Firebird US Value Fund

Investor Summary

Steve Gorelik, CFA, serves as portfolio manager of the Firebird U.S. Value Fund and head of research at Firebird Management. He joined Firebird in 2005 and holds a significant ownership stake (25-50%) in the firm. Gorelik earned his BS from Carnegie Mellon University and holds the CFA charter. He has managed the value-focused investment strategy for over 11 years from 2012 to 2023, making 135 stock purchase decisions with holding periods averaging around two years. His approach emphasizes rigorous thesis validation and long-term holding periods for successful investments.

Fund Strategy

The Firebird US Value Fund focuses on purchasing high-quality U.S. equities with strong free cash flow yields and growth prospects. The strategy emphasizes fundamental value analysis from both macro and micro perspectives, analyzing country-level political and economic development, market infrastructure, sector prospects, and company-specific intrinsic value. The approach avoids leverage, derivatives, and short selling, instead relying on market inefficiencies and value opportunities to generate attractive returns. The fund targets companies approaching inflection points that will accelerate growth and expand profit margins, with particular attention to avoiding businesses with shrinking addressable markets.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
-	-	-

Executive Summary

The market gained 10% in the first half of 2026 despite top 10 S&P 500 companies being up only 2% and 20% of global oil and gas output disrupted by war. Performance leadership shifted to AI infrastructure companies, with 15 stocks up over 200% explaining 8% of the index gain. These companies saw net income and free cash flow rise 90% and 70% respectively, though market cap increased 170% and free cash flow yields compressed from 2.3% to 1.5%. The manager believes trillion-dollar AI infrastructure investments are justified if AI contributes at least 0.5% to global economic growth over 5-7 years, equating to $625 billion annually. Software companies have been identified as primary losers, down over 20% as AI threatens to lower barriers to entry and weaken pricing power. However, incumbents that embrace AI early may ultimately benefit, similar to how retailers like Home Depot used the internet to strengthen operations. Retail investor participation continues growing, particularly from lower wealth cohorts using leveraged options, though the manager believes bubble dynamics are not yet at imminent risk of bursting based on historical patterns.

Core Thesis

AI infrastructure spending is driving a sustainable market rally led by semiconductor and hardware companies, with trillion-dollar hyperscaler investments justified by expected economic productivity gains, though software incumbents face near-term disruption risk before eventual adaptation opportunities emerge.

