MARKET RECAP
🇨🇳 Trump’s Visit to China Calms Investors’ Nerves on US-China Relations

⚠️ This week, the ‘Superinvestors’ (including Warren Buffett’s successor Greg Abel, Bill Ackman, Ray Dalio, and more) reported their trades, with Greg making some MAJOR changes to Buffett’s old portfolio… but before we dive in there, let’s start with a quick recap of the markets this week.

🇨🇳 The major news was that Trump and a bunch of high-profile CEOs, including Nvidia’s Jensen Huang, Apple’s Tim Cook, and Tesla’s Elon Musk, touched down in China for a long-awaited state visit.

🤞 This was the first time since 2017 that a sitting U.S. president had a state visit to China, so expectations were high. But based on the market’s reaction, investors were underwhelmed:

• The S&P 500 rose 0.13%

• The Nasdaq 100 fell 0.38%

• The TSX fell 0.72%

💡 Here’s a breakdown of what you need to know from the summit:

🤖 Loosening AI Export Controls?

👀 One of the biggest topics investors were watching was the loosening of US AI export controls, which have restricted Nvidia from selling its latest AI chips to China.

📈 Investors were going into the week hopeful, with Nvidia ($NVDA) soaring 9.5% from Monday to Thursday.

📉 But in the end, export controls weren’t officially discussed at the summit at all, with Nvidia giving up some of the gains on Friday, falling 4.4%.

✨ Despite the lack of a win from the summit, Nvidia did get some great news this week with the US clearing the sale of Nvidia’s 2nd most powerful AI chip to 10 Chinese firms, including Alibaba, Tencent, Bytedance, and others.

❌ Despite the approval, no deliveries have been made, with Commerce Secretary Howard Lutnick saying:

🇮🇷 No Help on Iran

🛢️ The other big topic investors were watching closely was the US-Iran war… with fingers crossed that China would do more to help open the blocked Hormuz Strait that has shot up oil prices.

💬 But as Patricia Kim put it:

😳 On Friday, China's foreign ministry even issued a blunt statement saying China supported efforts to reach a peace deal but ​also saying the conflict should never have happened and had no reason to continue.

🤝 Constructive Strategic Stability

👍 Even though there wasn’t much good news for Nvidia or US-Iran, the summit did lower fears of US-China tensions, which is quite significant.

⭐️ Chinese President Xi described the relationship with the US as “constructive strategic stability” (which was seen as a big shift from the “strategic competition” under Joe Biden).

🚜 On agriculture and trade, both sides agreed to establish a trade council and investment council, and spoke of broad commitments to buy U.S. farm goods and energy.

💡 As one commentator put it:

🌈 But not all is roses and rainbows, with Xi delivering a sharp warning that “mishandling Taiwan could lead to conflict”, and Secretary of State ​Marco Rubio saying “U.S. policy on the issue of Taiwan is unchanged as of today” so I think the takeaway is ✨cautious optimism✨ with respect to US-China relations going into the rest of Trump’s term.

👨‍💼 Ok, let’s switch gears to the big money moves from the Superinvestors - but first, a quick word from this week’s sponsor WisdomTree!

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SUPERINVESTOR MOVES
🤑 Bill Ackman Sells Google While Buffett’s Successor Buys

🔥 The 13F filings are officially in for Q1 2026, which means some of the biggest and smartest portfolios in the market have made their Q1 trades public.

👇 So without further ado, here are some of the top moves that stood out this quarter:

🤯 Buffett's Successor Overhauls the Portfolio, Loading Up on Google

😮 Berkshire Hathaway ($BRK-B) has officially entered the post-Buffett era, with Greg Abel (who took over as Berkshire CEO last December) now calling the shots on 94% of the portfolio, with Ted Weschler managing the remaining 6%.

🔄 This quarter marked a complete overhaul of Buffett’s positions, with Abel exiting 16 positions, including Amazon (which was trimmed by 77% last quarter), Domino’s ($DPZ), and longtime staples such as Visa ($V) and Mastercard ($MA).

📈 But it wasn’t all sells, with Greg tripling Berkshire’s Google position, and making a surprise addition of a 1% stake in Delta Airlines ($DAL).

🔍 While there wasn’t a public explanation for the buys, it’s widely reported that Google’s monopoly-like grip on the online search market and unique “vertical integration” in AI and cloud (which we covered here) are at the heart of Greg’s thesis.

✈️ It’s worth noting that the Delta Airlines addition is also a big 180 from Berkshire’s historically very negative view on airline businesses, another signal of the shift from the Buffett era.

🏆 Google is now Berkshire’s 7th largest holding, behind Apple ($AAPL), American Express ($AXP), and Coca-Cola ($KO) (which collectively take up ~51% of the total portfolio).

🥳 P.S. See Greg’s full portfolio and trades on Blossom!

👀 Ackman Sells Google to Load Up on Microsoft

⭐️ Next up, we have Bill Ackman, manager of the nearly $14B hedge fund Pershing Square Capital.

📉 Ackman’s major move this quarter was the opposite of Greg’s: selling almost 95% of Pershing’s Google shares (from over 6.1 million to roughly 312,000).

