| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 16.3% | 21.9% | - |
Ithaka's US Growth Strategy returned 21.9% net in Q2 2026, outperforming the Russell 1000 Growth Index by 500 basis points as AI infrastructure remained the dominant market driver. The portfolio's concentrated positions in semiconductor and cybersecurity companies delivered exceptional returns, with AMD surging 182% as the market recognized the massive opportunity in agentic AI workloads requiring high-core-count CPUs. CrowdStrike and Palo Alto Networks benefited from a narrative shift recognizing that AI adoption creates vastly larger attack surfaces requiring specialized protection. The quarter saw 60% of S&P 500 earnings growth concentrated in the AI complex, with NVIDIA and Micron alone contributing 40%. Physical infrastructure constraints are emerging as a critical bottleneck, with data center power connections now taking five to seven years. The managers initiated five new positions while eliminating five others, maintaining their disciplined approach to owning high-quality businesses with durable competitive advantages. Looking forward, they expect AI diffusion, infrastructure limits, and capital markets access for model providers to remain key themes, while the pending midterm elections should create a more stable legislative environment.
Ithaka maintains a concentrated portfolio of 26 large-cap growth companies positioned to benefit from secular AI infrastructure build-out, with particular emphasis on semiconductor companies capturing the shift to agentic AI workloads and cybersecurity platforms protecting expanding attack surfaces in an AI-driven world.
The managers expect AI diffusion, physical infrastructure constraints, and capital markets access for large model providers to remain the dominant themes driving markets. They anticipate continued scrutiny of AI monetization models following budget overruns, while infrastructure bottlenecks around power and construction timelines will likely drive innovation in behind-the-meter power solutions. The pending midterm elections are expected to create a more stable legislative environment. The investment discipline remains focused on long-term wealth creation through concentrated positions in businesses with high probability of compounding economic value, led by prudent management teams with durable secular tailwinds and advantaged business models.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 15 2026 | 2026 Q2 | AMD, CDNS, CRDO, CRWD, DXCM, HEI, INTU, ISRG, LITE, LRCX, NFLX, NVDA, PANW, PLTR, PODD, STRL, TSM | AI, concentrated, cybersecurity, Data centers, growth, large cap, semiconductors, technology |
AMD CRWD PANW ISRG NFLX PLTR |
Ithaka outperformed by 500bps in Q2 2026 as concentrated AI infrastructure bets delivered exceptional returns. AMD surged 182% on agentic AI tailwinds while cybersecurity holdings benefited from recognition that AI expands attack surfaces. Market concentration remains extreme with 60% of S&P earnings growth from AI. Physical infrastructure bottlenecks and AI monetization scrutiny present key risks ahead. |
| Apr 27 2026 | 2026 Q1 | HOOD, HWM, ISRG, MSFT, NFLX, NOW, VEEV | aerospace, AI, growth, healthcare, large cap, technology |
HWM NFLX VEEV MSFT NOW HOOD ISRG |
Ithaka's concentrated growth strategy lagged in Q1 2026 amid geopolitical shocks and AI infrastructure uncertainty. Strong aerospace performance from Howmet offset technology weakness driven by AI disruption fears. The firm maintains conviction in high-quality growth companies with durable advantages, including surgical robotics leader Intuitive Surgical addressing vast addressable markets. |
| Jan 18 2026 | 2025 Q4 | AMD, AMZN, AVGO, BX, CRDO, ELF, GOOG, HWM, ISRG, LLY, META, MRVL, NFLX, NOW, ORCL, SHOP, TTD, UBER, VEEV | AI, concentrated, growth, large cap, technology |
ISRG AMD GOOG NOW VEEV |
Ithaka's concentrated growth strategy lagged in Q4 2025 as investors rotated from high-growth tech despite strong fundamentals. The firm expects 2026 to be the Show Me year for AI, where productivity gains translate to revenue growth. Management maintains conviction in concentrated positions in high-quality growth companies with durable secular tailwinds and superior economics. |
| Oct 14 2025 | 2025 Q3 | ANET, APH, ASML, CMG, CRM, GOOGL, HOOD, ISRG, NFLX, NOW, NVDA, ORCL, PLTR, SHOP.TO, TTD | AI, Cloud, growth, infrastructure, large cap, semiconductors, technology | - | Ithaka underperformed in Q3 2025 as AI infrastructure boom drove concentrated market gains. Portfolio suffered from weak technology stock selection despite strong AI ecosystem investments reaching $400B-$600B globally. Management maintains conviction in owning high-quality growth companies with competitive moats, initiating new positions while staying fully invested through the transformative AI cycle. |
| Jul 22 2025 | 2025 Q2 | AAPL, COIN, CRM, HOOD, LLY, META, MSFT, NFLX, NOW, NVDA, V | AI, Concentration, growth, large cap, tariffs, technology |
NVDA MSFT NOW AAPL LLY CRM NVDA MSFT NOW AAPL LLY CRM |
Ithaka delivered 540bps of outperformance in Q2 2025 despite tariff volatility, driven by AI leaders Nvidia and Microsoft. The concentrated growth portfolio weathered Trump's trade policy uncertainty while capitalizing on strong fundamentals and Fed pause expectations. Management remains fully invested in resilient, high-quality companies with exceptional leadership teams. |
| Apr 22 2025 | 2025 Q1 | ADBE, AMZN, AXON, LLY, MA, MELI, MRVL, NOW, NVDA, PLTR, SHOP.TO, TTD, UBER, V | AI, growth, large cap, Policy Uncertainty, semiconductors, technology, Trade Policy, volatility |
PLTR V UBER NOW NVDA TTD |
Ithaka's growth strategy fell 10.5% in Q1 amid Trump trade policy volatility, with tariffs and DeepSeek AI disruption pressuring tech holdings. Despite semiconductor headwinds and policy uncertainty, 84% of companies beat earnings expectations. The firm maintains conviction in quality growth companies' adaptability, staying fully invested while navigating continued trade and inflation uncertainty. |
| Jan 14 2025 | 2024 Q4 | ADBE, AMD, AMZN, ANET, ASML, CRM, LULU, MEDP, MELI, NOW, NVDA, PLTR, UBER | AI, concentrated, growth, large cap, technology |
NOW AMZN PLTR AMD UBER ASML |
Ithaka's concentrated growth portfolio outperformed by 133bps in Q4 on strong AI-exposed holdings like ServiceNow, Amazon, and Palantir. The firm maintains its disciplined bottom-up approach, avoiding macro forecasting while staying fully invested in high-quality growth companies. Despite market uncertainty, they remain confident their world-beating holdings will generate substantial long-term wealth creation. |
| Oct 16 2024 | 2024 Q3 | AAPL, ALGN, ASML, BX, CMG, CRWD, DXCM, ELF, MA, MELI, NOW, PLTR, SNOW | AI, concentrated, growth, healthcare, large cap, payments, semiconductors, technology |
NOW MA BX DXCM ELF ASML |
