Gavin Baker is not a household name like Buffett or Druckenmiller, but among serious technology investors, his views on AI carry enormous weight.
The Atreides Management founder is known for podcast appearances displaying remarkable depth on semiconductors, deeply technical AI development, and the competitive landscape for AI chips. His latest 13F sends a powerful message: Baker is making one of his most aggressive bets yet on Nvidia.
Who Is Gavin Baker?
Baker founded Atreides Management after years as a portfolio manager at Fidelity, running technology funds. What sets him apart is technical fluency. His podcast appearances reveal someone who understands actual chip architectures, not just balance sheets. He can discuss specifics on recent model development, explain why memory configurations matter for AI, and articulate competitive moats with genuine engineering comprehension. When Baker makes a semiconductor bet, it carries weight, and his podcast appearances often set records for shows he appears on.
The Headline Move: Call Options on NVDA
Baker didn’t just add NVIDIA (NASDAQ:NVDA | NVDA Price Prediction) shares. He bought call options on an underlying 3.5 million shares of NVIDIA stock. Baker is signaling he’s bullish on NVIDIA in the near-term.
The timing matters. Meta announced a multiyear, multigenerational partnership with NVIDIA yesterday, committing to millions of Blackwell and Rubin GPUs. Meta has embarked on developing its own MTIA chips, but has still strengthened their partnership with NVIDIA. That’s a powerful signal validating Jensen Huang’s thesis that general-purpose GPUs will dominate over custom ASICs.
NVIDIA’s Q3 FY2026 revenue hit $57.01 billion, up 62% year-over-year, with Data Center revenue reaching $51.2 billion. Huang said on the earnings call: “Blackwell sales are off the charts, and cloud GPUs are sold out. Compute demand keeps accelerating and compounding across training and inference, each growing exponentially.”
NVIDIA currently sits at $190 per share after gaining nearly 3% today following the announcement with Meta.
Analyst price targets average $253.88, which shows Wall Street is still very bullish on NVIDIA at these prices. I’ve predicted the company could produce $9 to $10 in EPS in Fiscal 2027, which would blow past current Wall Street consensus of $7.76. If NVIDIA delivers on that level of growth, shares will likely re-rate and Baker will be handsomely rewarded for his bet on NVIDIA calls.
The Supporting Cast: Astera Labs and Micron
Baker also added significantly to Astera Labs (NASDAQ:ALAB). He took the fund’s ownership from 62,050 shares up to more than 1.6 million, nearly a 2,500% increase.
That bet hasn’t worked out so far. Shares of Astera Labs are down 32% in the past month and a similar amount year-to-date (keep in mind 13F filings show what investors owned as of December 31, 2025).
Astera makes AI connectivity chips, the critical plumbing connecting GPUs in massive data center clusters. The company reported Q4 2025 revenue of $270.58 million, beating estimates, but margin concerns triggered the selloff. Baker has a long history with Astera, so his increased ownership in the company definitely warrants further investigation.
He also added Micron Technology (NASDAQ:MU), joining David Tepper and other smart money loading up on memory. Micron’s Q1 FY2026 revenue hit $13.64 billion, up 57% year-over-year, driven by AI memory demand. The stock is up 40% year-to-date, so this position has worked well already.
The Sells: GitLab
Baker sold GitLab (NASDAQ:GTLB), which has fallen 58% over the past year. The developer tools platform faces existential threats from AI coding assistants like GitHub Copilot. Baker’s fund now owns about 3.2 million shares of GitLab, down from nearly 5.5 million in Q3.
While Atreides reduced GitLab, it did buy other software companies. Unity is among the fund’s largest holdings and Baker added calls. That bet hasn’t worked out as United has been hammered in early 2026. Baker also added shares of Wix (Nasdaq: WIX). Wix has become a popular contrarian trade as they have a popular vibe coding app and trade at very reasonable multiples.
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