| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 17.2% | 26.9% | 7.8% |
Sands Capital Technology Innovators delivered a 26.9 percent net return in Q2 2026, underperforming its benchmark by 4.2 percentage points as leadership broadened across the semiconductor sector beyond the fund's concentrated mega-cap AI chip positions. The fund's core thesis centers on the AI infrastructure buildout, with the emergence of agentic AI creating another demand shock for compute, memory, storage, and power. The portfolio is positioned across key bottlenecks including Taiwan Semiconductor, SK hynix, NVIDIA, and Seagate Technology, which were top contributors. The manager added positions in AMD, Arm, Intel, Cerebras, SanDisk, SpaceX, and TTM Technologies to broaden exposure across CPUs, inference, memory, and circuit boards. Consumer internet exposure was reduced through exits of DoorDash, Netflix, Coupang, and Roblox to redeploy capital toward higher-conviction AI infrastructure opportunities. The manager expects persistent constraints in compute capacity to sustain the infrastructure buildout, though monitors risks including open-source model competition, token optimization, and architectural breakthroughs. Recent strength has been tied to earnings growth, improving pricing, and supply-demand constraints in critical areas of the AI stack.
The fund is positioned to capitalize on the AI infrastructure buildout by concentrating investments in businesses operating at key bottlenecks across the AI value chain, including semiconductor manufacturing, memory, CPUs, AI chips, and enabling infrastructure, where demand is growing rapidly and supply cannot respond quickly.
The manager expects the proliferation of agentic AI workflows to drive persistent constraints in compute capacity, sustaining the infrastructure buildout. The portfolio is positioned across several bottlenecks believed to be essential to scaling AI, including memory, CPUs, AI chips, semiconductor manufacturing, capital equipment, and power. The manager is focused on areas where demand is growing rapidly, supply cannot respond quickly, and industry structures appear more attractive than in prior cycles. While monitoring risks that could alter the trajectory of spending, the current view is that rising AI usage and broader deployment of agents should continue to place pressure on infrastructure required to support AI at scale. The manager expects periods of digestion given strong returns, concentrated leadership, and elevated momentum exposure, but remains encouraged that recent strength has been tied to earnings growth, improving pricing, and supply-demand constraints in critical areas of the AI infrastructure stack.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 30 2026 | 2026 Q2 | 000660 KS, AMD, APP, ARM, AVGO, DDOG, INTC, KVYO, META, MSFT, NET, NVDA, PANW, PLTR, STX, TSM | AI Infrastructure, cybersecurity, Data centers, growth, Memory, semiconductors, technology | - | Sands Capital Technology Innovators is positioned for the AI infrastructure buildout through concentrated exposure to semiconductor manufacturing, memory, and AI chips. The emergence of agentic AI is driving persistent demand for compute, memory, and storage. The fund added CPU, inference, and circuit board exposure while reducing consumer internet positions. Top contributors included Taiwan Semiconductor, SK hynix, NVIDIA, and Seagate Technology, benefiting from structural memory shortages and AI infrastructure demand. |
| Apr 25 2026 | 2026 Q1 | 000660 KS, 005930 KS, APP, ASML, DASH, META, MSFT, NET, NFLX, NU, NVDA, SHOP.TO, STX, TSM | AI, Cloud, growth, infrastructure, innovation, semiconductors, software, technology | - | Technology Innovators declined 15% in Q1 2026 as AI disruption fears pressured growth stocks. The fund shifted toward AI infrastructure, adding memory providers Samsung and SK hynix while reducing software exposure. Despite near-term headwinds from agentic AI emergence, management sees compressed valuations creating attractive five-year setup as growth-adjusted premium reaches historic lows. |
| Jan 22 2026 | 2025 Q4 | AMZN, APP, ASML, AVGO, AXON, CPNG, CVNA, DASH, DDOG, DUOL, GOOGL, IOT, MELI, META, MSFT, NFLX, NOW, NU, NVDA, PANW, PLTR, RBLX, SE, SHOP.TO, SPOT, SQ, TEAM, TSM, V | AI, defense, global, growth, innovation, Robotics, semiconductors, technology |
TSM CVNA KVYO SHOP NU NFLX MSFT GOOGL AVGO PLTR |
Technology Innovators delivered 14.7% returns in 2025 but lagged benchmarks due to multiple compression despite strong earnings growth. The strategy maintained disciplined AI exposure while navigating market volatility, evolving positions in semiconductors and internet platforms. Five key themes - defense, robotics, energy transition, cybersecurity, and space - position the concentrated portfolio for long-term value creation despite near-term market dislocations. |
| Oct 20 2025 | 2025 Q3 | AMZN, APP, CPNG, CVNA, DASH, DUOL, IOT, MELI, META, MSFT, NFLX, NU, NVDA, RBLX, SE, SHOP.TO, SPOT, SQ, TSM, V | AI, global, growth, innovation, semiconductors, software, technology |