Ithaka's concentrated growth portfolio underperformed in Q3 due to stock selection, particularly semiconductor and consumer discretionary holdings. ServiceNow and Mastercard drove positive returns while DexCom and e.l.f. Beauty detracted significantly. The managers remain fully invested despite macro uncertainties, focusing on high-quality growth companies rather than attempting macro predictions. |
| Jul 23 2024 | 2024 Q2 | AAPL, AMZN, CRM, DXCM, ELF, ISRG, LULU, MA, NVDA, PANW, VEEV | AI, Cloud, Concentration, growth, large cap, technology |
NVDA AAPL AMZN CRM VEEV DXCM |
Ithaka's concentrated growth strategy lagged in Q2 due to narrow market leadership favoring the Magnificent 7, where the fund maintains significant underweights. Despite underperformance, management expects earnings convergence to broaden market participation and remains fully invested in high-quality growth companies, implementing disciplined position sizing through their 8% cap rule. |
| May 7 2024 | 2024 Q1 | AAPL, ADBE, AMZN, ASML, CMG, CRWD, DXCM, LULU, MSFT, NVDA, TSCO | AI, Cloud, growth, healthcare, large cap, semiconductors, technology |
NVDA AMZN MSFT LULU ADBE AAPL |
Ithaka delivered 350bps of outperformance in Q1 through concentrated positions in AI beneficiaries like NVIDIA, Microsoft, and Amazon. Strong semiconductor exposure and broad-based stock selection drove results. Despite inflation concerns and shifting Fed expectations, the firm stays fully invested in transformative growth stories across technology and healthcare innovation. |
| Nov 1 2024 | 2023 Q4 | AAPL, ADBE, ALGN, AMZN, CRM, EW, ISRG, MA, MSFT, NOW, NVDA, SQ, TTD, V, VEEV | Concentration, growth, large cap, Quality, technology | - | Concentrated growth strategy investing in 31 high-quality large-cap companies with strong earnings growth potential. Top ten holdings represent 55.6% of assets, heavily weighted toward technology leaders like ServiceNow, Microsoft, and NVIDIA. Strategy delivered 57.1% gross returns in 2023, outperforming benchmark by 14.4 percentage points through conviction-weighted positioning in rapidly growing companies. |
| Oct 10 2023 | 2023 Q3 | AAPL, ADBE, AMZN, ASML, BX, CRM, DXCM, INTU, ISRG, MA, MELI, MSFT, NOW, NVDA, PODD, V | Concentration, growth, large cap, technology | - | Concentrated growth strategy investing in 30 high-quality, rapidly growing large-cap companies. Technology-heavy portfolio (48.8%) with top holdings in Microsoft, Apple, NVIDIA, and payment leaders. Strong long-term track record with 13.4% annualized returns since 2009. High conviction approach with 56.4% in top ten positions and low 14.7% annual turnover. |
| Jul 20 2023 | 2023 Q2 | AMZN, CDNS, ISRG, MELI, MSFT, NOW, NVDA, PODD, PYPL, SQ, TSCO, TTD | AI, Cloud, growth, large cap, semiconductors, technology, US |
AAPL|MSFT|NFLX|NVDA|UNH AMZN AAPL|MSFT|NFLX|NVDA|UNH PODD ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM PYPL |
Ithaka delivered strong Q2 outperformance driven by AI momentum in semiconductors and cloud infrastructure. NVIDIA's exceptional guidance beat drove 4% portfolio contribution while Amazon and Microsoft benefited from AI positioning. The manager maintains conviction in AI's transformational potential despite debate, staying fully invested in 28 concentrated growth positions while avoiding macro timing. |
| Apr 18 2023 | 2023 Q1 | AAPL, BURL, CRM, DXCM, INTU, ISRG, MSFT, NOW, NVDA, PYPL, QCOM, SNOW, SQ | AI, Cloud, concentrated, growth, large cap, semiconductors, technology |
AAPL|MSFT|NFLX|NVDA|UNH CRM AAPL|MSFT|NFLX|NVDA|UNH ISRG SNOW DXCM |
Ithaka's concentrated growth strategy outperformed by 740bps in Q1 2023, driven by strong semiconductor positioning amid AI excitement and solid healthcare stock selection. Despite banking sector stress from rate hikes, the firm stays fully invested in high-quality growth names, adding Intuit and Snowflake while maintaining conviction in technology and healthcare themes. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
AIAI infrastructure remains the dominant driver of market returns, with 40% of S&P 500 earnings growth coming from NVIDIA and Micron alone, and 60% from the broader AI complex. Token usage continues parabolic growth, though willingness to pay faces scrutiny after budget overruns at major adopters. The shift to agentic AI workloads requiring high-core-count CPUs is expanding the addressable market significantly, with AMD doubling its server CPU TAM forecast to over $120 billion by 2030. |
AI Infrastructure Agentic AI Token Usage Data Centers GPUs |
SemiconductorsSemiconductor companies are benefiting from the AI infrastructure build-out, with particular strength in GPUs, CPUs, and memory. AMD's MI450 GPU series represents the company's first rack-scale GPU architecture, while the evolution to agentic AI workloads creates massive demand for high-core-count server CPUs. The portfolio includes concentrated positions in chip designers and equipment manufacturers positioned to capture this secular growth. |
GPUs CPUs Memory Chip Design Semi Equipment | |
CybersecurityCybersecurity experienced a narrative shift during the quarter, moving from concerns about AI-driven obsolescence to recognition that AI adoption creates a vastly larger attack surface requiring specialized protection. Both CrowdStrike and Palo Alto Networks benefited from this reframing, with platform providers demonstrating that comprehensive security solutions become more valuable as enterprises deploy more AI. The sector's strong performance was driven by fundamental growth and the market's recognition of cybersecurity's critical role in an AI-driven world. |
AI Security Attack Surface Platform Security Cloud Security Threat Detection | |
Data CentersPhysical infrastructure constraints are becoming a critical bottleneck, with data center power connections now taking five to seven years to procure. Hyperscalers are prioritizing partners with immediately available AI infrastructure supply and seeking unique alternatives like behind-the-meter power solutions to compress Time to First Token. The urgency to build capacity is running into legacy infrastructure ill-equipped for hypergrowth, creating both challenges and opportunities for infrastructure providers. |
Power Infrastructure Data Center Capacity Behind-the-meter Power Infrastructure Bottlenecks | |
Capital MarketsAI capital markets remain highly accommodative, with OpenAI raising $122 billion in March and Anthropic raising $65 billion in May. Demand for equity in the two largest model providers continues to outstrip supply, providing ample runway for future capital raises ahead of pending mega-cap initial public offerings. This capital availability supports continued aggressive investment in AI infrastructure and model development. |
IPOs Private Funding Model Providers Capital Raises | |
EnergyOil prices fell dramatically from approximately $115 per barrel in early April to the $70 range following diplomatic efforts and an extended ceasefire in the Iran conflict. The energy sector contributed 15% of S&P 500 earnings growth during the quarter. The resolution of geopolitical tensions provided significant relief to energy markets, though low-intensity skirmishes continue as both sides maintain strategic negotiating pressure. |
