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Monday, June 01, 2026

AI Servers, Muni Bonds, A Gold Hedge: A Deep Read Of Donald Trump's Two Latest Securities Disclosure Filings

May 12, 2026, two of the most consequential financial disclosure documents of the Trump presidency landed on the U.S. Office of Government Ethics' desk. Both were OGE Form 278-T periodic transaction reports. Both were signed by President Donald J. Trump on May 8, 2026. Both were filed late, with late fees paid by the filer. And together, they document something extraordinary: 3,711 disclosed securities transactions executed on behalf of the sitting President of the United States between January 6 and March 30, 2026.

This is the most comprehensive snapshot to date of what the Trump portfolio actually looks like in his second term. Here is everything we found, organized, valued, and broken down piece by piece.

What These Filings Actually Are

The OGE Form 278-T is the federal government's periodic transaction report. Anyone covered by the Ethics in Government Act, including the President, must disclose every purchase, sale, or exchange of a security worth more than $1,000 that occurs on their behalf, on behalf of their spouse, or on behalf of a dependent child. The clock for disclosure is tight: filers have 30 days from notification of a transaction and no more than 45 days from the transaction itself.

On May 12, 2026, the OGE received two separate 278-T filings for Donald J. Trump. Both were signed by the President on May 8, 2026. Both were certified by OGE reviewer Heather Jones the following day. And both carried the same revealing line under the comments of reviewing officials:

Dave's Note

"Filer paid late fee - HAJ (5/13/26)" on Filing 1. "Filer paid late fees - HAJ 5/13/26" on Filing 2 (note the plural). Translation: the President missed the statutory deadline on these transactions, paid the required late fee(s), and the filings were certified anyway. Per OGE rules, the standard late filing fee is $200 per report. The plural on the larger filing suggests more than one late penalty was assessed. Late filings of 278-T forms by senior officials are not unprecedented, but they are notable, particularly when the disclosed activity totals hundreds of millions of dollars.

The two filings split cleanly by asset class. Filing 1 is the fixed-income filing: 69 transactions, every single one a purchase, dominated by municipal bonds and bolstered by corporate bonds, bank preferred shares, and a single high-yield bond ETF. Filing 2 is the equity filing: 3,642 transactions, a mix of purchases and sales, spread across hundreds of individual stocks and dozens of ETFs.

The Fixed-Income Filing: Bond Ladder For a President

FILING 1 · 69 TRANSACTIONS · ALL PURCHASES · JAN-FEB 2026

Filing 1 is, in the President's investment vocabulary, the safer book. Every one of the 69 disclosed positions is a purchase. There are no sales. The activity clusters in late January and late February 2026, and the holdings break down into four distinct buckets:

Bucket One

43 Municipal Bonds

A massive, geographically diversified muni ladder spanning at least 18 states, anchored on revenue bonds (health facilities, school districts, water authorities, port authorities, highway authorities). Estimated value range midpoint: ~$13.25M.

Bucket Two

18 Corporate Bonds

High-yield and investment-grade corporate paper from Newell, Whirlpool, Netflix, Sirius XM, Carnival, Olin, Boeing, Block Financial, Occidental, Macy's, Avient, GM Financial, plus a notable CoreWeave 9.00% 2031 position. Midpoint: ~$7.23M.

Bucket Three

7 Bank Preferred Shares

Smaller positions in KeyCorp Depositary Shares Preferred H and Bank of America Corporation preferred shares. Multiple separate purchase tickets, suggesting either dollar-cost averaging or position scaling. Midpoint: ~$0.13M.

Bucket Four

1 High-Yield Bond ETF

A single position in the SPDR Portfolio High Yield Bond ETF (ticker: SPHY), executed as a market-maker discretionary order. The lone exchange-traded fund in an otherwise all-individual-bond filing. Midpoint: ~$0.75M.