Forward Outlook

The manager expects the AI infrastructure boom to continue with hyperscaler spending trending upward, justifying current valuations if AI contributes at least 0.5% to global economic growth over a 5-7 year horizon. While acknowledging potential bubble dynamics in retail speculation and concentrated market leadership, the manager believes history suggests such bubbles do not burst immediately and that supply-demand equilibrium has not yet been reached. The manager anticipates technology cycle progression where market leadership will eventually shift from infrastructure and hardware to software companies that successfully adapt AI to enhance profitability, similar to previous technology cycles. Incumbents with competitive advantages that embrace AI early are viewed as having the best chance of long-term benefit.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Jul 11 2026	2026 Q2	AMAT, AMD, AVGO, CSCO, DELL, GLW, HD, INTC, INTU, KLAC, LRCX, MU, PANW, STX, WDC	AI, market structure, retail, semiconductors, software, technology, Valuations	-	AI infrastructure spending is driving sustainable market gains with semiconductor and hardware companies leading on strong fundamentals, though valuations have expanded significantly. Trillion-dollar hyperscaler investments appear justified by expected productivity gains of $625 billion annually. Software faces near-term disruption as AI lowers barriers to entry, but smart incumbents will adapt. Retail speculation is elevated but not yet at bubble-bursting levels based on historical patterns.
Apr 18 2026	2026 Q1	-	energy, Geopolitical Risk, Investment Cycle, Middle East, oil, Supply Chain	-	Iran war and Strait of Hormuz closure disrupted 20% of global oil production, exposing dangerous energy supply fragility. Manager expects major investment cycle in hydrocarbon exploration similar to 1970s oil crises, with capital spending likely exceeding 2014 peaks as countries reduce single-source dependency through both traditional and renewable energy investments.
Oct 21 2025	2025 Q3	META	AI, Data centers, infrastructure, Investment, productivity, technology, value	-	Massive AI infrastructure spending continues despite growing skepticism about returns. Meta exemplifies successful monetization, deploying $70 billion annually in data centers with clear path to double-digit returns through improved ad targeting. Unlike companies still seeking business models, Meta's execution-dependent approach offers better prospects. AI resembles early automobiles - powerful but requiring refinement before widespread adoption.
Jul 9 2025	2025 Q2	000660.KS, 005930.KS, 1299.HK, 2330.TW, 2912.TW, 300012.SZ, 300124.SZ, 3690.HK, 9999.HK, BBCA.JK, BCH, FMX, HDB, NTCO3.SA, RADL3.SA, UL	AI, Brazil, China, emerging markets, Indonesia, Quality, semiconductors	-	Aikya's emerging markets fund underperformed in October despite positive returns, missing semiconductor momentum while maintaining quality and valuation discipline. Indonesian banks benefited from improved sentiment, Chinese holdings faced correction headwinds, and Latin American consumer names showed mixed results. The fund's defensive positioning and focus on high-quality companies at sensible valuations remains unchanged despite short-term underperformance.
Sep 30 2024	2024 Q3	AIZ, FTI, NTR, RCM, SNBR, SYF, TRV	Buybacks, Capital Allocation, free cash flow, insurance, rates, value	TRV AIZ	Firebird argues that while S&P 500 buybacks destroy value due to sub-3% free cash flow yields, their portfolio's 7.1% yield makes repurchases accretive. The fund showcases decade-long insurance holdings Travelers and Assurant as examples of strong capital allocation. After selling three positions including a 3x winner in TechnipFMC, the 30-company portfolio targets 12% long-term returns.
Jul 10 2024	2024 Q2	-	-	-
Apr 12 2024	2024 Q1	004800.KS, 028260.KS, 090430.KS, 267250.KS, 4527.T, 9301.T, CDI.PA, CHRY.L, CORD.L, DIE.BR, ENT.L, GXI.DE, HVPE.L, J36.SI, NWSA, OCI.L, PGHN.SW, REA.AX, VIV.PA	discount, Engagement, Holdings, Korea, NAV, value	NWSA	AVI Global Trust focuses on companies trading at discounts to net asset value, building Korean exposure to 9.5% of NAV amid corporate governance reforms. Korean holdings delivered 25% weighted returns while News Corp discount widened despite family trust resolution. With 68% of KOSPI below book value, outlook remains compelling for active value investors.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Jul 11 2026

2026 Q2

AMAT, AMD, AVGO, CSCO, DELL, GLW, HD, INTC, INTU, KLAC, LRCX, MU, PANW, STX, WDC

AI, market structure, retail, semiconductors, software, technology, Valuations

AI infrastructure spending is driving sustainable market gains with semiconductor and hardware companies leading on strong fundamentals, though valuations have expanded significantly. Trillion-dollar hyperscaler investments appear justified by expected productivity gains of $625 billion annually. Software faces near-term disruption as AI lowers barriers to entry, but smart incumbents will adapt. Retail speculation is elevated but not yet at bubble-bursting levels based on historical patterns.

Apr 18 2026

2026 Q1

energy, Geopolitical Risk, Investment Cycle, Middle East, oil, Supply Chain

Iran war and Strait of Hormuz closure disrupted 20% of global oil production, exposing dangerous energy supply fragility. Manager expects major investment cycle in hydrocarbon exploration similar to 1970s oil crises, with capital spending likely exceeding 2014 peaks as countries reduce single-source dependency through both traditional and renewable energy investments.