Oil Prices Geopolitical Risk Energy Sector Iran Conflict | |
| 2026 Q1 |
AIAI diffusion, infrastructure limits, and capital raising ability for large model providers remain the most important secular theme impacting markets. Hyperscalers are investing $500B in AI-specific capex for 2026, but questions remain about supply chain capacity and profitable diffusion at large corporations. |
Infrastructure Capex Hyperscalers Diffusion Supply Chain |
AerospaceStrong performance from Howmet Aerospace driven by surging demand in commercial aerospace and gas turbine markets. The company's strategic acquisition of Consolidated Aerospace Manufacturing for $1.8B was well-received by analysts. |
Commercial Aviation Defense Turbine Fasteners Manufacturing | |
Surgical RoboticsIntuitive Surgical represents a powerful secular shift from open surgery to minimally invasive procedures. The company has a vast runway with only 3.2 million of 20 million addressable procedures performed in 2025, supported by a razor-blade business model and $8B in R&D investment creating competitive barriers. |
Minimally Invasive Medical Devices Procedures Innovation | |
StreamingNetflix benefited from backing out of the proposed $83B merger with Warner Bros. Discovery, allowing the company to use raised funds and the $2.8B breakup fee for stock buybacks and organic content investment. |
Content Subscription M&A Buybacks | |
| 2025 Q4 |
AIAI developments from major companies are causing rapid market changes and stock price declines for quality businesses. The manager sees AI creating disruption across white collar work including finance, law, software development, and insurance. Software companies face particular headwinds from AI competition. |
Artificial Intelligence Software Disruption White Collar Competition |
SoftwareSoftware sector experiencing significant declines as market reassesses AI impacts. Manager identifies three vectors of negative impact: fewer seats due to efficiency gains, lower pricing power from AI-first competitors, and reduced new customer bookings. However, believes some software won't be easily replaced by AI. |
SaaS Enterprise Software Pricing Power Competition Valuation | |
GLP1Manager sold Novo Nordisk position after brief ownership due to competitive disadvantage versus Eli Lilly. While NVO was first to market with oral GLP-1, LLY has superior product and advantage likely to persist despite NVO's potential aggressive pricing approach. |
Pharmaceuticals Diabetes Competition Pricing | |
Home ImprovementFloor & Decor represents attractive long-term opportunity following Home Depot disruption model in flooring subcategory. Company has higher inventory selection and lower prices than competitors, taking market share for years. Current margins depressed but should scale toward low-to-mid teens as store base builds out. |
Retail Flooring Market Share Margins Store Growth | |
| 2025 Q3 |
AIMassive AI infrastructure buildout with $400B-$600B in capex for 2025, led by hyperscalers investing $300B-$350B. Companies see once-in-a-generation opportunity to own infrastructure layer of transformative technology. Early productivity gains of 20-50% in software development and customer service, with ChatGPT reaching 800M weekly active users. |
Infrastructure Capex Hyperscalers Productivity ChatGPT |
CloudMajor cloud partnerships driving AI ecosystem with $300B compute partnership between OpenAI and Oracle, plus multi-billion dollar deals across the AI supply chain. Cloud infrastructure essential for accelerated computing and AI workloads across data centers and edge devices. |
Partnerships Compute Infrastructure Workloads Edge | |
SemiconductorsNVIDIA dominates accelerated computing with superior end-to-end ecosystem from silicon to software creating high switching costs. Secular demand for AI infrastructure still in early innings with sustained top-line growth and strong operating leverage expected. |
NVIDIA Ecosystem Switching Secular Leverage | |
| 2025 Q2 |
AINvidia dominates accelerated computing with superior GPU ecosystem creating high switching costs and wide competitive moat. Secular demand for AI infrastructure remains in early innings with sustained growth expected. Microsoft's Azure segment grew 35% beating guidance, demonstrating strong AI-driven cloud momentum. |
GPUs Data Centers Cloud CUDA Azure |
Trade PolicyTrump's Liberation Day tariff announcement triggered 12% S&P decline in one week, followed by China's retaliatory measures. 90-day pause announced for negotiations with ambitious 90 deals in 90 days target. Extended deadline by additional 30 days due to few signed deals, creating ongoing uncertainty. |
Tariffs China Trade War Negotiations Supply Chain | |
GLP1Global GLP-1 market operates as functional duopoly with Lilly controlling 45% and Novo Nordisk 50%. Market TAM of $52B growing to $120B over next five years. CVS Caremark removed Lilly's Zepbound from formularies favoring Novo's Wegovy, sparking market share concerns. |
Diabetes Obesity Mounjaro Zepbound Wegovy | |
CryptoInitiated new positions in Robinhood Markets and Coinbase Global during the quarter. Both companies positioned to benefit from increased retail participation and crypto trading activity amid market volatility. |
Bitcoin Trading Retail Digital Assets Exchanges | |
| 2025 Q1 |
Trade PolicyThe Trump administration implemented sweeping protectionist measures including a baseline 10% tariff on all imports, 20-50% reciprocal tariffs on 60 countries, and 25% tariffs on foreign vehicles. This tit-for-tat escalation with China and the EU has created significant policy uncertainty, driving market volatility as management teams hesitate to make long-term decisions in an environment where operating assumptions may need revision. |
Tariffs Protectionism China Trade War Policy |
AIThe AI landscape faced disruption when Chinese company DeepSeek released its highly efficient large language model trained on very few high-end Nvidia chips. This development forced investors to grapple with the possibility that the world may not need as many GPUs as previously thought, impacting AI infrastructure investment assumptions and sending Nvidia's P/E multiple to its cheapest level in five years. |
GPUs DeepSeek LLM Infrastructure Efficiency | |
SemiconductorsThe semiconductor space continues to face headwinds from increasing government restrictions on exports coupled with broad-based multiple compression. The sector delivered muted returns with most weakness stemming from semiconductor holdings, as the DeepSeek AI model release challenged assumptions about GPU demand and chip requirements for AI training. |
Export Restrictions Multiple Compression GPU Demand Government Policy | |
