| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 24.72% | 39.16% | - |
Columbia Global Technology Growth Fund returned 39.25% in Q2 2026, outperforming its benchmark by 149 basis points, driven by concentrated positioning in AI infrastructure winners. The quarter marked a decisive validation of the AI infrastructure supercycle thesis, as semiconductor and memory companies delivered superlative earnings results with tangible evidence of revenue, margins and multi-year forward commitments. Micron Technology surged over 200% after reporting quarterly revenue that tripled year-over-year and came in $7 billion above guidance, with its entire 2026 high-bandwidth memory supply fully allocated. Semiconductor capital equipment leaders Lam Research and Applied Materials delivered strong performance as Lam raised its 2026 Wafer Fab Equipment industry forecast to $140 billion. CrowdStrike nearly doubled as its AI Detection and Response product saw annual recurring revenue grow over 250% sequentially. The quarter also highlighted the widening divergence between AI infrastructure winners and application-layer businesses facing structural disruption, with over $250 billion in enterprise software spend now facing direct disruption from AI-native automation frameworks. Traditional SaaS names including Intuit and Accenture declined over 30% despite strong results. The manager continues to believe we are in the early innings of many powerful secular growth trends that will take years if not decades to play out.
The fund maintains concentrated exposure to AI infrastructure winners across semiconductors, memory, capital equipment, cybersecurity and storage, believing we are in the early innings of a multi-year secular growth trend that is generating actual revenue and margin expansion at unprecedented scale.
The manager continues to believe we are in the early innings of many powerful secular growth trends, with AI opportunities expected to take years if not decades to play out. The results delivered by the fund's AI infrastructure holdings provided powerful real-world validation that AI-driven demand is translating into actual revenue and margin expansion at scale. The manager is also analyzing other emerging themes such as advanced robotics, quantum computing and defense technology. Looking ahead, the manager continues to monitor geopolitical risks including the ongoing situation in the Middle East, while remaining focused on allocating capital to higher conviction ideas and monitoring the impact of continued AI advances on business models.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 23 2026 | 2026 Q2 | ACN, AMAT, ASML, CRWD, INTU, LRCX, META, MU, NFLX, WDC | AI, Capital Equipment, cybersecurity, Memory, semiconductors, software, Storage, technology | - | Columbia Global Technology Growth Fund surged 39.25% in Q2 2026, outperforming on concentrated AI infrastructure positioning. The quarter delivered decisive validation of the AI supercycle thesis as semiconductor and memory companies reported superlative earnings with tangible revenue and margin expansion. Micron tripled revenue year-over-year while Lam Research raised industry forecasts. The widening divergence between AI infrastructure winners and disrupted software businesses became impossible to ignore as traditional SaaS models face structural repricing. |
| Apr 22 2026 | 2026 Q1 | AMAT, ASML, INTU, LITE, LRCX, MSFT, MU, NOW, NVDA, ORCL, TSM, WDC | AI, global, semiconductors, software, technology | - | Technology fund outperformed despite -6% decline as AI infrastructure buildout drove semiconductor equipment strength while traditional software models faced disruption. Oil shock and geopolitical tensions pressured growth stocks. Semiconductor capex hit records with TSM announcing $50B+ budget. Storage and optical components surged on AI demand while SaaS companies repriced on AI-native competition threats. |
| Jan 21 2026 | 2025 Q4 | AAPL, AMZN, ASML, AVGO, GOOGL, HOOD, LRCX, META, MSFT, MU, NFLX, NOW, NVDA, ORCL, TSM | AI, Cloud, global, growth, semiconductors, technology |
GOOGL TSM MU NOW |
Columbia Global Technology Growth Fund underperformed in Q4 2025 despite strong AI-driven semiconductor performance from Taiwan Semiconductor, Micron, and Lam Research. Alphabet reclaimed AI leadership with Gemini 3, while Oracle and Netflix faced headwinds. The manager maintains conviction in early-stage AI secular trends, emphasizing patient capital allocation to higher-conviction technology opportunities over the long term. |
| Oct 28 2025 | 2025 Q3 | AAPL, ACN, ALAB, AMZN, ASML, AVGO, CRM, GOOGL, HOOD, INTU, LRCX, META, MSFT, NFLX, NOW, NVDA, TSM, TTD | AI, Cloud, global, growth, innovation, semiconductors, technology |
ALAB US NVDA US AVGO US ALAB US NVDA US AVGO US ALAB HOOD NVDA AVGO TTD ACN CRM NOW |