NVDA TSM APP RBLX DUOL MNDY NVDA TSM APP RBLX DUOL MNDY SNOW |
Technology Innovators underperformed in Q3 2025 as AI infrastructure leaders like NVIDIA and Taiwan Semiconductor drove gains while software holdings faced disruption concerns. The firm maintains conviction in AI's transformative potential while taking contrarian positions in quality software businesses. Portfolio balances concentrated AI exposure with diversification, positioning for full-cycle performance as the technology paradigm shift evolves. |
| Jul 21 2025 | 2025 Q2 | AMZN, APP, ASML, AXON, CPNG, CRWD, CVNA, DASH, DDOG, IOT, KVYO, MELI, META, MNDY, MSFT, NFLX, NOW, NU, NVDA, OKTA, PANW, RBLX, SE, SHOP, SPOT, SQ, TEAM, TSM, V | AI, Cloud, growth, innovation, semiconductors, software, technology |
NVDA NFLX TEAM OKTA V PANW SPOT AAPL GLBE |
Technology Innovators delivered 26.0% quarterly returns, outperforming benchmarks through strong security selection in AI-beneficiary businesses. The team actively repositioned during tariff volatility, adding semiconductor and cloud infrastructure exposure while exiting Apple and Alphabet. Portfolio remains concentrated in leading innovative businesses positioned to benefit from AI transformation and secular technology shifts. |
| Mar 31 2025 | 2025 Q1 | AAPL, AMZN, CPNG, CVNA, DASH, GOOGL, IOT, MELI, META, MSFT, NFLX, NOW, NU, NVDA, RBLX, SE, SHOP.TO, SQ, TEAM, TSM, V | AI, global, growth, semiconductors, software, technology | - | Technology Innovators declined 10.4% in Q1 amid AI stock selloff and market rotation. Despite DeepSeek concerns, managers maintain AI conviction citing strong hyperscaler capex guidance and emerging real-world applications. Portfolio better positioned than 2021 with improved diversification and profitability. Trade policy uncertainty increases recession risks, but focus remains on resilient technology leaders with sustainable competitive advantages. |
| Dec 31 2024 | 2024 Q4 | AAPL, AMZN, CPNG, DASH, GOOGL, IOT, MELI, META, MSFT, NFLX, NOW, NU, NVDA, RBLX, SE, SHOP.TO, SQ, TEAM, TSM, V | AI, Cloud, global, growth, innovation, semiconductors, technology | - | Sands Capital Technology Innovators posted strong 2024 returns of 37.7% despite three challenging years. The concentrated technology portfolio benefits from AI transformation, global e-commerce growth, and semiconductor leadership. While facing headwinds from benchmark concentration and high valuations, the manager maintains conviction that earnings growth will drive long-term outperformance as business fundamentals eventually align with stock prices. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
AI InfrastructureThe portfolio is heavily positioned across AI infrastructure bottlenecks including memory, CPUs, AI chips, semiconductor manufacturing, and power. The emergence of agentic AI has created another demand shock for infrastructure, as more capable models drive greater token consumption, compute usage, storage requirements, and power demand. The manager expects the proliferation of agentic AI workflows to drive persistent constraints in compute capacity, sustaining the infrastructure buildout. |
AI Data Centers Semiconductors Cloud Memory |
Semiconductor CycleMemory shortage has broadened beyond high-bandwidth memory into conventional DRAM and NAND. AI inference and agentic workloads are increasing demand across the memory stack, while physical constraints limit how quickly the industry can add supply. SK hynix described the shortage as structural, multiyear, and broad-based across products, with meaningful capacity additions unlikely before the second half of 2027. This imbalance is already visible in pricing. |
Memory DRAM NAND Semiconductors Pricing | |
CybersecurityRapid AI adoption expands enterprise attack surfaces and increases the need for scaled cybersecurity platforms that can provide visibility, control, and protection against more sophisticated threats. Palo Alto Networks is well positioned to benefit from this demand environment through its broad product portfolio, scaled customer base, and ability to consolidate security spend. The company was included as a launch partner in Project Glasswing, Anthropic's initiative to help defenders secure critical software for the AI era. |
Cybersecurity AI Enterprise Software Security | |
Data CentersAs AI infrastructure evolves to support advanced accelerators, networking equipment, and custom compute architectures, boards require more layers, higher performance, and greater manufacturing precision, creating meaningful pricing uplift versus commoditized PCBs. Demand for storage capacity is improving as AI-related workloads require greater data retention and retrieval, while industry supply remains constrained. |
Data Centers AI Storage Infrastructure | |
CloudLarge technology companies continued to signal robust capital investment in compute capacity. Demand for compute capacity showed few signs of slowing. The manager believes rising AI usage and broader deployment of agents should continue to place pressure on the physical and digital infrastructure required to support AI at scale. |