Oct 21 2025

2025 Q3

QUARTER	THEMES	TAGS
2026 Q2	AI AI infrastructure spending by hyperscalers has driven massive gains in semiconductor and hardware companies, with 15 stocks up over 200% explaining 8% of the S&P 500's 10% gain. The market is increasingly confident that planned AI investments will continue and the boom will last longer than expected. Manager believes AI will contribute at least 0.5% to global economic growth, justifying the trillion-dollar infrastructure buildout over a 5-7 year horizon.	AI infrastructure Hyperscalers Semiconductors Data Centers Capex
	Semiconductors Semiconductor and hardware companies have become the new market leaders, with 13 companies seeing net income and free cash flow up 90% and 70% respectively. However, market cap increased 170% and free cash flow yield declined from 2.3% to 1.5%, suggesting rich valuations. These companies are positioned as picks and shovels providers for the AI infrastructure buildout.	Memory Semi Equipment Chip Designers Hardware Valuations
	Software The software sector has been identified by the market as a primary loser from AI, down over 20% with some companies like Intuit halving in value. AI has the potential to reduce the cost and complexity of building software, lowering barriers to entry and weakening pricing power of established vendors, similar to how the internet impacted retailers. However, incumbents that embrace AI early may ultimately benefit long-term.	Enterprise Software SaaS Pricing Power Disruption Incumbents
	Retail Retail investors, particularly from the poorest wealth cohorts, are increasing equity market participation and providing new money flows. This retail demand has grown throughout the year with significant growth in options trading, especially zero-day options that provide leverage for short-term moves in select stocks. The manager draws parallels to historical retail manias but notes that supply-demand equilibrium has not yet been reached.	Retail Brokerage Options Leverage Market Structure Flows
	Risk Appetite Market participants chose to hold existing positions and add new money rather than funding new purchases through sales, indicating strong risk appetite. SpaceX's $75 billion listing was 5x oversubscribed and jumped 20% despite lofty valuations, while SK Hynix's $24 billion raise is 7x oversubscribed. The manager acknowledges these could be signs of a bubble but believes history suggests it is not in imminent danger of bursting.	IPOs Valuations Speculation Bubble Market Sentiment
	Energy The manager notes that 20% of the world's oil and gas output was disrupted by war in the first half of 2026, yet the market still gained 10%. This geopolitical energy disruption is mentioned as a surprising backdrop to strong market performance but receives no further analysis or positioning commentary.	Oil Natural Gas Geopolitical Supply Disruption
2026 Q1	Oil War in Iran and closure of Strait of Hormuz disrupted 20% of global oil production, highlighting fragile equilibrium with less than 3% spare capacity. Manager expects major investment period similar to 1970s oil crises, with capital spending likely to exceed 2014 peaks as countries seek alternatives to single-source dependency.	Hydrocarbons Supply Chain Geopolitical Risk Investment Cycle Energy Security
	Natural Gas Natural gas investments have been at historic lows since 2014 due to price volatility and renewable energy concerns. Current investment levels remain 40% below 2014 levels despite recent recovery. Manager expects significant increase in hydrocarbon investments following Middle East disruptions.	Investment Cycle Supply Chain Energy Security Geopolitical Risk
	Energy Transition Manager acknowledges the transition from molecules to electrons but emphasizes that daily life remains dominated by hydrocarbons. Expects both additional oil and gas sources and increased renewable penetration as response to supply disruptions.	Renewables Investment Energy Security Diversification
	AI Artificial intelligence's impact on employment and productivity was a major focus coming into the year, along with data center construction pace. However, geopolitical events have shifted attention back to traditional energy infrastructure.	Data Centers Employment Productivity
2025 Q3	AI Massive investments in AI infrastructure continue with hundreds of billions being deployed in data centers and compute power. While skepticism exists about returns, companies like Meta are demonstrating measurable paths to monetization through improved ad targeting. The technology resembles early automobiles - powerful but requiring refinement before widespread adoption.	Data Centers Infrastructure Monetization Productivity Investment Returns
2025 Q2	AI The market's continued excitement for AI potential led semiconductor stocks materially higher, with Taiwanese and Korean markets at record highs. While the fund believes in AI's long-term potential, they maintain quality and valuation discipline rather than chasing momentum.	Semiconductors Taiwan Korea Technology
	Quality Aikya's investment approach relies on quality as a key pillar, investing exclusively in high-quality companies. The strategy emphasizes quality discipline alongside valuation considerations when making investment decisions.	Investment Process Fundamentals Discipline
2024 Q3	Buybacks The fund analyzes the relationship between interest rates and buyback activity, noting that S&P 500 buybacks have been value-destructive due to low free cash flow yields below borrowing costs. In contrast, the fund's portfolio companies like Synchrony Financial and Nutrien have double-digit free cash flow yields, making their buybacks value-accretive.	Share Repurchases Capital Allocation Free Cash Flow Interest Rates Value Creation
	Insurance The fund holds two insurance companies for over a decade - Travelers and Assurant. Both companies demonstrate strong capital allocation through dividends and buybacks, with Travelers returning $30 billion to shareholders over ten years while growing intrinsic value at double-digit rates despite modest premium growth.	P&C Insurance Capital Allocation Independent Agents Combined Ratio Extended Warranties
	Rates The letter extensively discusses the Federal Reserve's 0.5% rate cut and the historical context of real interest rates. The manager examines how artificially low rates can lead to asset bubbles and notes that negative real rates benefit borrowers while hurting savers, with implications for corporate investment decisions and buyback profitability.	Federal Reserve Real Interest Rates Asset Bubbles Monetary Policy Cost of Capital
	Value The fund emphasizes a cash-flow-focused value approach, with the portfolio trading at a 7.1% free cash flow yield versus 2.9% for the S&P 500. The manager expects 9.7% operating cash flow growth over five years and calculates a 12% long-term IRR for the portfolio, demonstrating disciplined valuation-based investing.	Free Cash Flow Valuation Cash Flow Growth IRR Value Investing
2024 Q1	Korea Building exposure to Korea due to ongoing corporate governance reform agenda and rich array of deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%, driven by strong performances at HD Hyundai, Hyosung Corporation and Samsung C&T. 68% of KOSPI index still trading below book value and 61% without sell-side coverage.	Corporate Governance Value Discount Reform
	Value Focus on companies whose share prices stand at a discount to estimated underlying net asset value. News Corp trading at significant discount with REA stake accounting for 75% of market cap. Amorepacific Holdings now trades on widest ever discount of 52%. Outlook compelling for nimble, fundamental-focused investors with experience of active engagement.	Discount NAV Undervaluation Engagement