Fund delivered solid 12.06% quarterly returns driven by AI infrastructure winners NVIDIA and Broadcom, though software holdings lagged on cautious guidance. Manager sees early innings of transformative AI secular trends taking years to unfold, but acknowledges significant tariff and trade war risks that could impact GDP growth and semiconductor sector performance. |
| Jul 22 2025 | 2025 Q2 | AAPL, ACN, ALAB, AMZN, ASML, AVGO, CRM, GOOGL, HOOD, INTU, LRCX, META, MSFT, NFLX, NOW, NVDA, TSM, TTD | AI, Cloud, global, growth, semiconductors, technology, Trade Policy |
NVDA AVGO MSFT ORCL HOOD FI GPN TMUS AAPL ALAB HOOD NVDA AVGO TTD ACN CRM NOW |
Columbia Global Technology Growth Fund gained 12.06% in Q3 2025, driven by AI infrastructure leaders NVIDIA, Broadcom, and Astera Labs. The manager sees early innings of powerful secular AI trends but warns of trade war risks threatening technology sectors. Software holdings underperformed while semiconductor connectivity plays excelled amid hyperscaler AI adoption acceleration. |
| Mar 31 2025 | 2025 Q1 | AAPL, AMZN, AVGO, BABA, GOOGL, LRCX, MA, META, MRVL, MSFT, NOW, NVDA, TMUS, TSM, UBER, V | AI, Cloud, global, growth, semiconductors, tariffs, technology, Trade Policy | - | Columbia Global Technology Growth Fund declined 12.26% in Q1 2025 as technology stocks faced headwinds from AI sustainability concerns, trade policy shifts, and tariff risks. Despite near-term challenges including DeepSeek disruption and regulatory uncertainties, the manager remains convinced they are in early innings of powerful secular AI growth trends that will unfold over years to decades. |
| Mar 1 2025 | 2024 Q4 | AAPL, ADBE, AMAT, AMD, AMZN, ASML, AVGO, GM, GOOGL, LRCX, META, MSFT, NVDA, RDDT, TSLA, TSM, UBER, V | AI, Cloud, global, growth, semiconductors, technology | - | Columbia Global Technology Growth Fund outperformed in Q4 2024 on strong AI momentum and security selection. Broadcom and NVIDIA led gains while semiconductor equipment faced China tensions. The fund maintains its thesis of investing in innovative technology companies globally, planning higher-conviction capital allocation amid ongoing AI advances and geopolitical monitoring. |
| Sep 30 2024 | 2024 Q3 | AAPL, AMAT, AMZN, ASML, AVGO, CRWD, GOOGL, INTC, LRCX, MA, META, MSFT, NVDA, ORCL, SNPS, TSM | AI, Cloud, global, growth, semiconductors, technology |
AAPL AVGO ORCL |
Technology fund underperformed in Q3 as markets rotated from growth to value amid Fed rate cuts. AI remains central theme with Oracle emerging as infrastructure winner while semiconductor equipment faced China export concerns. CrowdStrike suffered from global outage impact. Manager maintains constructive outlook, planning higher conviction capital allocation while monitoring geopolitical risks and AI advancement opportunities. |
| Jun 30 2024 | 2024 Q2 | AAPL, ACN, AMD, AMZN, ASML, AVGO, CRM, GOOGL, INTC, LRCX, MA, MSFT, NVDA, SNPS, TSM | AI, global, growth, large cap, semiconductors, technology |
NVDA AVGO AAPL AMD CRM INTC |
Columbia Global Technology Growth Fund leverages AI transformation across global technology, with concentrated exposure to infrastructure leaders like NVIDIA. Despite Q2 underperformance versus benchmark, the fund benefits from secular AI adoption trends. Semiconductors outperformed software as AI infrastructure build-out continues. Manager sees ongoing opportunities while monitoring geopolitical and regulatory risks affecting the sector. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
AIAI infrastructure investment thesis received powerful real-world validation through extraordinary earnings results. Semiconductor and memory companies delivered superlative earnings as tangible evidence of revenue, margins and multi-year forward commitments validated the AI infrastructure supercycle thesis. The fund's AI infrastructure holdings across memory, semiconductor equipment, cybersecurity and storage provided powerful real-world validation with actual revenue and margin expansion at scale. |
Infrastructure Semiconductors Memory Data Centers Cloud |
Semiconductor CycleSemiconductor capital equipment leaders delivered strong performance as the AI industry continued to drive record capital expenditure commitments from leading foundries and memory manufacturers. Lam Research raised its forecast for the 2026 Wafer Fab Equipment industry from $135 billion to $140 billion, signaling the capital expenditure cycle supporting AI compute has significant duration ahead. Memory demand remains insatiable with Micron's entire calendar 2026 high-bandwidth memory supply fully allocated. |
Capital Equipment Foundries Memory Wafer Fab Equipment | |
CybersecurityCrowdStrike cemented its position as the winner in AI-native cybersecurity with shares almost doubling during the quarter. The company's AI Detection and Response product saw ending annual recurring revenue grow more than 250% sequentially, providing evidence that enterprises are rapidly adopting AI-native threat detection as the complexity and velocity of cyberattacks continues to escalate. |
AI-native Threat Detection Platform Consolidation | |