Dave's Note · The Geography

This is not a regionally biased bond ladder. It is a textbook diversified national muni book. The states represented span the political map: Wisconsin (4), Texas (4), Georgia (3), Ohio (3), Arizona (3), Alabama, Indiana, Missouri (2 each), plus Iowa, Michigan, Oklahoma, Kansas, Pennsylvania, Virginia, Maryland (twice), Montana, Colorado, New York-adjacent issuers, Kentucky, Massachusetts and Louisiana. Whoever is managing this book is buying paper, not politics.

Dave's Note · The CoreWeave Tell

The single most interesting corporate bond on the entire list is the CoreWeave Inc 9.00% senior unsecured notes due February 1, 2031 in the $250K-$500K range. CoreWeave is the largest publicly-listed pure-play AI infrastructure operator in the world, an NVIDIA-backed neocloud that completed its Nasdaq listing in March 2025. The specific issue Trump's account holds is the $1.75 billion aggregate principal note priced and issued July 25, 2025 under Rule 144A and Regulation S. A 9% coupon on senior unsecured paper is junk-rated, high-yield debt. This is not a sleepy retiree muni purchase. This is a direct, leveraged-via-debt bet that AI infrastructure spending stays vertical for the next five years. It also sits inside a portfolio that, as we will see in Filing 2, is heavily long the same trade through equity.

The Equity Filing: 3,642 Stock and ETF Transactions

FILING 2 · 3,642 TRANSACTIONS · MIX OF BUYS AND SELLS · JAN-MAR 2026

If Filing 1 is the bond book, Filing 2 is the trading book, and it is enormous. The form runs to 113 pages. It documents 3,642 separate equity, ETF, and structured-product transactions executed between January 6 and March 30, 2026. The pace is staggering. Several individual trading days carry more than 100 transactions:

A single day, March 17, 2026, carried 224 individual disclosed transactions. March 23 added another 203. March 30 closed the quarter with 185. February 12 saw 170 transactions in a single session. These are not the patterns of a long-term buy-and-hold investor checking in once a year. This is an actively managed, professionally run book working multiple themes in parallel.

10 Of The Most Interesting New Buys

SELECTED FROM 2,000+ DISCLOSED PURCHASES IN FILING 2

Out of more than 2,000 purchases on Filing 2, the following ten positions tell the clearest stories about where capital was being redeployed in Q1 2026. These are not necessarily the biggest individual tickets (the $15M Microsoft/Meta/Amazon trims were sales, not buys). These are the ones that, taken together, reveal a coherent investment thesis.

01 AI Server

Super Micro Computer

NASDAQ: SMCI

4 separate buy tickets, peaking with a $250K-$500K ticket on Feb 10, 2026. Net buyer despite one small sale.

The poster child for AI server demand, riding on top of NVIDIA's H100/H200/Blackwell stack. SMCI has been controversial - Hindenburg short report, delayed 10-K filings, and a US Department of Justice probe in 2024-2025 - and yet four separate purchase tickets show the account building a position. A direct vote on NVIDIA's reference architecture going commercial at scale.

02 AI Server

Jabil Inc

NYSE: JBL

3 buy tickets, anchored by a $1M-$5M ticket on Feb 10, 2026. ~$3.15M total estimated activity. Zero sales.

Jabil is the contract manufacturer building AI server racks for the hyperscalers. They assemble what Dell and Supermicro sell. Including Jabil alongside SMCI and Dell in the same Feb 10 buying spree means the account isn't picking a winner in the AI server vendor war - it's owning the whole stack.

03 AI Server

Dell Technologies Class C

NYSE: DELL

3 buy tickets, including $1M-$5M on Feb 10, 2026. ~$3.07M total estimated. Zero sales.

Dell is the primary OEM partner for deploying NVIDIA's Blackwell GB200 NVL72 systems - the same racks CoreWeave was first to bring online commercially in July 2025. Owning Dell shares plus a CoreWeave 9% bond plus Jabil plus SMCI is a near-perfect AI infrastructure capture trade.

04 AI Semis

Lam Research

NASDAQ: LRCX

5 buy tickets, peaking with $500K-$1M on Feb 10, 2026. ~$1M total estimated. Zero sales.