Cloud AI Infrastructure Compute | |
E-commerceThe manager reduced exposure to consumer internet and e-commerce, exiting positions in DoorDash, Netflix, Coupang, and Roblox. These actions were part of a broader effort to reduce the portfolio's overweight to consumer internet and redeploy capital toward areas where the manager sees stronger near-term earnings visibility and greater relative conviction. The manager believes AI-enabled short-form video could become an increasingly strong competitor for consumer engagement over time. |
E-commerce Consumer Internet Streaming AI | |
FinTechNu Holdings faced higher-than-expected provisions that weighed on gross profit and raised investor concerns about household debt and credit quality. However, the manager is less concerned, noting Brazil's low unemployment and real wage growth. The manager believes investor concerns may be overstated, with the business trading at its lowest forward earnings multiple as a public company. |
FinTech Payments Latin America Credit | |
SpaceSpaceX was added as a more idiosyncratic growth opportunity. The company provides foundational infrastructure for the emerging space economy through its reusable launch technology and Starlink broadband network. Reusability has lowered launch costs, increased launch frequency, and strengthened SpaceX's leadership in global mass-to-orbit. The manager believes this position could widen further as Starship scales, while Starlink expands the opportunity into enterprise connectivity, government communications, and direct-to-device services. |
Space Satellites Broadband Infrastructure | |
| 2026 Q1 |
AIThe first quarter marked a meaningful inflection in AI evolution with the emergence of agentic AI tools broadening disruption scope across industries. The fund shifted toward AI infrastructure over application-layer risk, reducing exposure to horizontal software while increasing positions in memory providers essential for training complex AI models. Memory capacity and efficiency may become important constraints on the next stage of AI development. |
Agentic Infrastructure Memory Disruption Applications |
SemiconductorsStrong positioning in semiconductor leaders with TSMC reinforcing its position as primary AI accelerator beneficiary and ASML seeing record bookings driven by AI demand. The fund initiated positions in Samsung Electronics and SK hynix, both providing memory essential to AI models. Industry may be entering period of structural memory tightness as AI systems grow more complex. |
Memory Foundries Equipment AI HBM | |
CloudMicrosoft's Azure growth met rather than exceeded expectations due to capacity constraints from prioritizing internal AI workloads including Copilot. Cloudflare benefited from positioning at key control point for machine-to-machine internet traffic as agentic AI proliferates. Cloud infrastructure remains critical for AI deployment and scaling. |
Azure Infrastructure Capacity Growth AI | |
E-commerceConsumer internet businesses were particularly weak as AI developments intensified concerns about long-term durability. Shopify declined amid software weakness but management believes it's better positioned than horizontal vendors as a vertical application tailored to ecommerce. DoorDash's dense logistics network and AI-driven efficiency improvements help insulate from disruption risk. |
Disruption Platforms Logistics Vertical Software | |
GamingAppLovin declined alongside broad-based weakness in gaming stocks, amplified by Google's generative gaming platform Project Genie release. Management sees generative gaming as potential accelerator that could expand content supply and benefit distribution platforms, though competition from Meta represents longer-term risk. |
Mobile Advertising Generative Content Competition | |
| 2025 Q4 |
AIEdgewood owns four AI infrastructure companies (NVIDIA, Broadcom, ASML, Synopsys) representing significant portfolio weight. The firm views AI as creating new product opportunities and efficiencies, with Draft One described as an AI killer app for police departments. AI Era Plan is the fastest booked Axon product to date. |
Infrastructure Software Data Centers Semiconductors Applications |
GrowthPortfolio companies delivered 27% average EPS growth in 2025 versus 7% stock performance, creating stored alpha. The firm maintains conviction in diversified portfolio fundamentals with strong earnings growth expected to continue in 2026. Portfolio is positioned across three growth buckets from 10-15% to 21%+ estimated long-term EPS growth. |
Earnings Fundamentals Valuation Alpha | |
SemiconductorsASML, NVIDIA, Broadcom, and Synopsys represent major portfolio positions tied to AI infrastructure buildout. NVIDIA delivered 75% EPS growth, while Broadcom showed 37% growth. The firm sees semiconductor cycle as supportive with AI driving structural demand. |
AI Infrastructure Memory Equipment Foundries | |