Data CentersEnterprise storage leaders Western Digital and SanDisk delivered exceptional returns as hyperscaler demand for high-capacity hard disk drives accelerates alongside the exponential growth of AI-generated data. Western Digital's transformation into a focused enterprise storage business is essentially complete with the cloud segment representing approximately 89% of total revenue. The AI data center and compute infrastructure buildout is accelerating with Meta raising 2026 capital expenditure guidance to $145 billion. |
Storage Hyperscalers Cloud Infrastructure | |
Energy TransitionThe Strait of Hormuz disruption persisted into the second quarter with Brent crude briefly surging above $97 per barrel as the U.S.-Iran military conflict intensified and energy flows remained severely constrained. The quarter's defining macroeconomic development came in late June when the United States and Iran signed a memorandum of understanding to reopen the Strait for a 60-day period, triggering a sharp reversal in oil prices. |
Oil Geopolitics Energy Security | |
SaaSThe agentic AI revolution continued to accelerate with over $250 billion in enterprise software spend now facing direct disruption from AI-native automation frameworks that are rendering traditional seat-based licensing models increasingly difficult to defend. The structural repricing of traditional software-as-a-service business models continued to weigh heavily on investor sentiment with Intuit declining over 30% despite strong results and Accenture declining over 30% on guidance reduction. |
Enterprise Software Disruption Licensing Models Automation | |
| 2026 Q1 |
AIAI infrastructure super cycle drove record capital expenditure commitments from foundries and memory manufacturers. Advances in AI agentic frameworks raised questions about enterprise software pricing models. AI-driven data creation accelerated exponentially, benefiting storage solutions. |
Infrastructure Agentic Enterprise Data Storage |
SemiconductorsSemiconductor capital equipment companies delivered strong performance driven by AI infrastructure buildout. TSM announced capex budget exceeding $50 billion for 2026, up 25% from prior year. Insatiable demand for etching and deposition tools used in AI server production. |
Equipment Foundries Capex Etching Deposition | |
Data CentersHyperscalers raced to address critical optical interconnect bottlenecks limiting AI cluster scaling. Microsoft guided to $37.5 billion quarterly capex, a 66% increase to fund AI data-center buildout. Oracle announced plans to raise $50 billion for data-center expansion. |
Hyperscalers Optical Interconnect Buildout Capex | |
CloudMicrosoft's Azure cloud-computing business showed modest deceleration for the first time in years. Western Digital positioned as focused enterprise storage business with cloud revenue approximately 90% of total sales following SanDisk spin-off. |
Azure Deceleration Enterprise Storage Revenue | |
Enterprise SoftwareTraditional SaaS business models faced structural headwinds as enterprises adopted AI-native solutions. Per-seat subscription models came under pressure from general-purpose AI tools that could automate core workflows. ServiceNow and Intuit became high-profile casualties of this repricing. |
SaaS Per-seat Subscription Automation Workflows | |
| 2025 Q4 |
AIManager believes market's assessment of AI risk differs from their own, with approximately 60% of underperformance attributed to positions where AI impact concerns drove stock declines. Portfolio companies deemed AI-losers declined 15% despite 10% revenue growth and 15% EPS growth, representing valuation compression rather than fundamental deterioration. |
Artificial Intelligence Disruption Valuation Technology Software |
QualityFund exclusively invests in businesses with superior characteristics including high barriers to entry, sustainable competitive advantages, and durable growth prospects. Manager notes their focus on leading businesses in sectors has been foundation of strategy since inception, though this approach was out of favor in 2025 as investors sold higher-quality investments to buy riskier stocks. |
High Quality Competitive Advantages Barriers to Entry Sustainable Growth Market Leaders | |
Small CapsStrategy of owning competitively advantaged small and medium-sized businesses remained out of favor for most of the quarter. Fund observed improvement in early December as investors showed renewed enthusiasm for high-quality stocks that populate the portfolio, with significant divergence between consistent earnings growth and recent performance creating compelling valuations. |
Small Cap Medium Cap Growth Valuation Performance | |
| 2025 Q3 |
AIAI remained the most significant driver of technology market performance during the quarter. The fund benefited from AI infrastructure investments, with companies like NVIDIA reporting extraordinary demand for data-center products and Broadcom seeing AI semiconductor chips become a majority of revenue. The transformative potential of AI continues to drive investor enthusiasm across all sectors of the economy. |