GrowthAfter two consecutive years of 25%+ gains, growth markets experienced significant volatility with the Russell 1000 Growth down 10.0% in Q1. The so-called Magnificent 7 finally faltered with only Meta outperforming the broader S&P500, suggesting potential leadership shifts that could give the other 493 names a chance to carry more weight in the index. |
Russell 1000 Growth Magnificent 7 Leadership Rotation Volatility | |
| 2024 Q4 |
AIPortfolio holdings with significant exposure to the global AI theme outperformed in Technology sector. Palantir's meteoric rise was driven by investor excitement regarding the company's ability to further monetize its AI product across its growing customer base. ServiceNow's stock rose driven by growing investor recognition of the company's dominant position in monetizing AI workloads. |
Artificial Intelligence Machine Learning Data Analytics Enterprise AI AI Monetization |
CloudAmazon Web Services has become the market leader in outsourced cloud infrastructure. ServiceNow pioneered the use of the cloud to deliver IT service management applications and has expanded to provide workflow solutions across enterprise departments. |
Cloud Infrastructure SaaS Enterprise Software IT Services Cloud Computing | |
SemiconductorsAdvanced Micro Devices is a global leader in designing and manufacturing high-performance semiconductor products including processors, graphics cards, and chipsets for gaming, data centers, AI, and high-performance computing. ASML is a leading supplier of photolithography equipment used in semiconductor manufacturing, enabling production of microchips at ever-smaller line widths. |
Chip Manufacturing GPU CPU Lithography Semiconductor Equipment | |
| 2024 Q3 |
AIManagement teams continued to discuss AI roadmaps during quarterly calls. ServiceNow's stock appreciated partly due to continued demand for the company's AI products. The market's interest in AI remains a prevalent theme affecting portfolio companies. |
Artificial Intelligence ServiceNow Technology Enterprise Software Automation |
SemiconductorsA significant chunk of underperformance was due to holdings across the semiconductor supply chain, with worries surrounding chip delays and geopolitics harming the industry. ASML suffered from government restrictions on sales to adversarial countries, particularly China. |
Chip Manufacturing ASML Geopolitics China Restrictions Equipment | |
PaymentsMastercard outperformed as strong global credit growth helped pull the stock out of consolidation. The company benefits from the secular shift from cash and checks to credit and debit cards, generating high incremental operating margins and growing free cash flow. |
Credit Growth Digital Payments Mastercard Transaction Processing Financial Services | |
| 2024 Q2 |
AIArtificial intelligence continues to drive market optimism and performance, particularly through NVIDIA's dominance in GPU infrastructure for generative AI development. The upcoming iPhone 16 release incorporating AI into consumer devices could drive an upgrade cycle for Apple. |
Generative AI GPU Infrastructure Consumer AI Machine Learning |
CloudAmazon Web Services maintains market leadership in outsourced cloud infrastructure, with stabilization in the cloud computing segment driving stock appreciation. Salesforce leads in cloud software with subscription-based delivery models. |
AWS Cloud Infrastructure SaaS Subscription Software Enterprise Cloud | |
E-commerceAmazon is positioned to capture approximately 40% of all US e-commerce sales, representing five times more share than the next closest competitor. The company has evolved from online bookstore to dominant eCommerce retailer. |
Online Retail Market Share Digital Commerce Consumer Shopping Retail Dominance | |
| 2024 Q1 |
AIGenerative AI references pervaded almost every earnings call as the world debates the future impact of this revolutionary technology. The firm outlined stages of the AI technological revolution and where profits will accrue in each evolution stage. NVIDIA benefited from tremendous excitement surrounding generative AI development and the likelihood this would necessitate purchasing large numbers of Nvidia products far into the future. |
Generative AI Machine Learning Computing Infrastructure Data Center GPUs |
SemiconductorsThe portfolio demonstrated strong outperformance in the semiconductor subsector, where Ithaka holds five names spread across the semiconductor value chain. NVIDIA posted another strong beat-and-raise quarter, showcasing its dominant position in the buildout of tomorrow's computing infrastructure. The firm sees semiconductors as critical to the AI revolution and future computing needs. |
Semiconductor Cycle GPUs Computing Infrastructure Data Center AI Hardware | |
CloudAmazon Web Services stabilized during the quarter, with increased confidence the company would contain expenses and push operating margins above prior peaks. Microsoft's positioning in generative AI includes monetizing corporate investment in supercomputing and AI through both Azure cloud services and Microsoft Copilot. The cloud computing segment showed signs of recovery and growth potential. |
Cloud Infrastructure Azure AWS Computing Services Enterprise Software | |
GLP1The firm discussed fears surrounding the impact glucagon-like peptide 1 receptor agonists (GLP-1s), such as Ozempic and Wegovy, might have on diabetes companies' total addressable markets. However, they believe increased focus on personal wellbeing, combined with more approachable weight loss methods, should lead to rapid increase of health enabling technology, benefiting companies like Dexcom. |
Weight Loss Diabetes Personal Health Wellness Technology Healthcare Innovation | |
| 2023 Q2 |
AIGenerative AI dominated earnings calls with 70% of portfolio companies mentioning it. The technology requires enormous resources suggesting value will accrue to platform providers and hardware manufacturers. While debate exists between dreamers and naysayers, the massive investment being deployed significantly increases adoption probability. |
Generative AI Machine Learning Computing Technology Investment |
SemiconductorsNVIDIA led the semiconductor rally with 58.8% returns driven by AI excitement and exceptional guidance that exceeded Street estimates by 50%. The company targets four growing markets including data center acceleration and autonomous driving. Semiconductor overweight more than compensated for software weakness. |
GPUs Data Center Hardware Computing Technology | |
CloudAmazon Web Services maintains market leadership in outsourced cloud infrastructure while Microsoft's Azure integrates across their device ecosystem. Both companies are well-positioned for the coming wave of corporate investment in supercomputing and AI infrastructure. |
Infrastructure Computing Enterprise Technology Services | |
| 2023 Q1 |