AI

AI infrastructure spending by hyperscalers has driven massive gains in semiconductor and hardware companies, with 15 stocks up over 200% explaining 8% of the S&P 500's 10% gain. The market is increasingly confident that planned AI investments will continue and the boom will last longer than expected. Manager believes AI will contribute at least 0.5% to global economic growth, justifying the trillion-dollar infrastructure buildout over a 5-7 year horizon.

AI infrastructure Hyperscalers Semiconductors Data Centers Capex

Semiconductors

Semiconductor and hardware companies have become the new market leaders, with 13 companies seeing net income and free cash flow up 90% and 70% respectively. However, market cap increased 170% and free cash flow yield declined from 2.3% to 1.5%, suggesting rich valuations. These companies are positioned as picks and shovels providers for the AI infrastructure buildout.

Memory Semi Equipment Chip Designers Hardware Valuations

Software

The software sector has been identified by the market as a primary loser from AI, down over 20% with some companies like Intuit halving in value. AI has the potential to reduce the cost and complexity of building software, lowering barriers to entry and weakening pricing power of established vendors, similar to how the internet impacted retailers. However, incumbents that embrace AI early may ultimately benefit long-term.

Enterprise Software SaaS Pricing Power Disruption Incumbents

Retail

Retail investors, particularly from the poorest wealth cohorts, are increasing equity market participation and providing new money flows. This retail demand has grown throughout the year with significant growth in options trading, especially zero-day options that provide leverage for short-term moves in select stocks. The manager draws parallels to historical retail manias but notes that supply-demand equilibrium has not yet been reached.

Retail Brokerage Options Leverage Market Structure Flows

Risk Appetite

Market participants chose to hold existing positions and add new money rather than funding new purchases through sales, indicating strong risk appetite. SpaceX's $75 billion listing was 5x oversubscribed and jumped 20% despite lofty valuations, while SK Hynix's $24 billion raise is 7x oversubscribed. The manager acknowledges these could be signs of a bubble but believes history suggests it is not in imminent danger of bursting.

IPOs Valuations Speculation Bubble Market Sentiment

Energy

The manager notes that 20% of the world's oil and gas output was disrupted by war in the first half of 2026, yet the market still gained 10%. This geopolitical energy disruption is mentioned as a surprising backdrop to strong market performance but receives no further analysis or positioning commentary.

Oil Natural Gas Geopolitical Supply Disruption

2026 Q1

Oil

War in Iran and closure of Strait of Hormuz disrupted 20% of global oil production, highlighting fragile equilibrium with less than 3% spare capacity. Manager expects major investment period similar to 1970s oil crises, with capital spending likely to exceed 2014 peaks as countries seek alternatives to single-source dependency.

Hydrocarbons Supply Chain Geopolitical Risk Investment Cycle Energy Security

Natural Gas

Natural gas investments have been at historic lows since 2014 due to price volatility and renewable energy concerns. Current investment levels remain 40% below 2014 levels despite recent recovery. Manager expects significant increase in hydrocarbon investments following Middle East disruptions.