SoftwareSoftware holdings include Netflix, Shopify, ServiceNow, and Intuit showing strong growth profiles. Axon's software revenue percentage has grown from 12% to 44% of total, with AI Era Plan driving higher attach rates. Software generally commands higher margins and recurring revenue characteristics. |
SaaS Recurring Revenue Margins Enterprise | |
| 2025 Q3 |
AIAI represents a paradigm shift bringing disruption, with the market overstating risks for software while creating meaningful opportunities for incumbents to use AI as a business accelerant. The AI investment cycle continues to gather momentum with demand for AI infrastructure and services exceeding supply. |
Infrastructure Software Disruption Monetization Productivity |
SemiconductorsStrong AI-related demand continues with companies like NVIDIA and Taiwan Semiconductor benefiting from the global AI infrastructure buildout. NVIDIA's datacenter segment accelerated growth while TSMC expanded CoWoS capacity to meet demand. |
Datacenter CoWoS Foundries AI Infrastructure Capacity | |
SoftwareBroad-based weakness across software holdings reflected overhang of AI-related risks including pressure on seat-based pricing models and fears that AI could lower barriers to entry. Many software companies remain in deceleration phase from 2020-2021 peak growth. |
SaaS Pricing Models Barriers to Entry Deceleration Valuations | |
GamingRoblox benefited from viral garden simulation game Grow a Garden reaching over 20 million concurrent users, reflecting a structural shift toward new experiences gaining unprecedented traction rather than reliance on mainstay franchises. |
User-Generated Content Platform Viral Growth Engagement Distribution | |
E-commerceHoldings in consumer internet businesses helped offset underperformance, benefiting from idiosyncratic growth drivers in ecommerce, advertising, and AI-enabled personalization and content recommendation contributing to stronger results. |
Personalization Advertising Consumer Internet Growth Drivers Recommendation | |
| 2025 Q2 |
AIArtificial intelligence is extending both magnitude and duration of growth for businesses through personalized experiences, improved ad targeting, and margin upside via productivity gains in content moderation and software development. Early applications show AI can deepen user engagement and lower costs across multiple business functions. |
Machine Learning Generative AI Inference Training Productivity |
SemiconductorsStrong demand for AI-related semiconductors continues with TSMC planning to double CoWoS packaging capacity. Long-term AI infrastructure buildout supports sustained momentum in the semiconductor value chain, with TSMC targeting mid-40 percent compound annual growth rate for AI-related revenue through 2029. |
AI Chips Foundries Packaging GPU Infrastructure | |
CloudMicrosoft delivered better-than-expected results with Azure growth reacceleration as the key highlight. Demand for AI-related cloud services remains strong, with sequential improvement in non-AI-related Azure revenue also supporting growth momentum. |
Azure Infrastructure Enterprise Services Hyperscale | |
E-commerceConsumer internet platforms showed especially strong returns spanning multiple sectors including gaming, social media, streaming, and food delivery. These asset-light business models are generally insulated from tariff-related margin pressures and benefit from low marginal costs that enhance profitability as platforms scale. |
Platforms Marketplaces Digital Commerce Cross-border Scaling | |
StreamingNetflix reported strong subscriber growth and retention with continued margin expansion and increased capital returns including a $3.5 billion share repurchase. Advertising momentum continued with reports of a $9 billion internal ad revenue target by 2030, supported by the growing ad-supported tier. |
Video Subscribers Advertising Content Monetization | |
CybersecurityPalo Alto Networks leverages its leading firewall position to build strong positions in emerging segments like SASE, SIEM, and cloud security. Next-Generation Security revenue exceeds $5B annual run-rate with significant growth runway, as AI usage expands attack surfaces requiring more advanced security solutions. |
Firewalls SASE SIEM Cloud Security Enterprise | |
| 2025 Q1 |
AIAI remains a foundational driver of long-term growth despite market volatility. Hyperscalers' capital expenditure guidance suggests the AI investment cycle remains strong. Innovations like DeepSeek are likely to expand demand by enabling more domain-specific model development. Evidence shows scaling laws remain intact and better performance is leading to real-world applications across fraud detection, content creation, and workflow automation. |
GPUs Data Centers Cloud Semiconductors Enterprise Software |
E-commercePortfolio includes leading e-commerce platforms across multiple regions including MercadoLibre in Latin America, Sea's Shopee in Southeast Asia, and Coupang in Korea. These platforms are demonstrating strong growth with improving margins and expanding into adjacent services like fintech. The shift to online commerce continues globally with significant market share opportunities remaining. |
