Alphabet Inc.

Alphabet's Q1 2026 13F is a $4.02B, 27-position corporate venture portfolio whose AUM jumped from $2.58B in Q4 2025 to $4.02B in Q1 2026 (+$1.44B, +55.8%) — a capital infusion that the manager deployed into its largest existing positions and one dramatic new opening. The headline trade is a $1.03B new position in CME Group ($1.03B, 25.6% of AUM) — a financial-markets-and-derivatives exchange that is the portfolio's single largest holding and represents Alphabet's strategic bet on the capitalization-and-clearing infrastructure that underpins both traditional finance and the crypto-and-Digital-Assets ecosystem. The second-largest increase was Planet Labs (+$355.3M, +10.4% shares, $985.2M, 24.5%) — a satellite-imaging-and-geospatial-data company that provides the mapping-and-earth-observation data layer that powers Google Maps, Google Earth, and the company's broader geo-AI products. AST SpaceMobile ($741.1M, 18.5%, essentially flat in shares, +$91.6M in value — market appreciation) — a satellite-based-cellular-connectivity name — and Revolution Medicines ($320.2M, 8.0%, -$0.5M, -1.6% shares) round out the top four. New opens — PayPay ($66.7M, Japanese payments), Ethos Technologies ($42.1M, an AI-workflow-automation name), and a small increase in Tempus AI ($70.1M, +$1.7M, +0.2%) — are exploratory. The sold positions — Dexcom (-$68.8M), GeneDx (-$3.0M), Exact Sciences (-$2.4M), Quince Therapeutics (-$0.6M), Fulcrum Therapeutics (-$0.2M), and Repligen (-$0.1M) — represent a complete liquidation of a prior healthcare-focused sleeve. At a 77.25 whaleScore on $4.02B, this is a corporate-venture portfolio whose Q1 activity signals two themes: (1) infrastructure bets on financial-markets-and-space (CME at 26%, Planet Labs at 25%) that are strategically adjacent to Alphabet's core business; and (2) a rotation out of pure-play biotech into AI-and-automation names that are closer to the company's operational focus.