Billionaire families bet on semiconductor and energy stocks in first quarter during Iran war

Key points

• Carolina Panthers owner David Tepper looks on before the game against the Atlanta Falcons at Mercedes-Benz Stadium on January 05, 2025 in Atlanta, Georgia.
• A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high net worth investor and consumer.
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• Private investment firms of the ultra-wealthy doubled down on chipmakers in the first quarter of 2026 despite pressures from the Iran war, according to securities filings analyzed by CNBC.
• Several family offices also leaned into energy producers as the Middle East conflict drove oil prices up, though others opted to lock in their gains.