Investment Cycle Supply Chain Energy Security Geopolitical Risk

Energy Transition

Manager acknowledges the transition from molecules to electrons but emphasizes that daily life remains dominated by hydrocarbons. Expects both additional oil and gas sources and increased renewable penetration as response to supply disruptions.

Renewables Investment Energy Security Diversification

AI

Artificial intelligence's impact on employment and productivity was a major focus coming into the year, along with data center construction pace. However, geopolitical events have shifted attention back to traditional energy infrastructure.

Data Centers Employment Productivity

2025 Q3

AI

Massive investments in AI infrastructure continue with hundreds of billions being deployed in data centers and compute power. While skepticism exists about returns, companies like Meta are demonstrating measurable paths to monetization through improved ad targeting. The technology resembles early automobiles - powerful but requiring refinement before widespread adoption.

Data Centers Infrastructure Monetization Productivity Investment Returns

2025 Q2

AI

The market's continued excitement for AI potential led semiconductor stocks materially higher, with Taiwanese and Korean markets at record highs. While the fund believes in AI's long-term potential, they maintain quality and valuation discipline rather than chasing momentum.

Semiconductors Taiwan Korea Technology

Quality

Aikya's investment approach relies on quality as a key pillar, investing exclusively in high-quality companies. The strategy emphasizes quality discipline alongside valuation considerations when making investment decisions.

Investment Process Fundamentals Discipline

2024 Q3

Buybacks

The fund analyzes the relationship between interest rates and buyback activity, noting that S&P 500 buybacks have been value-destructive due to low free cash flow yields below borrowing costs. In contrast, the fund's portfolio companies like Synchrony Financial and Nutrien have double-digit free cash flow yields, making their buybacks value-accretive.

Share Repurchases Capital Allocation Free Cash Flow Interest Rates Value Creation

Insurance

The fund holds two insurance companies for over a decade - Travelers and Assurant. Both companies demonstrate strong capital allocation through dividends and buybacks, with Travelers returning $30 billion to shareholders over ten years while growing intrinsic value at double-digit rates despite modest premium growth.

P&C Insurance Capital Allocation Independent Agents Combined Ratio Extended Warranties

Rates

The letter extensively discusses the Federal Reserve's 0.5% rate cut and the historical context of real interest rates. The manager examines how artificially low rates can lead to asset bubbles and notes that negative real rates benefit borrowers while hurting savers, with implications for corporate investment decisions and buyback profitability.

Federal Reserve Real Interest Rates Asset Bubbles Monetary Policy Cost of Capital

Value

The fund emphasizes a cash-flow-focused value approach, with the portfolio trading at a 7.1% free cash flow yield versus 2.9% for the S&P 500. The manager expects 9.7% operating cash flow growth over five years and calculates a 12% long-term IRR for the portfolio, demonstrating disciplined valuation-based investing.

Free Cash Flow Valuation Cash Flow Growth IRR Value Investing

2024 Q1

Korea

Building exposure to Korea due to ongoing corporate governance reform agenda and rich array of deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%, driven by strong performances at HD Hyundai, Hyosung Corporation and Samsung C&T. 68% of KOSPI index still trading below book value and 61% without sell-side coverage.

Corporate Governance Value Discount Reform

Value

Focus on companies whose share prices stand at a discount to estimated underlying net asset value. News Corp trading at significant discount with REA stake accounting for 75% of market cap. Amorepacific Holdings now trades on widest ever discount of 52%. Outlook compelling for nimble, fundamental-focused investors with experience of active engagement.

Discount NAV Undervaluation Engagement

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Oct 31, 2025	Fund Letters	Firebird US Value Fund	NWSA	News Corp	Communication Services	Publishing	Bull	NASDAQ	Australia, discount, Dow Jones, Family Trust, holding company, information services, media, Publishing, REA Group, Value	Login
-	Fund Letters	Firebird US Value Fund	TRV	Travelers Co	Financials	Property & Casualty Insurance	Bull	NYSE	capital allocation, combined ratio, Commercial Insurance, dividend, Independent Agents, Property & Casualty Insurance, Regulated Insurer, Share Buybacks, Value	Login
-	Fund Letters	Firebird US Value Fund	AIZ	Assurant Inc	Financials	Multi-line Insurance	Bull	NYSE	business transformation, Extended Service Contracts, Lender-Placed Insurance, M&A, margin expansion, Mobile Device Protection, Niche markets, Pricing power, specialty insurance	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Oct 31, 2025