Infrastructure Data Centers Semiconductors Computing Enterprise |
SemiconductorsSemiconductor companies delivered strong performance driven by AI demand. NVIDIA doubled quarterly revenue year-over-year from data-center products, while Broadcom reported 11 consecutive quarters of AI revenue growth with over $100 billion in backlog. Astera Labs became a mission-critical enabler for hyperscalers transitioning to AI computing, addressing connectivity bottlenecks in next-generation data centers. |
AI Chips Data Centers Infrastructure Connectivity Memory | |
CloudCloud computing continues as a secular growth trend with improved business models featuring less capital-intensive and more cash-generative structures. The fund maintains exposure to cloud leaders while monitoring the trajectory of AI-related capital expenditure buildout. Cloud platforms are enabling the shift to more efficient technology business models compared to prior investing periods. |
SaaS Infrastructure Computing Enterprise Scalability | |
| 2025 Q2 |
AIAI remained the most significant driver of technology market performance during the quarter. Investors remained hyper-focused on AI infrastructure spending and return on investment across all sectors. Companies like NVIDIA reported extraordinary demand for data-center products driven by generative AI adoption across hyperscalers, enterprise and sovereign customers. |
Infrastructure Data Centers Generative AI ROI Hyperscalers |
SemiconductorsSemiconductor companies delivered strong performance with NVIDIA and Broadcom leading gains. AI semiconductor chips now represent a majority of Broadcom's semiconductor revenue, with the company on pace for 11 consecutive quarters of AI revenue growth. Astera Labs positioned itself as a mission-critical enabler for hyperscalers transitioning to AI computing. |
AI Chips Data Center Connectivity Infrastructure Hyperscalers | |
CloudCloud computing continues to enable technology companies to adopt less capital-intensive and more cash-generative business models compared to prior periods. The shift to cloud form factors has improved technology business models overall, providing more resilient revenue streams. |
SaaS Business Models Capital Efficiency Cash Generation | |
Trade PolicyTrade war escalation and tariff imposition represents one of the most acute risks to the global economy and technology sector. Economically sensitive sectors like semiconductors and ecommerce face greater operating challenges from tariffs. A financial institution estimated tariffs could reduce U.S. GDP growth by 1.2 percentage points. |
Tariffs Economic Impact Semiconductors Global Trade | |
| 2025 Q1 |
AIAdvances in AI remained the key market theme since ChatGPT's launch in November 2022, but the market took a more critical view in Q1 2025. A Chinese AI startup DeepSeek sent shockwaves through global financial markets after releasing a powerful AI model claimed to be developed at a fraction of the cost of American alternatives. Investors remained hyper-focused on benchmarking return on investment from the massive outlays of capital investment expected across the technology industry to enable more productivity from generative AI. |
Generative AI DeepSeek ChatGPT AI Models Capital Investment |
SemiconductorsSemiconductor companies faced significant challenges during the quarter, with economically sensitive sectors like semiconductors likely to face greater operating challenges from tariffs. NVIDIA reported quarterly results that showed growth but still subdued compared to sky-high investor expectations, with profit margins weak as the company ramped up its new Blackwell chip architecture. The threat of new Chinese competitors upended the U.S. AI technology complex as fears rose that lower-cost alternatives could disrupt the market and reduce the need for AI semiconductors. |
NVIDIA Blackwell AI Semiconductors Chinese Competition Tariffs | |
Trade PolicyThe potential for an escalating trade war and economic challenges brought about by changes in U.S. policy and the imposition of tariffs looms large as a risk to the global economy and the technology sector. A third-party financial institution estimated that the imposition of tariffs and knock-on effects could detract an estimated 1.2 percentage points from U.S. GDP growth over the next year. Economically sensitive sectors such as semiconductors and ecommerce are likely to face greater operating challenges from tariffs. |
Tariffs Trade War GDP Impact U.S. Policy Economic Challenges | |
CloudMicrosoft's cloud business reported slightly mixed expectations during the quarter, which was attributed to supply-chain constraints. Market speculation that Microsoft was cutting back on building out data center capacity raised concerns about the future of AI spending and heightened broader market skepticism about the sustainability of the recent AI boom. Many of today's technology companies have adopted new form factors such as cloud computing that have enabled a shift to less capital-intensive and more cash-generative business models. |