Marketplaces Fintech Payments Logistics | |
CloudCloud infrastructure and software-as-a-service businesses remain core holdings with companies like ServiceNow leading enterprise workflow automation. The portfolio emphasizes mission-critical, multiproduct platforms with fast time-to-value that are well positioned for the next wave of digital transformation. AI integration is enhancing these platforms' capabilities and driving adoption. |
SaaS Enterprise Software Workflow Automation IT Services | |
SemiconductorsSemiconductor holdings include NVIDIA and Taiwan Semiconductor as key beneficiaries of AI chip demand. Despite near-term volatility, TSMC expects AI accelerator revenue to double in 2025 and grow at mid-40 percent annually over five years. The rise of accessible AI models is expected to drive increased need for advanced semiconductor manufacturing. |
Foundries GPUs Semi Equipment Memory | |
| 2024 Q4 |
AIAI has rapidly evolved from a conceptual novelty to a transformative tool since ChatGPT's launch in late 2022. Portfolio companies like NVIDIA remain architectural leaders in AI infrastructure, while others like AppLovin, ServiceNow, and Axon Enterprise are finding specific use cases to create value for customers through AI-enabled products and services. |
Infrastructure Automation Productivity Platforms Applications |
E-commerceThe fund owns businesses leveraging the expanding digital economy globally. Companies like Amazon, MercadoLibre, and Coupang are capturing growth in online retail, while others like Global-E Online facilitate cross-border e-commerce solutions. |
Digital Marketplaces Cross-border Retail Platforms | |
Energy TransitionThe portfolio includes exposure to clean transportation and renewable energy solutions through companies like Chinese electric vehicle manufacturer BYD and lithium battery maker Contemporary Amperex Technology. These businesses are pioneering sustainable energy solutions in China and increasingly around the world. |
Electric Vehicles Battery Renewable Clean Sustainability | |
CloudCloud infrastructure and software-as-a-service businesses remain core holdings. ServiceNow continues to show strong momentum in its AI-enabled products, while other cloud-native companies benefit from the ongoing digital transformation and automation trends. |
SaaS Infrastructure Digital Transformation Automation Platforms | |
SemiconductorsThe fund maintains significant exposure to semiconductor leaders, particularly NVIDIA and Taiwan Semiconductor. TSMC benefits from strong AI chip demand and improved competitive positioning in leading-edge chip fabrication, while demand continues to outstrip supply for compute infrastructure. |
AI Chips Foundries Leading-edge Fabrication Computing |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 22, 2026 | Fund Letters | Emerson Bluhm | TSM | Taiwan Semiconductor Manufacturing Company | Semiconductors | Semiconductor Foundries | Bull | New York Stock Exchange | advanced nodes, AI demand, Foundry, Pricing power, scale | Login |
| Jan 22, 2026 | Fund Letters | Emerson Bluhm | CVNA | Carvana Co. | Internet Retail | E-commerce Retail | Bull | New York Stock Exchange | ecommerce, Lending Margins, Logistics, scale, Unit growth | Login |
| Jan 22, 2026 | Fund Letters | Emerson Bluhm | KVYO | Klaviyo Inc. | Software | Marketing Software | Bull | New York Stock Exchange | Agentic Commerce, International Growth, Marketing automation, Platform Shift, revenue acceleration | Login |
| Jan 22, 2026 | Fund Letters | Emerson Bluhm | SHOP | Shopify Inc. | IT Services | E-commerce Platforms | Bull | New York Stock Exchange | AI tools, Gmv Growth, Merchant Services, Payments, Platform Scale | Login |
| Jan 22, 2026 | Fund Letters | Emerson Bluhm | NU | Nu Holdings Ltd. | Banks | Digital Banks | Bull | New York Stock Exchange | credit quality, digital banking, Financial Inclusion, Latin America, Unit economics | Login |
| Jan 22, 2026 | Fund Letters | Emerson Bluhm | NFLX | Netflix Inc. | Entertainment | Streaming Services | Bull | NASDAQ | consolidation, Content Ownership, Engagement, IP strategy, Pricing power | Login |
| Jan 22, 2026 | Fund Letters | Emerson Bluhm | MSFT | Microsoft Corp. | Software | System Software | Bull | NASDAQ | AI infrastructure, capacity expansion, Cloud Scale, Enterprise software, hyperscale | Login |
| Jan 22, 2026 | Fund Letters | Emerson Bluhm | GOOGL | Alphabet Inc. | Interactive Media & Services | Digital Advertising | Bull | NASDAQ | Ai Assistants, Digital ads, Optionality, Platform Ecosystem, Search Intent | Login |
| Jan 22, 2026 | Fund Letters | Emerson Bluhm | AVGO | Broadcom Inc. | Semiconductors | Semiconductor Infrastructure | Bull | NASDAQ | Ai Scaling, custom silicon, data centers, Ethernet, Networking | Login |
| Jan 22, 2026 | Fund Letters | Emerson Bluhm | PLTR | Palantir Technologies Inc. | Software | Data Analytics Software | Bull | New York Stock Exchange | Data-integration, Government Tech, Mission-Critical, Operational Ai, workflow automation | Login |