AINVIDIA benefited from tremendous excitement surrounding advanced chatbots, specifically ChatGPT, and the likelihood this would necessitate the purchase of a large number of Nvidia's products far into the future. Microsoft's stock appreciated on excitement surrounding the company's investments in OpenAI and potential opportunities to take search market share away from Google. |
ChatGPT OpenAI GPUs Machine Learning Data Center |
CloudSalesforce is the largest pure-play cloud software company, holding a leading market share in customer relationship management applications. The company's software subscription term-license model differs from traditional perpetual-license software by being hosted on centralized servers and delivered over the internet with subscription-based revenue. |
SaaS Subscription CRM Software | |
SemiconductorsWithin Technology, our relative overweight to semiconductor companies trounced weakness seen across our Software-as-a-Service holdings. NVIDIA posted a clean beat and raise quarter in mid-February, with investors becoming increasingly convinced the company and its suppliers are adequately working through the build up in channel inventories. |
GPUs Chip Designers Data Center Gaming |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 15, 2026 | Fund Letters | Ithaka US Growth Strategy | AMD | Advanced Micro Devices | Semiconductors | Semiconductors | Bull | NASDAQ | Agentic AI, AI infrastructure, CPUs, data center, Equity, fabless, GPUs, growth, high-performance computing, semiconductors, Server | Login |
| Jul 15, 2026 | Fund Letters | Ithaka US Growth Strategy | CRWD | CrowdStrike | Software - Infrastructure | Systems Software | Bull | NASDAQ | AI-powered, cloud-native, cybersecurity, endpoint protection, Equity, growth, platform, SaaS, SIEM, Subscription, Threat Intelligence | Login |
| Jul 15, 2026 | Fund Letters | Ithaka US Growth Strategy | PANW | Palo Alto Networks | Software - Infrastructure | Systems Software | Bull | NASDAQ | AI-driven, cloud security, cybersecurity, Equity, Firewalls, growth, Hybrid Cloud, platform, SaaS, Subscription, Vendor consolidation | Login |
| Jul 15, 2026 | Fund Letters | Ithaka US Growth Strategy | ISRG | Intuitive Surgical | Medical Instruments & Supplies | Health Care Equipment | Bull | NASDAQ | Equity, growth, Health Care Equipment, Installed base, medical technology, Medtech, Minimally Invasive, Razor-And-Blade, recurring revenue, Robotic Surgery | Login |
| Jul 15, 2026 | Fund Letters | Ithaka US Growth Strategy | NFLX | Netflix | Entertainment | Movies & Entertainment | Neutral | NASDAQ | Ad-supported, Consumer Discretionary, Content, Data-Driven, entertainment, Equity, global scale, media, Streaming, Subscription | Login |
| Jul 15, 2026 | Fund Letters | Ithaka US Growth Strategy | PLTR | Palantir Technologies | Software - Infrastructure | Application Software | Bull | New York Stock Exchange | AI Defense, cloud-based, Data Analytics, Dual-Use, Enterprise software, Equity, generative AI, government contracts, growth, SaaS, Security | Login |
| Apr 27, 2026 | Fund Letters | Ithaka US Growth Strategy | HWM | Howmet Aerospace | Aerospace & Defense | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace, aftermarket, Commercial Aviation, Defense, Gas turbines, manufacturing, Precision components, Superalloys, Titanium | Login |
| Apr 27, 2026 | Fund Letters | Ithaka US Growth Strategy | NFLX | Netflix | Entertainment | Entertainment | Bull | NASDAQ | advertising, Content Creation, Data Analytics, entertainment, global scale, Original Content, Streaming, Subscription | Login |
| Apr 27, 2026 | Fund Letters | Ithaka US Growth Strategy | VEEV | Veeva Systems | Health Information Services | Health Care Technology | Neutral | New York Stock Exchange | cloud solutions, CRM, Healthcare Technology, life sciences, Pharmaceutical, regulatory compliance, SaaS | Login |
| Apr 27, 2026 | Fund Letters | Ithaka US Growth Strategy | MSFT | Microsoft | Software - Infrastructure | Systems Software | Bear | NASDAQ | AI infrastructure, Azure, Cloud computing, Enterprise software, Gaming, productivity, SaaS, Software | Login |
| Apr 27, 2026 | Fund Letters | Ithaka US Growth Strategy | NOW | ServiceNow | Software - Application | Application Software | Bear | New York Stock Exchange | AI disruption, Application Software, cloud platform, Enterprise software, IT Operations, ITSM, workflow automation | Login |
| Apr 27, 2026 | Fund Letters | Ithaka US Growth Strategy | HOOD | Robinhood Markets | Capital Markets | Investment Banking & Brokerage | Bear | NASDAQ | commission-free trading, cryptocurrency, Fintech, Fractional Shares, Mobile Platform, Retail Investing, Young Demographics | Login |
| Apr 27, 2026 | Fund Letters | Ithaka US Growth Strategy | ISRG | Intuitive Surgical | Medical Instruments & Supplies | Health Care Equipment | Bull | NASDAQ | da Vinci, Healthcare Technology, Medical devices, Medtech, Minimally Invasive, recurring revenue, Robotic Surgery, Surgical Systems | Login |
| Jan 18, 2026 | Fund Letters | Scott O'Gorman | ISRG | Intuitive Surgical, Inc. | Health Care | Health Care Equipment | Bull | NASDAQ | healthcare, Margins, Recurringrevenue, robotics, Surgery | Login |
| Jan 18, 2026 | Fund Letters | Scott O'Gorman | AMD | Advanced Micro Devices, Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, datacenters, GPUs, growth, semiconductors | Login |
| Jan 18, 2026 | Fund Letters | Scott O'Gorman | GOOG | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, cloud, Networkeffects, Platforms | Login |
| Jan 18, 2026 | Fund Letters | Scott O'Gorman | NOW | ServiceNow, Inc. | Information Technology | Application Software | Bear | New York Stock Exchange | AI, Automation, SaaS, valuation, Workflow | Login |
| Jan 18, 2026 | Fund Letters | Scott O'Gorman | VEEV | Veeva Systems Inc. Class A | Health Care | Health Care Technology | Bear | New York Stock Exchange | AI, Competition, CRM, lifesciences, SaaS | Login |
| Jul 22, 2025 | Fund Letters | Scott O'Gorman | NVDA | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, CUDA, data center, GPUs, infrastructure | Login |
| Jul 22, 2025 | Fund Letters | Scott O'Gorman | MSFT | Microsoft Corporation | Information Technology | Systems Software | Bull | NASDAQ | Azure, Beat And Raise, cloud, growth, productivity | Login |
| Jul 22, 2025 | Fund Letters | Scott O'Gorman | NOW | ServiceNow, Inc. | Information Technology | Systems Software | Bull | New York Stock Exchange | Automation, Government Spending, ITSM, resilience, Workflow | Login |
| Jul 22, 2025 | Fund Letters | Scott O'Gorman | AAPL | Apple Inc. | Information Technology | Technology Hardware | Bear | NASDAQ | AI lag, China, exit, services, tariffs | Login |
| Jul 22, 2025 | Fund Letters | Scott O'Gorman | LLY | Eli Lilly and Company | Health Care | Pharmaceuticals | Bull | New York Stock Exchange | Diabetes, duopoly, GLP-1, Obesity, pipeline | Login |
| Jul 22, 2025 | Fund Letters | Scott O'Gorman | CRM | Salesforce, Inc. | Information Technology | Application Software | Bull | New York Stock Exchange | Agentforce, AI monetization, cloud, CRM, Subscription | Login |