Microsoft Data Centers Supply Chain Cloud Computing Business Models | |
| 2024 Q4 |
AIAI remains the key market driver with continued focus on agentic AI workflows and autonomous problem-solving capabilities. Companies across all sectors are embracing agentic AI technology that can work around the clock on behalf of humans. Market participants continue searching for evidence that AI is being deployed by global enterprises and resulting in tangible productivity gains. |
Agentic AI Productivity Enterprise Deployment Workflows |
SemiconductorsSemiconductor capital equipment industry faced challenges from increased geopolitical tensions between the United States and China. Companies like Lam Research, Applied Materials and ASML underperformed due to market concerns about export restrictions and policy shifts affecting China business. |
Capital Equipment Geopolitical Export Restrictions China Policy | |
CloudTechnology companies have adopted cloud computing form factors enabling shifts to less capital-intensive and increased cash-generative business models. This represents an improvement over prior periods of technology investing with better business model characteristics. |
Business Models Capital Efficiency Cash Generation Form Factors | |
| 2024 Q3 |
AIAI remains the key market driver with investors taking a more nuanced approach, focusing on return on investment from elevated generative AI spending. Groundbreaking advances in AI have reignited interest across technology and strengthened secular growth trends. The fund continues to monitor new opportunities from continued advances in AI. |
Artificial Intelligence Generative AI AI Revolution AI Workloads AI Strategy |
SemiconductorsSemiconductor capital equipment companies underperformed due to market concerns about potential export bans to China. The semiconductor complex was weighed down initially by Nvidia's earnings that failed to meet stratospheric expectations, though it quickly recovered. Geopolitical tensions around semiconductor technology access remain a key concern. |
Semiconductor Equipment Export Restrictions China Trade Foundries Memory | |
CloudOracle emerged as a key AI infrastructure provider with partnerships across all three major cloud providers. The company's compelling infrastructure offering positions it as a durable picks-and-shovels provider to AI workloads. Cloud computing represents an improved business model with less capital-intensive operations. |
Cloud Infrastructure Enterprise Technology AI Infrastructure Cloud Providers SaaS | |
CybersecurityCrowdStrike faced significant challenges after distributing a faulty update that caused widespread Microsoft Windows crashes globally, disrupting critical services. The investment narrative shifted to wait-and-see mode as deal cycles are expected to lengthen with customers requiring greater security assurance. |
Security Software Cyber Threats Digital Security Enterprise Security IT Security | |
| 2024 Q2 |
AIAI remains the key market driver since OpenAI introduced ChatGPT in late 2022. Ground-breaking advances in AI reignited interest across technology and strengthened secular growth trends. The AI theme broadened out as investors pondered ramifications of the steadily evolving AI economy, with companies looking to become more productive from this transformative technology. |
Machine Learning ChatGPT OpenAI Productivity Transformation |
SemiconductorsSemiconductors and technology hardware outperformed software and IT services companies, playing a more decisive role in enabling AI. NVIDIA announced its latest iteration of market-leading semiconductors had started shipping, alleviating concerns of a potential air pocket ahead of the new product cycle. |
Chips Hardware Manufacturing Product Cycle Equipment | |
CloudMany of today's technology companies have adopted new form factors such as cloud computing, which has enabled a shift to less capital-intensive and increased cash-generative business models. Better cloud demand supports growth outlook for companies like AMD. |
Computing Infrastructure SaaS Demand Business Models |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 21, 2026 | Fund Letters | Rahul Narang | GOOGL | Alphabet Inc. | Information Technology | Interactive Media & Services | Bull | NASDAQ | advertising, AI, cloud, monetization, Search | Login |
| Jan 21, 2026 | Fund Letters | Rahul Narang | TSM | Taiwan Semiconductor Manufacturing Company | Information Technology | Semiconductor Foundries | Bull | New York Stock Exchange | AI, CapEx, Foundry, semiconductors, Technologyleadership | Login |
| Jan 21, 2026 | Fund Letters | Rahul Narang | MU | Micron Technology, Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, datacenters, Margins, Memory, Supplydiscipline | Login |