Fund Letters

Firebird US Value Fund

NWSA

News Corp

Communication Services

Publishing

Bull

NASDAQ

Australia, discount, Dow Jones, Family Trust, holding company, information services, media, Publishing, REA Group, Value

Fund Letters

Firebird US Value Fund

TRV

Travelers Co

Financials

Property & Casualty Insurance

Bull

NYSE

capital allocation, combined ratio, Commercial Insurance, dividend, Independent Agents, Property & Casualty Insurance, Regulated Insurer, Share Buybacks, Value

Fund Letters

Firebird US Value Fund

AIZ

Assurant Inc

Financials

Multi-line Insurance

Bull

NYSE

business transformation, Extended Service Contracts, Lender-Placed Insurance, M&A, margin expansion, Mobile Device Protection, Niche markets, Pricing power, specialty insurance

TICKER	COMMENTARY
MU	15 companies are Micron, AMD, Intel, Applied Materials, LAM Research, Sandisk, KLA Corp, Broadcom, Cisco, Western Digital, Seagate Technologies, Corning Inc, Palo Alto Networks and Dell.
AMD	15 companies are Micron, AMD, Intel, Applied Materials, LAM Research, Sandisk, KLA Corp, Broadcom, Cisco, Western Digital, Seagate Technologies, Corning Inc, Palo Alto Networks and Dell.
INTC	15 companies are Micron, AMD, Intel, Applied Materials, LAM Research, Sandisk, KLA Corp, Broadcom, Cisco, Western Digital, Seagate Technologies, Corning Inc, Palo Alto Networks and Dell.
AMAT	15 companies are Micron, AMD, Intel, Applied Materials, LAM Research, Sandisk, KLA Corp, Broadcom, Cisco, Western Digital, Seagate Technologies, Corning Inc, Palo Alto Networks and Dell.
LRCX	15 companies are Micron, AMD, Intel, Applied Materials, LAM Research, Sandisk, KLA Corp, Broadcom, Cisco, Western Digital, Seagate Technologies, Corning Inc, Palo Alto Networks and Dell.
KLAC	15 companies are Micron, AMD, Intel, Applied Materials, LAM Research, Sandisk, KLA Corp, Broadcom, Cisco, Western Digital, Seagate Technologies, Corning Inc, Palo Alto Networks and Dell.
AVGO	15 companies are Micron, AMD, Intel, Applied Materials, LAM Research, Sandisk, KLA Corp, Broadcom, Cisco, Western Digital, Seagate Technologies, Corning Inc, Palo Alto Networks and Dell. Nvidia and Broadcom are excluded when calculating metrics for the 13 companies.
CSCO	15 companies are Micron, AMD, Intel, Applied Materials, LAM Research, Sandisk, KLA Corp, Broadcom, Cisco, Western Digital, Seagate Technologies, Corning Inc, Palo Alto Networks and Dell.
WDC	15 companies are Micron, AMD, Intel, Applied Materials, LAM Research, Sandisk, KLA Corp, Broadcom, Cisco, Western Digital, Seagate Technologies, Corning Inc, Palo Alto Networks and Dell.
STX	15 companies are Micron, AMD, Intel, Applied Materials, LAM Research, Sandisk, KLA Corp, Broadcom, Cisco, Western Digital, Seagate Technologies, Corning Inc, Palo Alto Networks and Dell.
GLW	15 companies are Micron, AMD, Intel, Applied Materials, LAM Research, Sandisk, KLA Corp, Broadcom, Cisco, Western Digital, Seagate Technologies, Corning Inc, Palo Alto Networks and Dell.
PANW	15 companies are Micron, AMD, Intel, Applied Materials, LAM Research, Sandisk, KLA Corp, Broadcom, Cisco, Western Digital, Seagate Technologies, Corning Inc, Palo Alto Networks and Dell.
DELL	15 companies are Micron, AMD, Intel, Applied Materials, LAM Research, Sandisk, KLA Corp, Broadcom, Cisco, Western Digital, Seagate Technologies, Corning Inc, Palo Alto Networks and Dell.
INTU	The software sector overall is down by more than 20% this year while some companies such as Intuit and Trade Desk have more than halved in value.
HD	Retailers such as Home Depot used the internet to improve inventory management, logistics, and omnichannel capabilities and ultimately came out stronger than they were before the internet. Home Depot's operating margin today is well above that which it generated in the 1990's.

TICKER

COMMENTARY