Whale Rock directs $910M to AI infrastructure, trims Nvidia

Whale Rock Capital Management increased its holdings in companies that supply AI infrastructure during the first quarter, regulatory filings show. The technology-focused hedge fund is led by Alex Sacerdote.

The filings show Whale Rock invested about $394 million in MKS Instruments, roughly $336 million in Advanced Energy Industries and about $180 million in Viavi Solutions, for a combined allocation near $910 million.

Advanced Energy Industries, based in Colorado, makes precision power conversion and control systems used in semiconductor fabs and hyperscale data centers. Viavi Solutions, headquartered in Arizona, offers network testing, optical technologies and communications equipment used by telecom operators, cloud providers and defense customers. MKS Instruments, in Massachusetts, supplies semiconductor manufacturing tools including photonics, lasers, vacuum systems and process control equipment.

The purchases were concentrated in firms that supply equipment, power systems and testing gear for chip fabrication, data centers and high-speed networks rather than in major AI software or chip companies. Whale Rock’s largest allocations were to MKS Instruments and Advanced Energy, with a smaller stake added in Viavi.

The filings also show Whale Rock modestly trimmed its position in Nvidia in the same quarter but kept some exposure to the chip maker.

Regulatory disclosures provide the dollar amounts and timing of the transactions for the first quarter. The records identify the new stakes and the modest reduction in Nvidia as the primary changes to Whale Rock’s reported holdings.