| Oct 20, 2025 | Fund Letters | Emerson Bluhm | NVDA | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, datacenter, GPUs, hyperscalers, Pricing power, semiconductors | Login |
| Oct 20, 2025 | Fund Letters | Emerson Bluhm | TSM | TSMC | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NYSE | AI, CapEx, Foundry, Margins, Packaging, semiconductors | Login |
| Oct 20, 2025 | Fund Letters | Emerson Bluhm | APP | AppLovin Corp. | Communication Services | Digital Advertising | Bull | NASDAQ | adtech, AI, ecommerce, Margins, Scalability, Self-serve | Login |
| Oct 20, 2025 | Fund Letters | Emerson Bluhm | RBLX | Roblox Corp. | Communication Services | Interactive Media & Services | Bull | NYSE | AI, Engagement, Gaming, monetization, User-generated content | Login |
| Oct 20, 2025 | Fund Letters | Emerson Bluhm | DUOL | Duolingo Inc. | Information Technology | Education Technology | Bull | NASDAQ | AI, Edtech, gamification, monetization, Subscription | Login |
| Oct 20, 2025 | Fund Letters | Emerson Bluhm | MNDY | monday.com Ltd. | Information Technology | Application Software | Bull | NASDAQ | AI, Margins, SaaS, User growth, Work management | Login |
| Oct 20, 2025 | Fund Letters | Emerson Bluhm | NVDA | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, datacenter, GPUs, hyperscalers, Pricing power, semiconductors | Login |
| Oct 20, 2025 | Fund Letters | Emerson Bluhm | TSM | TSMC | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NYSE | AI, CapEx, Foundry, Margins, Packaging, semiconductors | Login |
| Oct 20, 2025 | Fund Letters | Emerson Bluhm | APP | AppLovin Corp. | Communication Services | Digital Advertising | Bull | NASDAQ | adtech, AI, ecommerce, Margins, Scalability, Self-serve | Login |
| Oct 20, 2025 | Fund Letters | Emerson Bluhm | RBLX | Roblox Corp. | Communication Services | Interactive Media & Services | Bull | NYSE | AI, Engagement, Gaming, monetization, User-generated content | Login |
| Oct 20, 2025 | Fund Letters | Emerson Bluhm | DUOL | Duolingo Inc. | Information Technology | Education Technology | Bull | NASDAQ | AI, Edtech, gamification, monetization, Subscription | Login |
| Oct 20, 2025 | Fund Letters | Emerson Bluhm | MNDY | monday.com Ltd. | Information Technology | Application Software | Bull | NASDAQ | AI, Margins, SaaS, User growth, Work management | Login |
| Oct 20, 2025 | Fund Letters | Emerson Bluhm | SNOW | Snowflake Inc. | Information Technology | Data Warehousing | Bear | NYSE | AI, cloud, Consumption, Data, growth, Re-rating | Login |
| Jul 21, 2025 | Fund Letters | Emerson Bluhm | NVDA | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, cloud, datacenters, GPUs, semiconductors | Login |
| Jul 21, 2025 | Fund Letters | Emerson Bluhm | NFLX | Netflix, Inc. | Communication Services | Entertainment | Bull | NASDAQ | advertising, Content, Streaming, Subscriptions, Video | Login |
| Jul 21, 2025 | Fund Letters | Emerson Bluhm | TEAM | Atlassian Corporation | Information Technology | Application Software | Bull | NASDAQ | cloud, Collaboration, enterprise, productivity, Software | Login |
| Jul 21, 2025 | Fund Letters | Emerson Bluhm | OKTA | Okta, Inc. | Information Technology | Systems Software | Bull | NASDAQ | cybersecurity, enterprise, Identity, SaaS, Zero_Trust | Login |
| Jul 21, 2025 | Fund Letters | Emerson Bluhm | V | Visa Inc. | Financials | Data Processing & Outsourced Services | Bull | New York Stock Exchange | Cards, Cashless, Fintech, Networks, Payments | Login |
| Jul 21, 2025 | Fund Letters | Emerson Bluhm | PANW | Palo Alto Networks, Inc. | Information Technology | Systems Software | Bull | NASDAQ | AI, Cloud_Security, cybersecurity, Firewalls, Platforms | Login |
| Jul 21, 2025 | Fund Letters | Emerson Bluhm | SPOT | Spotify Technology S.A. | Communication Services | Entertainment | Bull | New York Stock Exchange | Audio, Margins, Pricing_Power, Streaming, Subscriptions | Login |
| Jul 21, 2025 | Fund Letters | Emerson Bluhm | AAPL | Apple Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Bear | NASDAQ | AI, China, Hardware, services, Smartphones | Login |
| Jul 21, 2025 | Fund Letters | Emerson Bluhm | GLBE | Globale-e Online Ltd. | Information Technology | IT Services | Bear | NASDAQ | Crossborder, cybersecurity, ecommerce, Execution, tariffs | Login |
| TICKER | COMMENTARY |
|---|---|
| TSM | Taiwan Semiconductor's contribution reflected continued confidence in its bottleneck position within leading-edge semiconductor manufacturing. First-quarter revenue was in line with consensus expectations, while gross margin exceeded consensus and guidance implied continued strength through the balance of the year. The company remains the scaled manufacturing partner for many of the most advanced AI chips, with robust demand across leading-edge nodes and advanced packaging. We believe Taiwan Semiconductor's manufacturing leadership, pricing power, and strategic position in the AI supply chain should continue to support durable long-term growth. |