| Jan 21, 2026 | Fund Letters | Rahul Narang | NOW | ServiceNow, Inc. | Information Technology | Application Software | Bear | New York Stock Exchange | Acquisitions, AI, Software, valuation, Workflow | Login |
| Oct 28, 2025 | Fund Letters | Rahul Narang | ALAB US | Astera Labs, Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI infrastructure, Connectivity, CXL, data centers, hyperscalers, PCIe | Login |
| Oct 28, 2025 | Fund Letters | Rahul Narang | NVDA US | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI compute, backlog, CUDA, data center, hyperscalers, Networking | Login |
| Oct 28, 2025 | Fund Letters | Rahul Narang | AVGO US | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | accelerators, backlog, custom silicon, Free Cash Flow, Networking | Login |
| Oct 28, 2025 | Fund Letters | Rahul Narang | ALAB US | Astera Labs, Inc. | Information Technology | Semiconductors | Bull | NASDAQ | — | Login |
| Oct 28, 2025 | Fund Letters | Rahul Narang | NVDA US | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | — | Login |
| Oct 28, 2025 | Fund Letters | Rahul Narang | AVGO US | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | — | Login |
| Oct 28, 2025 | Fund Letters | Rahul Narang | ALAB | Astera Labs Inc | Information Technology | Semiconductors | Bull | NASDAQ | AI, Connectivity, growth, hyperscalers, semiconductors | Login |
| Oct 28, 2025 | Fund Letters | Rahul Narang | HOOD | Robinhood Markets Inc | Financials | Capital Markets | Bull | NASDAQ | Brokerage, Crypto, Fintech, Trading, Volatility | Login |
| Oct 28, 2025 | Fund Letters | Rahul Narang | NVDA | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | Acceleration, AI, data centers, GPUs, hyperscalers | Login |
| Oct 28, 2025 | Fund Letters | Rahul Narang | AVGO | Broadcom Inc | Information Technology | Semiconductors | Bull | NASDAQ | AI, backlog, custom silicon, Networking, semiconductors | Login |
| Oct 28, 2025 | Fund Letters | Rahul Narang | TTD | The Trade Desk Inc | Communication Services | Advertising Technology | Bear | NASDAQ | advertising, Competition, CTV, guidance, Programmatic | Login |
| Oct 28, 2025 | Fund Letters | Rahul Narang | ACN | Accenture plc | Information Technology | IT Services | Bear | NYSE | AI, Bookings, Consulting, Digital transformation, services | Login |
| Oct 28, 2025 | Fund Letters | Rahul Narang | CRM | Salesforce Inc | Information Technology | Software | Bear | NASDAQ | AI, cloud, CRM, Enterprise software, guidance | Login |
| Oct 28, 2025 | Fund Letters | Rahul Narang | NOW | ServiceNow Inc | Information Technology | Software | Bear | NYSE | AI, Automation, enterprise, Renewals, Workflow | Login |
| Sep 30, 2025 | Fund Letters | Columbia Global Technology Growth Fund | ALAB | Astera Labs | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Connectivity, data centers, growth, hyperscalers, semiconductors, technology | Login |
| Sep 30, 2025 | Fund Letters | Columbia Global Technology Growth Fund | HOOD | Robinhood Markets | Financials | Capital Markets | Bull | NASDAQ | Cryptocurrencies, Digital Finance, Fintech, international expansion, Online Brokerage, S&P 500, Trading Platform | Login |
| Sep 30, 2025 | Fund Letters | Columbia Global Technology Growth Fund | NVDA | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI Computing, CUDA Platform, data centers, enterprise, hyperscalers, semiconductors, Software Ecosystems | Login |
| Sep 30, 2025 | Fund Letters | Columbia Global Technology Growth Fund | AVGO | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI accelerators, AI Revenue Growth, backlog, custom silicon, Networking Hardware, Semiconductor Infrastructure | Login |
| Sep 30, 2025 | Fund Letters | Columbia Global Technology Growth Fund | TTD | The Trade Desk | Communication Services | Interactive Media & Services | Neutral | NASDAQ | Ad Tech, AI platform, Competition Concerns, Connected tv, digital advertising, programmatic advertising | Login |
| Sep 30, 2025 | Fund Letters | Columbia Global Technology Growth Fund | ACN | Accenture plc | Information Technology | IT Services | Neutral | NYSE | AI services, Bookings Concerns, Digital transformation, It consulting, margin expansion, professional services | Login |
| Sep 30, 2025 | Fund Letters | Columbia Global Technology Growth Fund | CRM | Salesforce, Inc. | Information Technology | Software | Neutral | NYSE | AI platform, Cloud computing, conservative guidance, CRM Software, Enterprise software, Healthcare Technology | Login |
| Sep 30, 2025 | Fund Letters | Columbia Global Technology Growth Fund | NOW | ServiceNow, Inc. | Information Technology | Software | Neutral | NYSE | AI Orchestration, Cloud computing, Enterprise software, platform strategy, Renewal Concerns, workflow automation | Login |
| Jul 22, 2025 | Fund Letters | Rahul Narang | NVDA | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, datacenters, Demand, efficiency, GPUs | Login |
