This Alphabet‑Heavy Fund Has a Front‑Row Seat to the AI Boom — and the Market Can See Why It's Suddenly a Top Performer

Whale Rock Capital’s Q1 portfolio highlights show heavy concentration in Alphabet (GOOG.OQ), which is up 123% over the past year and remains the fund’s top holding. The hedge fund trimmed positions in recent mega-winners while rotating into infrastructure and grid-modernization names tied to AI-driven data-center expansion. A notable new stake is Advanced Energy Industries (AEIS), a $12.9B mid-cap power-equipment maker that’s risen ~180% YTD and is viewed as a play on utility-scale grid buildout. The article signals continued institutional interest in AI leaders and ancillary infrastructure, suggesting potential continued capital flows into large-cap AI names and select mid-cap energy/infrastructure suppliers as investors position for more data centers and higher power demand.