TL;DR

Berkshire exits major banks; Meta delays AI model, stock drops; Mubadala ups Bitcoin ETF stake.

Highlights

• Berkshire Hathaway exited Citigroup and Nu Holdings , trimmed Bank of America , and doubled its Constellation Brands stake to 6.6% in Q11.
• Meta delayed its "Behemoth" AI model rollout due to Llama 4 issues; shares fell 3%2.
• Applied Materials beat Q2 earnings and revenue estimates but issued Q3 guidance below consensus; shares dropped 2.75% after hours3.
• Nvidia disclosed a 7% stake in CoreWeave; Tiger Global raised Nvidia and Microsoft stakes, while Elliott exited Nvidia413.
• Michael Burry’s Scion liquidated most equity holdings, took $100M in Nvidia puts, and shorted Alibaba 9.
• Doximity beat Q4 estimates but gave weak FY26 guidance; shares fell 20% after hours11.
• Cava Group beat Q1 earnings, raised 2025 EBITDA guidance, but shares dropped 4% on outlook12.
• Abu Dhabi’s Mubadala increased its BlackRock Bitcoin ETF stake to $408.5M; Wisconsin Pension Fund exited IBIT10.
• Coinbase disclosed a customer data breach dating back to January 20257.
• DOJ will proceed with Tornado Cash co-founder’s trial in July, dropping one charge but maintaining key allegations6.
• Bank of Mexico cut rates to 8.50% for the third time this year amid weak growth and paused US tariffs5.
• HHS plans to drop routine COVID-19 vaccine guidance for children, teens, and pregnant women, which could impact Pfizer and Moderna 8.

Commentary

Portfolio disclosures and earnings results drove after-hours moves, with Berkshire Hathaway and Scion Asset Management signaling a more defensive or cautious stance—Berkshire rotating out of major banks and into consumer staples, and Scion liquidating most equities while betting against Nvidia and Alibaba 19. In contrast, Tiger Global and other funds increased exposure to large-cap tech, notably Nvidia and Microsoft , highlighting divergent institutional views on tech sector prospects413.

Tech sentiment was pressured by Meta ’s delay of its next AI model and Applied Materials ’ cautious Q3 guidance, both weighing on shares despite solid current results23. Doximity ’s sharp after-hours drop on weak forward guidance further illustrates the market’s focus on growth outlooks over recent beats11. Cava Group also faced a negative reaction despite raising guidance, suggesting a high bar for positive surprises12.

In crypto, institutional flows remain significant, with Mubadala increasing its Bitcoin ETF position while the Wisconsin Pension Fund exited10. However, regulatory and security risks persist, as seen with the DOJ moving ahead with the Tornado Cash trial and Coinbase ’s data breach disclosure67.

Macro developments included the Bank of Mexico ’s third consecutive rate cut, reflecting ongoing EM easing as growth slows and US tariff threats pause5. The planned HHS rollback of routine COVID-19 vaccine guidance could shrink the US vaccine market, with implications for Pfizer and Moderna 8.

Traders should monitor continued rotation in tech and financials, sensitivity to forward guidance, and evolving regulatory and macro headlines that could drive volatility across equities, crypto, and EM assets.