| Jul 22, 2025 | Fund Letters | Rahul Narang | AVGO | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, ASICs, growth, hyperscalers, semiconductors | Login |
| Jul 22, 2025 | Fund Letters | Rahul Narang | MSFT | Microsoft Corporation | Information Technology | Systems Software | Bull | NASDAQ | AI, cloud, growth, productivity, Software | Login |
| Jul 22, 2025 | Fund Letters | Rahul Narang | ORCL | Oracle Corporation | Information Technology | Systems Software | Bull | NYSE | AI, cloud, Databases, growth, Margins | Login |
| Jul 22, 2025 | Fund Letters | Rahul Narang | HOOD | Robinhood Markets, Inc. | Financials | Capital Markets | Bull | NASDAQ | ARPU, Crypto, Fintech, growth, Trading | Login |
| Jul 22, 2025 | Fund Letters | Rahul Narang | FI | Fiserv, Inc. | Information Technology | Transaction & Payment Processing Services | Bear | NYSE | Execution, growth, Merchant, Payments, valuation | Login |
| Jul 22, 2025 | Fund Letters | Rahul Narang | GPN | Global Payments Inc. | Industrials | Transaction & Payment Processing Services | Bear | NYSE | Competition, Execution, growth, Margins, Payments | Login |
| Jul 22, 2025 | Fund Letters | Rahul Narang | TMUS | T-Mobile US, Inc. | Communication Services | Wireless Telecommunication Services | Bear | NASDAQ | Churn, Competition, Margins, Promotions, Telecom | Login |
| Jul 22, 2025 | Fund Letters | Rahul Narang | AAPL | Apple Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Bear | NASDAQ | Competition, growth, Hardware, innovation, services | Login |
| Sep 30, 2024 | Fund Letters | Columbia Global Technology Growth Fund | AAPL | Apple Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | Artificial Intelligence, consumer electronics, Fast Follower Strategy, Hardware Refresh Cycle, Product Ecosystem, Smartphones, technology integration | Login |
| Sep 30, 2024 | Fund Letters | Columbia Global Technology Growth Fund | AVGO | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI revolution, Artificial Intelligence, capital allocation, custom chips, market dominance, Networking Infrastructure, semiconductors | Login |
| Sep 30, 2024 | Fund Letters | Columbia Global Technology Growth Fund | ORCL | Oracle Corporation | Information Technology | Software | Bull | NYSE | AI workloads, Artificial Intelligence, cloud infrastructure, Cloud Partnerships, Complete Technology Stack, Enterprise software, Picks and shovels | Login |
| Jun 30, 2024 | Fund Letters | Columbia Global Technology Growth Fund | NVDA | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, Gpu, Hardware, market leadership, Product cycle, semiconductors, Software Ecosystem | Login |
| Jun 30, 2024 | Fund Letters | Columbia Global Technology Growth Fund | AVGO | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, infrastructure, Long-term holding, Revenue Growth, Secular Trend, semiconductors | Login |
| Jun 30, 2024 | Fund Letters | Columbia Global Technology Growth Fund | AAPL | Apple Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | AI integration, consumer electronics, Ecosystem, Hardware refresh, OpenAI partnership, Product cycle | Login |
| Jun 30, 2024 | Fund Letters | Columbia Global Technology Growth Fund | AMD | Advanced Micro Devices, Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI revenue, Cloud Demand, Enterprise Recovery, market share gains, product launch, semiconductors | Login |
| Jun 30, 2024 | Fund Letters | Columbia Global Technology Growth Fund | CRM | Salesforce, Inc. | Information Technology | Software | Neutral | NYSE | AI integration, cloud, CRM, Digital Assets, enterprise spending, Sales cycles, Software | Login |
| Jun 30, 2024 | Fund Letters | Columbia Global Technology Growth Fund | INTC | Intel Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Neutral | NASDAQ | AI products, Cyclical Recovery, margin compression, PC Demand, semiconductors, Strategic Transformation | Login |
| TICKER | COMMENTARY |
|---|---|
| MU | Micron Technology delivered exceptional returns during the second quarter, with shares advancing over 200%, as the company reported quarterly revenue that tripled versus the prior year and came in nearly $7 billion above the company's own revenue guidance. Quarterly results were powered by insatiable demand for high-bandwidth memory across product lines, and the company confirmed that its entire calendar 2026 high-bandwidth memory supply remains fully allocated to strategic AI partners including Nvidia. Micron guided forward-looking quarterly revenue to $50 billion, which approximated full-year revenue for the company just two years ago. |
| LRCX | Semiconductor capital equipment leaders Lam Research and Applied Materials delivered strong performance during the quarter, as the AI industry continued to drive record capital expenditure commitments from the world's leading foundries and memory manufacturers. Lam Research reported record results that came in better than expected, as did the company's quarterly outlook. Management raised its forecast for the 2026 Wafer Fab Equipment industry from $135 billion to $140 billion, a strong upward revision that signals the capital expenditure cycle supporting AI compute has significant duration ahead of it. |
