In a quarterly disclosure filed in mid-August, Abrams Bison Investments revealed it had reduced its holdings in Applied Materials (AMAT) by 21.6% during the second quarter of 2026. These 13F filings reflect positions held as of June 30 and do not represent current trading activity. The firm sold over 152,000 shares, ending the period with a stake of 552,000 shares.
Despite the significant reduction in shares, the position's value soared from $240.6 million to $399.1 million due to a strong rally in AMAT's stock price during the quarter. This price appreciation also caused the holding's weight within Abrams Bison's reported portfolio to nearly double, increasing from 10.41% to a highly concentrated 19.48%. Applied Materials reported record revenue and earnings per share for its second quarter, driven by demand related to AI infrastructure.