| Jul 1, 2025 | Fund Letters | Ithaka US Growth Strategy | NVDA | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Accelerated Computing, AI, CUDA, data centers, GPUs, growth, semiconductors | Login |
| Jul 1, 2025 | Fund Letters | Ithaka US Growth Strategy | MSFT | Microsoft Corporation | Information Technology | Systems Software | Bull | NASDAQ | Azure, Cloud computing, Enterprise software, growth, Platforms, productivity software, SaaS | Login |
| Jul 1, 2025 | Fund Letters | Ithaka US Growth Strategy | NOW | ServiceNow, Inc. | Information Technology | Application Software | Bull | NYSE | Cloud computing, Digital transformation, Enterprise software, Government, ITSM, SaaS, workflow automation | Login |
| Jul 1, 2025 | Fund Letters | Ithaka US Growth Strategy | AAPL | Apple Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Bear | NASDAQ | AI Laggard, China Manufacturing, consumer electronics, iPhones, services revenue, tariffs, Wearables | Login |
| Jul 1, 2025 | Fund Letters | Ithaka US Growth Strategy | LLY | Eli Lilly and Company | Health Care | Pharmaceuticals | Bull | NYSE | Diabetes, duopoly, GLP-1, Healthcare Policy, Mounjaro, Obesity, pharmaceuticals, Zepbound | Login |
| Jul 1, 2025 | Fund Letters | Ithaka US Growth Strategy | CRM | Salesforce, Inc. | Information Technology | Application Software | Neutral | NYSE | Agentforce, AI monetization, Cloud software, CRM, Enterprise software, SaaS, subscription model | Login |
| Mar 31, 2025 | Fund Letters | Ithaka US Growth Strategy | PLTR | Palantir Technologies Inc. | Information Technology | Application Software | Bull | NYSE | AI, big data analytics, cloud-based, Data Security, Defense, Enterprise software, generative AI, government contracts, Software | Login |
| Mar 31, 2025 | Fund Letters | Ithaka US Growth Strategy | V | Visa Inc. | Information Technology | Data Processing & Outsourced Services | Bull | NYSE | asset-light, defensive, digital payments, duopoly, financial services, Free Cash Flow, high-margin, Payments, secular growth | Login |
| Mar 31, 2025 | Fund Letters | Ithaka US Growth Strategy | UBER | Uber Technologies, Inc. | Communication Services | Interactive Media & Services | Bull | NYSE | autonomous vehicles, delivery, Freight, Gig Economy, Logistics, marketplace, mobility, network effects, technology platform | Login |
| Mar 31, 2025 | Fund Letters | Ithaka US Growth Strategy | NOW | ServiceNow, Inc. | Information Technology | Application Software | Neutral | NYSE | AI agents, cloud-based, Consumption-based Model, Enterprise software, Human Resources, IT Operations, ITSM, SaaS, workflow automation | Login |
| Mar 31, 2025 | Fund Letters | Ithaka US Growth Strategy | NVDA | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | Accelerated Computing, AI, CUDA, data centers, Edge computing, GPUs, machine learning, semiconductors, valuation compression | Login |
| Mar 31, 2025 | Fund Letters | Ithaka US Growth Strategy | TTD | The Trade Desk, Inc. | Communication Services | Interactive Media & Services | Neutral | NASDAQ | Ad Tech, Buy-side, Cloud-based Platform, Data-Driven, digital advertising, execution challenges, Programmatic, ROI Measurement, Technology Stack | Login |
| Sep 30, 2024 | Fund Letters | Ithaka US Growth Strategy | NOW | ServiceNow, Inc. | Information Technology | Systems Software | Bull | NYSE | AI products, Cloud computing, Enterprise software, IT Service Management, SaaS, subscription revenue, workflow automation | Login |
| Sep 30, 2024 | Fund Letters | Ithaka US Growth Strategy | MA | Mastercard, Inc. | Information Technology | Data Processing & Outsourced Services | Bull | NYSE | digital payments, duopoly, financial services, Free Cash Flow, Global Credit Growth, high margins, payment processing | Login |
| Sep 30, 2024 | Fund Letters | Ithaka US Growth Strategy | BX | Blackstone Inc. | Financials | Asset Management & Custody Banks | Bull | NYSE | alternative assets, asset management, Credit, Deal Crystallizations, Institutional Investors, private equity, Real Estate | Login |
| Sep 30, 2024 | Fund Letters | Ithaka US Growth Strategy | DXCM | DexCom, Inc. | Health Care | Health Care Equipment | Bull | NASDAQ | Continuous Glucose Monitoring, Diabetes, Healthcare Technology, market share, Medical devices, Product cycle, Revenue Per Patient | Login |
| Sep 30, 2024 | Fund Letters | Ithaka US Growth Strategy | ELF | e.l.f. Beauty, Inc. | Consumer Staples | Personal Products | Bull | NYSE | Affordable Luxury, Beauty, Cosmetics, digital marketing, Gen Z, Millennial, Production Cycle, Viral Growth | Login |
| Sep 30, 2024 | Fund Letters | Ithaka US Growth Strategy | ASML | ASML Holding N.V. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | AI chips, China Trade, data centers, EUV lithography, geopolitical risk, Moore's Law, semiconductor equipment | Login |
| Jul 31, 2024 | Fund Letters | Ithaka US Growth Strategy | NVDA | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Artificial Intelligence, autonomous driving, Cloud computing, data center, Gaming, Gpu, machine learning, semiconductors | Login |
| Jul 31, 2024 | Fund Letters | Ithaka US Growth Strategy | AAPL | Apple Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | Artificial Intelligence, consumer electronics, Ecosystem, iPhone, Mobile Devices, services, Software, Wearables | Login |
| Jul 31, 2024 | Fund Letters | Ithaka US Growth Strategy | AMZN | Amazon.com, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | AWS, Cloud computing, digital advertising, e-commerce, market leader, Multi-segment, operating leverage, retail | Login |
| Jul 31, 2024 | Fund Letters | Ithaka US Growth Strategy | CRM | Salesforce, Inc. | Information Technology | Software | Neutral | NYSE | analytics, Cloud software, CRM, Enterprise software, Marketing Cloud, platform, SaaS, subscription model | Login |
| Jul 31, 2024 | Fund Letters | Ithaka US Growth Strategy | VEEV | Veeva Systems Inc. | Health Care | Health Care Technology | Neutral | NYSE | Biotech, Content Management, CRM, healthcare software, life sciences, Pharmaceutical, regulatory compliance, SaaS | Login |
| Jul 31, 2024 | Fund Letters | Ithaka US Growth Strategy | DXCM | DexCom, Inc. | Health Care | Health Care Equipment & Supplies | Neutral | NASDAQ | Cgm, Chronic Disease, Continuous Glucose Monitoring, Diabetes, Healthcare Technology, Medical devices, Medtech, Monitoring Systems | Login |
| Mar 31, 2024 | Fund Letters | Ithaka US Growth Strategy | NVDA | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Artificial Intelligence, Cloud computing, data center, Gaming, Gpu, growth, machine learning, semiconductors | Login |
| Mar 31, 2024 | Fund Letters | Ithaka US Growth Strategy | AMZN | Amazon.com, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | AWS, Cloud computing, digital advertising, e-commerce, growth, retail, technology platform | Login |
| Mar 31, 2024 | Fund Letters | Ithaka US Growth Strategy | MSFT | Microsoft Corporation | Information Technology | Systems Software | Bull | NASDAQ | Artificial Intelligence, Azure, Cloud computing, Copilot, Enterprise software, growth, productivity software, SaaS | Login |