| 000660.KS | SK hynix contributed positively during the quarter, as the memory shortage broadened beyond high-bandwidth memory into conventional DRAM and NAND. AI inference and agentic workloads are increasing demand across the memory stack, while physical constraints limit how quickly the industry can add supply. SK hynix described the shortage as structural, multiyear, and broad-based across products, with meaningful capacity additions unlikely before the second half of 2027. This imbalance is already visible in pricing, with SK hynix reporting DRAM prices up in the mid-60 percent range sequentially and NAND prices up in the mid-70 percent range. In our view, the key implication is durability: high-bandwidth memory remains strategically important, but conventional DRAM and NAND are now driving a larger share of near-term earnings revisions, while tight supply across product categories should strengthen future pricing negotiations with customers competing for scarce capacity. |
| NVDA | NVIDIA's contribution reflected continued evidence that demand for accelerated computing remains robust. First-quarter revenue grew 85 percent and earnings per share grew 131 percent, driven by sustained demand for AI infrastructure. While GPUs remain the core driver, the company's opportunity is broadening as AI adoption expands from training toward inference, agentic workflows, and enterprise use cases. Management also highlighted meaningful standalone CPU revenue visibility, reinforcing NVIDIA's evolution from a GPU supplier into a systems-level provider across the AI infrastructure stack. We believe NVIDIA remains one of the clearest beneficiaries of a large and potentially underappreciated AI capital spending cycle. |
| STX | Seagate Technology is a global leader in mass-capacity data storage. Shares advanced as improving supply-demand conditions continued to support stronger pricing expectations for hard disk drives. The company reported strong first-quarter results, with revenue rising 44 percent year over year and non-GAAP gross margin reaching a record 47 percent. Demand for storage capacity is improving as AI-related workloads require greater data retention and retrieval, while industry supply remains constrained. Management now expects pricing to grow at a multiyear mid-teens rate, following 12 percent year-over-year pricing growth in the quarter. We believe this combination of rising demand, limited supply response, and improving pricing discipline will support durable earnings growth. |
| PANW | Palo Alto Networks was a contributor during the quarter, supported by strong results and continued investor confidence in cybersecurity demand. Fiscal third-quarter results showed demand remains robust, as rapid AI adoption expands enterprise attack surfaces and increases the need for scaled cybersecurity platforms that can provide visibility, control, and protection against more sophisticated threats. Management also noted an improving demand pipeline following Palo Alto Networks' inclusion as a launch partner in Project Glasswing, Anthropic's initiative to use the Claude Mythos model to help defenders secure critical software for the AI era. In our view, these developments reinforce Palo Alto Networks' position as a critical enabling platform for secure AI adoption. The company is well positioned to benefit from this demand environment through its broad product portfolio, scaled customer base, and ability to consolidate security spend. |
| NU | Nu Holdings operates Nubank, a digital financial services platform serving more than 100 million customers in Latin America. First-quarter 2026 revenue growth was in line with expectations, but higher-than-expected provisions weighed on gross profit and raised investor concerns about household debt and credit quality. We are less concerned, as Brazil's low unemployment and real wage growth are more relevant, in our view, to future credit losses than household debt service ratios. We also believe Brazilian Central Bank data may overstate loan delinquencies because of an accounting change that affects how long banks can keep nonperforming loans on their books before recognizing a write-off. Importantly, after a detailed inspection of the bank's balance sheet and interaction with the management, we feel comfortable about Nu's prospects of generating healthy risk-adjusted net interest income in the coming quarters. Asset quality concerns may take time to resolve, but Nu continues to execute against a large and expanding addressable market. Its measured entry into the United States also appears unlikely to alter its long-term efficiency goals. With the business trading at its lowest forward earnings multiple as a public company, we believe investor concerns may be overstated. |
| KVYO | Klaviyo is an innovative provider of business-to-consumer (B2C) marketing technology. While the company delivered a headline beat and raise, expectations had moved higher into the print after a sharp rebound from April lows, and investors focused on a smaller revenue beat and a slightly lower second-quarter margin guide. The reaction also reflected broader pressure on software stocks, where investor sentiment remains fragile and near-term execution concerns have weighed on valuation multiples. In our view, the selloff was disproportionate to the underlying business performance. Klaviyo continues to deliver strong revenue growth, has limited exposure to seat-based revenue disruption, and should continue to expand margins over time. We maintain conviction, supported by Klaviyo's opportunity to extend share gains, expand internationally and outside of ecommerce, and cross-sell its text-messaging and customer service platforms. |
