In the first quarter of 2026, billionaire family offices displayed a strong preference for semiconductor stocks, despite the ongoing Iran war impacting global markets. David Tepper's Appaloosa Management notably increased its stake in Micron Technology by 11%, making it a significant $562.5 million holding. The firm also raised its investment in Taiwan Semiconductor by 18%, totaling $448.6 million, and initiated a new position in Sandisk valued at $179 million. Meanwhile, Soros Fund Management expanded its Nvidia stake by 61%, bringing it to $187 million. The semiconductor sector saw substantial gains, with Sandisk and Micron shares rising 50% and 60% respectively over the past month. In contrast, some family offices opted to lock in profits by exiting positions in airline stocks amid a fuel crisis, with Appaloosa divesting from American Airlines, Delta Air Lines, and United Airlines. Additionally, Duquesne Family Office increased its stake in YPF Sociedad, an Argentinian oil and gas producer, by over fivefold to $150 million, while cutting its investment in Bloom Energy significantly.