| AMAT | Shares of Applied Materials advanced alongside Lam Research, as investors extrapolated the strength of the Wafer Fab Equipment demand environment across the equipment complex, with the company's leading positions in deposition, etch and transistor-processing tools positioning it as a direct beneficiary of the same AI-driven foundry and memory-investment cycle. |
| CRWD | CrowdStrike surged during the second quarter, with shares almost doubling, as the company cemented its position as the winner in AI-native cybersecurity. The company reported strong quarterly results, most notably from its AI Detection and Response product, whose ending annual recurring revenue grew more than 250% sequentially and provided further evidence that enterprises are rapidly adopting AI-native threat detection, as the complexity and velocity of cyberattacks continues to escalate. Free cash flow reached an all-time record, and management raised full-year guidance, reinforcing the view that CrowdStrike's platform consolidation strategy is generating durable, compounding financial returns. The company also announced a four-for-one stock split during the quarter. |
| WDC | Enterprise storage leaders Western Digital and SanDisk delivered exceptional returns during the second quarter, continuing the extraordinary performance trajectory that has defined both companies since the SanDisk spin-off was completed in February 2025. Western Digital's transformation into a focused enterprise storage business is now essentially complete, with the cloud segment representing approximately 89% of total revenue, as hyperscaler demand for high-capacity hard disk drives accelerates alongside the exponential growth of AI-generated data. |
| INTU | Intuit declined over 30% during the quarter, extending a difficult period for the financial software leader, as the structural repricing of traditional software-as-a-service (SaaS) business models continued to weigh heavily on investor sentiment. Despite strong reported quarterly results that included an increased growth outlook and a sizable capital return program to shareholders, the stock fell, as the market demanded more evidence to quell concerns related to pricing erosion and potential business model disruption from AI. Intuit's decades of compliance expertise, embedded role in regulated financial workflows and high switching costs remain meaningful competitive advantages, and we continue to monitor the company's internal AI platform development as a potential source of business model reinvention that the market is not yet pricing. |
| ACN | Accenture declined over 30% during the quarter, as a reduction in guidance overshadowed an otherwise solid set of results and raised investor concerns about the durability of the company's near-term growth trajectory. Reported quarterly bookings of $19.3 billion were marginally below the prior year's $19.4 billion, introducing questions about demand sustainability at a moment when investor expectations for AI-driven consulting growth are elevated. The primary driver of the guidance reduction was a slowdown in U.S. federal government business. |
| NFLX | Netflix declined approximately 25% during the quarter, hitting its lowest point in nearly two years in late June, as valuation concerns and emerging content engagement questions weighed on investor sentiment despite strong underlying quarterly results. The quarter brought resolution to a year-long overhang, as Netflix terminated its proposed acquisition of Warner Bros. Discovery in April 2026, collecting a $2.8 billion termination fee and reaffirming its commitment to a streaming-first strategy. Despite these positives, analysts flagged concerns about viewer retention that raises questions about the long-term content investment required to sustain subscriber engagement at scale. We continue to view Netflix's combination of global scale, expanding operating margins and growing advertising monetization as a durable long-term competitive position. |
| META | Meta Platforms declined slightly during the quarter, as investor skepticism around the company's escalating AI capital expenditure commitments continued to overshadow strong results. The source of investor concern was the company's decision to raise its 2026 full-year capital expenditure guidance from $125 billion to $145 billion, nearly double 2025 levels, to fund an accelerating AI data center and compute infrastructure buildout. With second-quarter 2026 AI-driven ad automation expected to boost advertiser return on investment by an estimated 20% to 22%, the next earnings report represents a critical checkpoint for demonstrating that the capital deployment is generating the returns the investment thesis requires. |
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