| PLTR | Palantir is a data intelligence and operational AI platform that helps governments and enterprises solve complex challenges by integrating and analyzing data across functions. Our holding was a detractor during the quarter, as shares declined despite reporting very strong first-quarter results. Revenue growth accelerated meaningfully, the company delivered a record guidance raise, and profitability continued to improve, with strong incremental margins and continued GAAP earnings growth. In our view, the stock reaction reflected elevated expectations and ongoing investor debate around valuation and competition from AI labs, rather than deterioration in the underlying business. We believe Palantir is increasingly proving itself as a clear winner in artificial intelligence, with its platform tied to durable growth themes including defense modernization, reindustrialization, energy buildout, and space. We maintain conviction, supported by Palantir's differentiated software platform, expanding customer adoption, and ability to translate AI demand into profitable growth. |
| IOT | Samsara is a leading developer of connected hardware and software for industrial operations. Shares declined despite strong first-quarter results, as broader multiple compression across select vertical software peers outweighed continued evidence of strong execution. Revenue growth remained steady at approximately 30 percent, while the company delivered roughly 500 basis points of margin leverage, reflecting improving scale and operating discipline. Samsara continues to benefit from a powerful data network effect: as more customers and connected assets join the platform, Samsara captures more proprietary operational data, which improves its products, strengthens customer outcomes, and creates new monetization opportunities. This flywheel is supporting success across an expanding product portfolio and should be reinforced by upcoming product announcements and disclosures. With the stock trading near multiyear lows on forward revenue despite sustained growth, improving profitability, and limited evidence of AI-related disruption risk, we view Samsara as one of our more attractive vertical software ideas. |
| AMD | Advanced Micro Devices, Arm Holdings, and Intel increased the portfolio's exposure to rising CPU demand driven by agentic AI. While GPUs remain central to training and token generation, CPUs are increasingly important for scheduling, memory management, tool execution, and the orchestration of agentic workflows. As AI workloads evolve toward inference, agentic workflows, and more complex data center architectures, we believe the need to coordinate, feed, and manage accelerated compute could drive stronger CPU demand than investors previously expected. AMD and Arm provide exposure to supplier diversity, open standards, and more efficient compute architectures, while Intel adds exposure to server CPUs and potential foundry optionality as customers seek additional sources of advanced manufacturing supply. |
| ARM | Advanced Micro Devices, Arm Holdings, and Intel increased the portfolio's exposure to rising CPU demand driven by agentic AI. While GPUs remain central to training and token generation, CPUs are increasingly important for scheduling, memory management, tool execution, and the orchestration of agentic workflows. As AI workloads evolve toward inference, agentic workflows, and more complex data center architectures, we believe the need to coordinate, feed, and manage accelerated compute could drive stronger CPU demand than investors previously expected. AMD and Arm provide exposure to supplier diversity, open standards, and more efficient compute architectures. |
| INTC | Advanced Micro Devices, Arm Holdings, and Intel increased the portfolio's exposure to rising CPU demand driven by agentic AI. While GPUs remain central to training and token generation, CPUs are increasingly important for scheduling, memory management, tool execution, and the orchestration of agentic workflows. As AI workloads evolve toward inference, agentic workflows, and more complex data center architectures, we believe the need to coordinate, feed, and manage accelerated compute could drive stronger CPU demand than investors previously expected. Intel adds exposure to server CPUs and potential foundry optionality as customers seek additional sources of advanced manufacturing supply. While execution risk remains meaningful, particularly for Intel, we believe these businesses provide differentiated exposure to emerging bottlenecks in the AI infrastructure stack. |
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