trillion.

• JPMorgan alone is worth about $902B—roughly $90B more than Bank of America and China Construction Bank combined.

• 38 of the 50 banks had positive YTD price returns as of July 10.

• Japanese banks were the strongest regional cluster: all four gained at least 32%, helped by rising domestic interest rates and wider lending margins.

• Performance among Chinese banks was much more uneven. ICBC and CCB remained positive, while Agricultural Bank of China, China Merchants, Postal Savings and Bank of Communications declined.

• Wall Street investment banks also performed strongly as volatility lifted trading revenue and global investment-banking fees rose.

Samsung, SK hynix and Micron controlled 91.0% of global DRAM bit shipments in Q1 2025.

UBS estimates their combined share will still be 89.8% by Q4 2027, despite the AI and HBM memory boom.

The biggest shifts:

• Samsung: 39.3% → 37.0%
• SK hynix: 28.9% → 29.9%
• Micron: 22.8% → 22.9%
• CXMT: 7.7% → 8.6%

The market is changing at the edges, but the DRAM oligopoly remains firmly intact.

Gold = stated Musk/Tesla delivery targets.
Red = actual Tesla deliveries.
Dashed red = Tesla IR company-compiled Wall Street consensus.

I mapped Donald J. Trump’s 2025 OGE Form 278e disclosure as a treemap, using the included asset sections: Part 2 Schedule 1, Part 5 and Part 6.

This is not a net-worth estimate.

The form reports assets in ranges. For the visual, I used midpoint estimates for closed ranges and lower-bound treatment for rows disclosed as “Over $50M.” That means open-ended rows are conservative by construction.

Main buckets:

Real estate & golf: $1.44B
Stocks: $744M
Bonds & notes: $714M
Crypto assets: $249M
Cash & money market: $222M
ETFs & funds: $182M

The filing also reports $1.3B+ in crypto, token and coin-related income/proceeds, which is separate from the asset-value treemap.

The most important caveat is Truth Social / TMTG. It appears as a $50M+ disclosure row, but the filing references 114.75M shares, so the market value could be far above the disclosure floor.

Methodology:
Closed ranges use midpoint estimates. “Over $50M” rows use the lower bound. Liabilities, transactions, gifts/travel, and rows without ascertainable dollar values are excluded.

Source: Donald J. Trump 2025 OGE Form 278e.

Question for the comments: for a treemap like this, would you keep TMTG at the legal disclosure floor, or add a separate market-value annotation?

This chart compares estimated AI/cloud infrastructure CapEx for two baskets of major hyperscalers:

U.S.: AWS, Microsoft, Google, Meta, Oracle
China: Alibaba, Tencent, ByteDance, Baidu

The main takeaway is not only that the U.S. group is much larger in absolute dollars. It is that the estimates themselves have been repriced upward quickly.

An earlier Goldman Sachs Research estimate shown in an AllianzGI deck had 2027E CapEx at roughly $710B for the U.S. group and $67B for the China group. Updated estimates put the figures closer to $1.0T and $123B, respectively.

That means the AI buildout is not just getting bigger. It is getting more expensive, as demand for GPUs, HBM/DRAM, power, cooling and data-center capacity collides with supply bottlenecks.

Important caveat: this is selected hyperscaler CapEx, not total national AI investment.

The world’s 100 largest asset managers crossed $100 trillion in assets under management for the first time.

This chart shows the top 50, which together hold about $93 trillion in AuM.

A few things that stood out:

BlackRock and Vanguard alone manage about $26 trillion.

BlackRock added about $2.5 trillion in AuM from 2024 to 2025.

Vanguard added about $1.9 trillion.

Together, the two largest managers accounted for nearly one-third of the total AuM growth across the top 50.

BNP Paribas Asset Management was another major mover, with AuM nearly tripling after the AXA Investment Managers acquisition.

The chart groups firms by ownership type: independent, bank-owned, and insurance-linked asset managers.

I visualized the combined operating income of Samsung, SK Hynix, and Micron from 2015 to 2029E.

The chart shows how sharply consensus expects profits to rise after the 2023 memory downturn, with the forecast period driven largely by AI demand and high-bandwidth memory.

The group moves from a roughly $4B combined operating loss in 2023 to a projected $945B peak by 2029.

Source: Visible Alpha actuals and consensus estimates.
Tools: Excel, Illustrator.
Note: Forecast years are consensus estimates, not actual results.

This chart visualizes SpaceX’s post-IPO share unlock schedule as cumulative shares potentially eligible to sell, shown as a percentage of shares outstanding.

At IPO, only 4.9% of shares are freely tradable, assuming the greenshoe is exercised in full.

The chart separates the early-release pool from the later / extended lock-up pool.

The yellow line shows the accelerated path if the stock meets the +30% price-trigger condition.

The cyan line shows the base scheduled path.

The largest single change happens on Day 366, when Musk’s 46.1% stake becomes eligible, taking potential float from 50.8% to 96.9%.

Important caveats:
Eligible to sell does not mean actual selling.
Fixed dates are measured from the June 11, 2026 prospectus date.
IPO / trading began June 12, 2026.
The 4.9% starting float assumes full greenshoe exercise; excluding greenshoe, it is about 4.2%.

At a $2.5 trillion market cap, SpaceX's now worth about as much as the 94 listed aerospace & defense companies combined.

Put another way: one company now makes up 50% of the entire $5.05 trillion listed aerospace & defense sector.

Is one company being half the sector a signal of where spaceflight is heading — or a fresh-IPO premium that won't hold?

80 championships have been awarded since the NBA's first season in 1947 — one per year, through the 2026 Finals. I placed every current franchise at its title count and drew the distribution over the top.

It's a textbook right-skew: the mode is 0 (a third of the league has never won), the median is 1, and the mean (2.6) gets dragged right by two outliers — the Celtics (18) and Lakers (17), who together hold 44% of every title ever won. No franchise has ever landed in the 8–16 range.

This chart maps Musk-linked companies and projects by estimated valuation and ownership links.

SpaceX is shown as the center of gravity, with Starlink, xAI, and X inside its ownership structure.

Tesla is shown separately, with SolarCity and its small SpaceX stake.

Terafab is shown as a project node, not a standalone company valuation.

America’s wealth gap has a simple rule:

Own assets, or watch the gap widen.

The Top 0.1% now owns 14.5% of all U.S. household wealth.

That is nearly 6x the share owned by the entire Bottom 50%.

And since 1989, the Top 0.1% captured about two-thirds of the Top 1%’s gain in wealth share.

The reason is simple:

• The top owns more stocks, funds, and private businesses.
• The middle owns more housing.
• The bottom owns very little net wealth.

So when markets boom, wealth concentration rises.

When housing crashes, lower-wealth households get hit hardest.

That is why 2008 mattered so much: the housing crash nearly wiped out bottom-half wealth, while the recovery lifted the financial assets owned mostly by the top.

The wealth gap is not just an income story.

It is an ownership story.