Lam makes the deposition and etching equipment that chip fabs use to produce the GPUs and HBM memory powering AI. If you believe TSMC, Samsung, and Intel will keep racing to build leading-edge fabs, you own Lam, ASML, and Applied Materials. Five separate buy tickets show real conviction.

05 Defense

TransDigm Group

NYSE: TDG

Single buy ticket: $1M-$5M on Feb 10, 2026. No follow-up activity. No sales.

TransDigm makes proprietary aerospace components on which it holds sole-source pricing power - mission-critical parts where the customer (mostly defense primes and commercial OEMs) has no alternative supplier. It's a famously aggressive pricing model that has produced one of the best long-run stock charts in the entire S&P 500. A defense aftermarket compounder, in one $3M ticket.

06 Defense / AI

AXON Enterprise

NASDAQ: AXON

2 buy tickets including $1M-$5M on Feb 10, 2026. One smaller sale on 3/18. Net buyer by ~$2.9M.

AXON makes Tasers, body cameras, and the cloud-based AI evidence platform (Evidence.com, Draft One) used by US law enforcement. It is the rare publicly-traded play on AI specifically targeted at the federal-state-local public safety stack. Combine with the TransDigm position and you have a clear "AI plus government contracts" angle.

07 AI Build-Out

Amphenol Corp

NYSE: APH

3 buy tickets, peaking with $500K-$1M on Feb 10, 2026. ~$857K total estimated. Zero sales.

Amphenol makes the high-speed copper and optical connectors, cabling, and interconnect systems used inside AI server racks and across data centers. As GB200 NVL72 racks and similar deployments accelerate, every rack consumes thousands of dollars of Amphenol product. A picks-and-shovels position in the AI build-out.

08 Data Centers

Lennox International

NYSE: LII

3 buy tickets, peaking with $500K-$1M on Feb 10, 2026. ~$1M total estimated. Zero sales.

A non-obvious AI infrastructure pick. Lennox is a HVAC manufacturer, and AI data centers run hot - thermal management at megawatt scale is one of the biggest physical constraints on the entire AI build-out. Cooling infrastructure for hyperscale data centers is a multi-decade tailwind, and Lennox sits in the middle of it.

09 AI Materials

Linde PLC

NYSE: LIN

3 buy tickets, peaking with $500K-$1M on Feb 10, 2026. ~$815K total estimated. Zero sales.

Linde is the world's largest industrial gas supplier. Their helium, neon, argon, and ultra-high-purity gases are essential inputs to semiconductor manufacturing - every chip fab in the world depends on industrial gas supply. Another picks-and-shovels position behind the AI compute build.

10 Macro Hedge

iShares Gold Trust

NYSEARCA: IAU

Single buy ticket: $500K-$1M on March 5, 2026. No matching sale.

The contrarian buy inside an overwhelmingly AI-and-equities book. A clean ~$750K mid-range new gold position taken in early March 2026 reads as a portfolio-level macro hedge against inflation, currency debasement, or a tail-risk drawdown in the AI trade. Notably, it is gold and not a Treasury position, and not a money market expansion (though the Schwab Government Money Fund also got a $3M buy on 3/17).

Dave's Note · The Coherent Thesis

Read these ten together and a single story emerges. The account is overwhelmingly long the AI infrastructure trade, but not just through obvious names like NVIDIA. It owns the AI server manufacturers (SMCI, Dell, Jabil), the equipment makers (Lam Research), the connectors and cabling (Amphenol), the cooling (Lennox), the gases (Linde), and the financing-via-debt (CoreWeave bond from Filing 1). Layered on top is a defense/government-contractor sleeve (TransDigm, AXON) and a small gold hedge. Whoever is making these picks is constructing a complete value chain, not chasing tickers.

Dave's Note · Additional Notable Positions From The Full Re-Parse

"THIS INCIDENT DOES NOT REFLECT...blah blah blah" Want to bet this is not the first time the fuck have done that shit?