| Mar 31, 2024 | Fund Letters | Ithaka US Growth Strategy | LULU | lululemon athletica inc. | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bear | NASDAQ | athleisure, athletic apparel, Brand, Consumer Discretionary, e-commerce, premium, retail | Login |
| Mar 31, 2024 | Fund Letters | Ithaka US Growth Strategy | ADBE | Adobe Inc. | Information Technology | Application Software | Bear | NASDAQ | Content Creation, creative software, digital media, SaaS, Software, Subscription, technology | Login |
| Mar 31, 2024 | Fund Letters | Ithaka US Growth Strategy | AAPL | Apple Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Bear | NASDAQ | consumer electronics, Ecosystem, Hardware, iPhone, premium valuation, services, technology | Login |
| - | Fund Letters | Ithaka US Growth Strategy | NOW | ServiceNow, Inc. | Information Technology | Systems Software | Bull | NYSE | AI, Cloud computing, Digital transformation, Enterprise software, IT Service Management, SaaS, workflow automation | Login |
| - | Fund Letters | Ithaka US Growth Strategy | AMZN | Amazon.com | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | AWS, Cloud computing, digital advertising, e-commerce, marketplace, Multi-segment, operating leverage | Login |
| - | Fund Letters | Ithaka US Growth Strategy | PLTR | Palantir Technologies Inc. | Information Technology | Application Software | Bull | NYSE | AI, big data analytics, Data Security, defense technology, Enterprise software, generative AI, government contracts | Login |
| - | Fund Letters | Ithaka US Growth Strategy | AMD | Advanced Micro Devices, Inc. | Information Technology | Semiconductors | Bear | NASDAQ | AI Computing, CPUs, data centers, Gaming, GPUs, high-performance computing, semiconductors | Login |
| - | Fund Letters | Ithaka US Growth Strategy | UBER | Uber Technologies, Inc. | Consumer Discretionary | Internet Services & Infrastructure | Bear | NYSE | autonomous vehicles, Delivery Services, Freight, Gig Economy, marketplace, Mobility Platform, Regulatory risk | Login |
| - | Fund Letters | Ithaka US Growth Strategy | ASML | ASML Holding N.V. | Information Technology | Semiconductor Equipment | Bear | NASDAQ | China Trade War, Cyclical, EUV technology, Fab Equipment, Moore's Law, photolithography, semiconductor equipment | Login |
| - | Fund Letters | Ithaka US Growth Strategy | AAPL|MSFT|NFLX|NVDA|UNH | NVIDIA Corp. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Artificial Intelligence, automotive, ChatGPT, data center, Gaming, Gpu, growth, machine learning, semiconductors, Visual Computing | Login |
| - | Fund Letters | Ithaka US Growth Strategy | CRM | Salesforce, Inc. | Information Technology | Software | Bull | NYSE | activist investors, Cloud software, CRM, market leader, operating profitability, SaaS, Software, subscription model | Login |
| - | Fund Letters | Ithaka US Growth Strategy | AAPL|MSFT|NFLX|NVDA|UNH | Microsoft Corporation | Information Technology | Software | Bull | NASDAQ | Artificial Intelligence, Azure, Cloud computing, Enterprise software, Gaming, OpenAI, productivity software, Search | Login |
| - | Fund Letters | Ithaka US Growth Strategy | ISRG | Intuitive Surgical, Inc. | Health Care | Health Care Equipment & Supplies | Neutral | NASDAQ | da Vinci, Healthcare Equipment, margin pressure, Medical devices, minimally invasive surgery, Procedure Growth, Robotic Surgery | Login |
| - | Fund Letters | Ithaka US Growth Strategy | SNOW | Snowflake, Inc. | Information Technology | Software | Bull | NYSE | analytics, Cloud Data, Data Cloud, Data Warehousing, Data-Driven, Frank Slootman, Land and Expand, SaaS | Login |
| - | Fund Letters | Ithaka US Growth Strategy | DXCM | DexCom, Inc. | Health Care | Health Care Equipment & Supplies | Neutral | NASDAQ | Cgm, Chronic Disease, Continuous Glucose Monitoring, Diabetes, Healthcare Technology, Medical devices, profit-taking | Login |
| - | Fund Letters | Ithaka US Growth Strategy | AAPL|MSFT|NFLX|NVDA|UNH | NVIDIA Corp. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Artificial Intelligence, autonomous driving, data center, Gaming, Gpu, machine learning, semiconductors, technology hardware, Visual Computing | Login |
| - | Fund Letters | Ithaka US Growth Strategy | AMZN | Amazon.com, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | AWS, Cloud computing, digital advertising, e-commerce, market leader, operating leverage, retail, Technology Platforms | Login |
| - | Fund Letters | Ithaka US Growth Strategy | AAPL|MSFT|NFLX|NVDA|UNH | Microsoft Corporation | Information Technology | Systems Software | Bull | NASDAQ | Artificial Intelligence, Azure, Cloud computing, Enterprise software, Gaming, Operating Systems, Productivity Applications, software platforms | Login |
| - | Fund Letters | Ithaka US Growth Strategy | PODD | Insulet Corp. | Health Care | Health Care Equipment & Supplies | Bear | NASDAQ | Competition, Diabetes, Healthcare Equipment, Insulin delivery, market share, Medical devices, Medtronic | Login |
| - | Fund Letters | Ithaka US Growth Strategy | ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM | MercadoLibre, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Neutral | NASDAQ | digital payments, e-commerce, Emerging markets, Fintech, Latin America, MercadoPago, network effects, Platform business | Login |
| - | Fund Letters | Ithaka US Growth Strategy | PYPL | PayPal Holdings | Information Technology | Data Processing & Outsourced Services | Bear | NASDAQ | digital payments, exit, Fintech, growth strategy, margin pressure, payment processing, Two-Sided Network | Login |
| TICKER | COMMENTARY |
|---|---|
| AMD | Advanced Micro Devices is a global leader in designing and manufacturing high-performance semiconductor products, including processors, graphics cards, and chipsets. The company develops CPUs and GPUs for a wide range of applications, such as gaming, data centers, AI, and high-performance computing. The company's competitive edge lies in its advanced CPU and GPU architectures, such as its 'Zen' and 'RDNA' designs, which offer exceptional performance, energy efficiency, and total cost of ownership. The stock price exploded higher in the quarter as the evolution of the LLM market has led us to agentic AI workloads, which require a large number of high-core-count CPUs for complex orchestration, continuous data movement, and parallel task execution. The market recognized that AMD's server CPU business will be a massive beneficiary of this change, evidenced by CEO Lisa Su doubling the company's server CPU TAM forecast from $60 billion to over $120 billion by 2030. This tailwind will be compounded by the companies upcoming release of the MI450 GPU series, the company's first foray into rack-scale GPU architecture. |