💸 Nearly every dollar from the sale went towards buying Microsoft ($MSFT), which Ackman said was a company “broadly in line with the market multiple,” while also growing Azure at 40%, and arguing that its stake in OpenAI isn’t fully priced in.

🐦 And while Google is now only ~0.7% of Pershing’s portfolio, Ackman did explain that he was still bullish on the company, writing on X recently:

📈 Microsoft is now Pershing’s 4th-largest position at 15.3% of the portfolio. Right behind Brookfield Corp ($BN) at 17.6%, Amazon ($AMZN) at 17.4%, and Uber ($UBER) at 15.7%.

🥳 P.S. See Ackman's full portfolio and trades on Blossom!

✨ Some other notable trades…

💡 Bill and Greg weren’t the only ones buying and selling. Here were a few other notable trades:

• 💸 Sundar Pichai's Alphabet just placed a $1 billion bet on CME Group ($CME), making the derivatives exchange operator its single largest holding at nearly 26% of the portfolio.

• 📲 Masayoshi Son's SoftBank just cashed in $3.9 billion of T-Mobile ($TMUS) stock, slashing the position by 65% and locking in a 49% gain. This comes as Son fully exits Lemonade, Circle, Uber, and Coinbase, freeing up capital likely earmarked for his escalating AI bets.

• 🤖 Jeff Bezos's Amazon boosted its Marvell Technology ($MRVL) stake by 76%, adding shares of the AI-networking chipmaker to bring MRVL to 1.49% of the portfolio. This comes as Bezos fully exits quantum-computing play IonQ, narrowing the focus toward established AI infrastructure names.

🔥 If you want to see all these trades and more, make sure you check out the new Superinvestors section on the Markets page of Blossom! (link here for web app, on mobile, just visit the markets tab and scroll down)

BLOSSOMCON 2026
🎟️ Last Chance for Early Bird Tickets to BlossomCon!

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✈️ This year we’re hitting 3 cities, and even booked out the Rogers Centre (where the World Series was hosted last year) for our Toronto event!

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• July 25 — Toronto (Rogers Centre)

• Aug 22 — Vancouver (JW Marriot Parq)

• Oct 3 — New York (Metropolitan Pavilion)

*P.S. The events are break-even, so all the money we make goes into creating a better experience 😊

THE AI IPO WAVE
🏆 The Biggest IPO of 2026 (So Far)

🚀 Cerebras Systems ($CBRS) just pulled off arguably the most notable US tech IPO since Uber went public in 2019, officially ranking as the largest IPO of 2026.

🍽️ Cerebras is an AI chipmaker known for its “Wafer Scale Engine,” a processor roughly the size of a dinner plate packed with over four trillion transistors. Its chips are purpose-built for AI inference (running models instead of training them), and according to the company, are both faster and cheaper than Nvidia’s GPUs.

🤝 Leading up to the IPO, OpenAI launched its first AI model running on Cerebras chips, and the company has also announced a partnership with Amazon’s AWS.

📈 The company IPO’d its shares at $185 on Wednesday on the Nasdaq, raising $5.55 billion and valuing the company at $56.4 billion. Shares opened at $350 the very next morning, nearly double the IPO price, sending the market cap to nearly $70 billion, and hitting an intraday high of $386 before closing at $311.07. Though shares have fallen nearly 30% since the IPO peak.

🔥 The demand for Cerebras’ shares exceeded the shares available by more than 20 times, which goes to show how much appetite investors have for AI related IPOs (and tech IPOs more broadly). And this is only the start…

🌊 The Incoming Tech IPO Wave

💰 U.S. IPO proceeds so far this year amount to $28.4 billion, which is already ahead of historical numbers, but is a number expected to grow as other hotly anticipated private companies are set to debut on public markets.

📋 Here are some of the biggest companies rumoured to IPO and the details we have so far:

• 🚀 SpaceX has the most certain timeline and is reportedly planning to go public on June 12 at a record $1.75 trillion valuation, with a $75 billion raise (which would make it the largest IPO in history, and by a wide margin).

• 🤖 Anthropic is also on the list, targeting an IPO as soon as October, looking to raise $30 billion at a $900 billion valuation. (Though no official date or SEC paperwork has been filed.)

• 💬 OpenAI is the other AI maker (and the most uncertain), and while the company was said to “absolutely” IPO this year, those plans may not come to fruition. One of the main concerns was the company missing its own revenue targets last month, plus its ongoing court battle with Elon Musk. Even the OpenAI CFO has said that OpenAI isn’t ready to be public. Rumours for the IPO are expected to value the company at up to $1 trillion when it does happen, with its most recent private raise already valuing the company at ~$850 billion.

⚠️ But a quick word of caution: Cerebras shares being down 30% from their IPO peak is a good reminder before the wave of big AI IPOs hits. History tends not to be kind to investors who chase the opening day frenzy. Uber's 2019 IPO was one of the most hyped in history, and it spent the next three years trading below its IPO price.

💡 The excitement around a listing and the actual quality of the investment are two very different things, and with SpaceX, Anthropic, and OpenAI all on deck at trillion-dollar valuations, it's worth keeping in mind! (Not to say you shouldn’t invest, but just know it isn’t a sure bet).

FROM THE BLOSSOM COMMUNITY
⭐️ Top Discussions of the Week

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