What happened
Goldman Sachs's latest 13F filing shows it added 5.53 million Micron shares, ending Q2 2026 with 18.1 million shares worth $20.9 billion, and added over 465,000 Amazon shares, ending with 68.2 million shares worth $16.2 billion.
Why it matters
Amazon was the most widely held stock among billionaires tracked by Insider Monkey, rising to 62 billionaires from 59, while Micron climbed to 10th most popular with 41 billionaires, up from 35.
What to watch
Amazon expects roughly $220 billion of capital expenditures in 2026, so the outcome hinges on whether AI demand justifies that spending and free cash flow pressure eases; watch AWS growth and its chip business, running at roughly a $25 billion annualized revenue rate.
WHO IT HITSThis affects retail investors and wealth managers tracking institutional and billionaire positioning in AI-linked stocks, as well as Amazon and Micron shareholders weighing the capex trade-off.
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Goldman Sachs's 13F filing offers a window into how one of Wall Street's largest banks positioned itself during the second quarter of 2026. The bank increased its Micron stake by 5.53 million shares and its Amazon stake by over 465,000 shares, ending the period with holdings worth $20.9 billion and $16.2 billion respectively. That move wasn't isolated: the filing notes that billionaire investors tracked by Insider Monkey also added to both names, with Amazon the most widely held stock in that group and Micron climbing to 10th most popular.
The Amazon bull case rests on AI demand flowing through Amazon Web Services, whose revenue jumped about 37% year over year in the second quarter. AI is also lifting demand for Amazon's own chips, including Trainium and Graviton, a business already running at roughly a $25 billion annualized revenue rate and growing at triple-digit percentages. Management has said servers and networking equipment typically break even in less than three years, while much of its AI capacity is contracted for several years, suggesting returns could materialize if AWS keeps growing.
Still, the company expects roughly $220 billion of capital expenditures in 2026, and free cash flow has already come under pressure. The outcome for Amazon shareholders appears to hinge on whether AI demand ultimately justifies that investment; if it does not, returns on those data centers, servers and chips could disappoint.
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