| CRWD | CrowdStrike is a global leader in cloud-native cybersecurity, delivering its comprehensive Falcon platform, which spans endpoint protection, cloud security, identity threat detection, and next-gen Security Information and Event Management (SIEM), to tens of thousands of enterprise organizations worldwide. The company generates revenue primarily through tiered, module-based software subscriptions, offering flexible consumption models like Falcon Flex, while increasingly diversifying its revenues through professional incident response services, managed security operations, and AI-driven threat intelligence. Its competitive moat is anchored by its single lightweight-agent architecture, the proprietary AI-powered Threat Graph that correlates trillions of security events daily to automate real-time protection, and an expanding global partner ecosystem, leading to high switching costs and robust platform loyalty. CrowdStrike's strong performance in the quarter was due to a narrative shift in the AI trade. Earlier in the year, cybersecurity was believed to be becoming increasingly obsolete due to the rise of agentic AI, with legacy providers business models labeled as outdated. Fast forward to the Q2 earnings call, where CEO George Kurtz flipped the script, arguing that more AI adoption creates a vastly larger attack surface, which will require specialized protection from companies that control entire platforms of products. |
| PANW | Palo Alto Networks develops cybersecurity platforms intended to address advanced cyber threats, secure hybrid cloud environments, and streamline security operations. The company offers a number of software products from network and cloud protection (Strata and Prisma) to AI-driven security operations software (Cortex). While the company rose to popularity through its pioneering next-generation hardware firewalls (~20% of revenues), enterprise customers have increasingly flocked to its cloud-based subscriptions and support services (~80% of revenues) to consolidate their vendor stacks, deploy generative AI threat prevention, and seamlessly protect sensitive data across their entire ecosystems. Like CrowdStrike, Palo Alto benefitted from the narrative shift surrounding traditional cybersecurity's place in an AI world, coupled with strong fundamental growth during the company's most recent earnings announcement. |
| ISRG | Intuitive Surgical is a pioneering medical technology company best known for its da Vinci robotic surgical system, which enables surgeons to perform precise, minimally invasive procedures. The system is widely used in urologic, gynecologic, general, and hernia repair surgeries, offering patients reduced pain, blood loss, and recovery time compared to traditional approaches. Intuitive generates revenue through three primary streams: system sales, instruments and accessories (such as scalpels, graspers, and cauterization tools), and services, which includes maintenance, training, and technical support, creating a high-margin recurring revenue model anchored by a growing global installed base of 10,200 units. The stock's second quarter underperformance was due to multiple contraction, which dinged the stock for 21%, slightly offset by strong forward earnings growth. The multiple compression was largely due to the AI narrative 'sucking all the oxygen out of the room.' |
| NFLX | Netflix is the global leader in subscription-based streaming, delivering a vast library of films, television series, documentaries, and mobile games to over 300 million members across more than 190 countries. The company generates revenue primarily through tiered monthly subscription fees, offering both ad-supported and premium ad-free plans, while increasingly diversifying its income through advertising sales, content licensing, and live events. Its competitive moat is anchored by its massive global scale, proprietary data-driven algorithms that maximize user retention, and a multibillion-dollar annual investment in Netflix Originals that often capture the zeitgeist, leading to viral marketing and exclusive brand loyalty. Netflix's stock fell in the quarter following a mid-April earnings release that beat Street expectations but failed to raise full-year guidance, disappointing investors. In addition to the above, co-Founder Reed Hastings announced he would not run for reelection on the board of directors, ending his 29-year tenure with the company. |
| PLTR | From the front-lines of war zones to Fortune 500 enterprises, Palantir Technologies builds software to address high-level action items, respond to defense and security concerns, and improve organizational efficiency. The company offers a number of software products from data analysis and curation (Palantir Gotham and Foundry) to a cloud-based operations software (Apollo). The company rose to popularity, in part, due to several government contracts (~55% of revenues) arising from recent and continuous global conflicts. In addition to creating generative AI defense solutions for governments across the globe, commercial customers (~45% of revenues) have flocked to the company's security and data analysis solutions to monitor and analyze business data and protect sensitive information. The stock's fall in the quarter was due to the market moving Palantir from an AI beneficiary to the 'SaaS-pocalypse' basket, which led to aggressive multiple contraction despite still pristine fundamental performance. |
| LRCX | During the quarter we initiated five new positions, HEICO (HEI), Lam Research (LRCX), Taiwan Semiconductor (TSM), Sterling Infrastructure (STRL), and Lumentum (LITE). |
| TSM | During the quarter we initiated five new positions, HEICO (HEI), Lam Research (LRCX), Taiwan Semiconductor (TSM), Sterling Infrastructure (STRL), and Lumentum (LITE). |
| HEI | During the quarter we initiated five new positions, HEICO (HEI), Lam Research (LRCX), Taiwan Semiconductor (TSM), Sterling Infrastructure (STRL), and Lumentum (LITE). |
| STRL | During the quarter we initiated five new positions, HEICO (HEI), Lam Research (LRCX), Taiwan Semiconductor (TSM), Sterling Infrastructure (STRL), and Lumentum (LITE). |
| LITE | During the quarter we initiated five new positions, HEICO (HEI), Lam Research (LRCX), Taiwan Semiconductor (TSM), Sterling Infrastructure (STRL), and Lumentum (LITE). |
| CDNS | On the other side of the ledger, Ithaka eliminated five positions, Cadence Design Systems (CDNS), Insulet (PODD), Intuit (INTU), Dexcom (DXCM), and Netflix (NFLX). |
| PODD | On the other side of the ledger, Ithaka eliminated five positions, Cadence Design Systems (CDNS), Insulet (PODD), Intuit (INTU), Dexcom (DXCM), and Netflix (NFLX). |
| INTU | On the other side of the ledger, Ithaka eliminated five positions, Cadence Design Systems (CDNS), Insulet (PODD), Intuit (INTU), Dexcom (DXCM), and Netflix (NFLX). |
| DXCM | On the other side of the ledger, Ithaka eliminated five positions, Cadence Design Systems (CDNS), Insulet (PODD), Intuit (INTU), Dexcom (DXCM), and Netflix (NFLX). |
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