12 West Capital Management LP

12 West Capital Management LP declares $136.0M in 4 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 25.4% of its $534.7M 13F portfolio. Largest positions: GDS Holdings (1.3% of the company) and ACM Research (0.32% of the company). Over time: $136.0M in 4 of these companies for Q2 2026, against $564.4M in 1 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $32.5M and sold $1.8M of these stocks, at the quarter's prices: a net purchase of $30.7M; 1 new position and 2 sold out.

Performance of its AI picks

The AI-stock portfolio 12 West Capital Management LP declared for Q2 2026 (Form 13F), held unchanged, returned +1.9% in Q3 2026 (SMH -7.1%). Over the last 12 months, quarter after quarter: -12.1% (SMH +87.2%). Over three years, quarter after quarter: +161.6% (SMH +325.8%). Over five years, quarter after quarter: -31.6% (SMH +389.8%). Trades made during a quarter are not visible in 13F filings: this measures its declared picks, not the return of its funds.

Largest positions

1. GDS Holdings (GDS) — $77.0M: 2.6M shares, 1.3% of the company, 14.4% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
2. ACM Research (ACMR) — $28.6M: 225,000 shares, 0.32% of the company, 5.3% of its portfolio (added this quarter); held since Q1 2026
3. Cloudflare (NET) — $25.8M: 105,000 shares, 0.03% of the company, 4.8% of its portfolio; held since Q2 2020
4. onsemi (ON) — $4.7M: 50,000 shares, 0.01% of the company, 0.88% of its portfolio (new position this quarter)

By sector

• Neoclouds & data centers — $77.0M, 57% of its AI holdings, 1 company
• Equipment & test — $28.6M, 21% of its AI holdings, 1 company
• AI software — $25.8M, 19% of its AI holdings, 1 company
• Chips & compute — $4.7M, 3% of its AI holdings, 1 company

Biggest changes this quarter

• added to ACM Research (ACMR): +$27.8M at the quarter's price
• opened a position in onsemi (ON): +$4.7M at the quarter's price
• sold out of Aehr Test Systems (AEHR): -$815,760.00 at the quarter's price
• sold out of CoreWeave (CRWV): -$542,290.00 at the quarter's price
• trimmed GDS Holdings (GDS): -$401,922.00 at the quarter's price

Other holders of this size

• Vanguard — $3.6T in 225 of these companies
• BlackRock — $3.1T in 226 of these companies
• State Street — $1.6T in 222 of these companies
• Fidelity (FMR) — $1.2T in 223 of these companies
• Geode Capital — $890.9B in 220 of these companies
• Capital Group — $881.7B in 132 of these companies
• JPMorgan — $717.8B in 225 of these companies
• Invesco — $683.3B in 220 of these companies

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