AWM Investment Company, Inc.

AWM Investment Company, Inc. declares $256.4M in 8 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 22.2% of its $1.2B 13F portfolio. Largest positions: nLIGHT (1.6% of the company) and Vicor (0.32% of the company). Over time: $256.4M in 8 of these companies for Q2 2026, against $47.7M in 6 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $16.0M and sold $181.2M of these stocks, at the quarter's prices: a net sale of $165.2M; 1 new position and 1 sold out.

Performance of its AI picks

The AI-stock portfolio AWM Investment Company, Inc. declared for Q2 2026 (Form 13F), held unchanged, returned -19.8% in Q3 2026 (SMH -7.1%), ranked 1750 of 1,783 active managers. Over the last 12 months, quarter after quarter: +99.1% (SMH +87.2%). Over three years, quarter after quarter: +227.2% (SMH +325.8%). Over five years, quarter after quarter: +340.6% (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. nLIGHT (LASR) — $65.4M: 939,011 shares, 1.6% of the company, 5.7% of its portfolio (trimmed this quarter); held since Q1 2021
2. Vicor (VICR) — $56.6M: 148,981 shares, 0.32% of the company, 4.9% of its portfolio (trimmed this quarter); held since Q2 2020
3. CEVA (CEVA) — $37.7M: 799,806 shares, 2.8% of the company, 3.3% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
4. Aehr Test Systems (AEHR) — $36.0M: 374,808 shares, 1.1% of the company, 3.1% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
5. Impinj (PI) — $29.7M: 207,018 shares, 0.68% of the company, 2.6% of its portfolio; held since Q4 2019 or earlier
6. Amtech Systems (ASYS) — $15.9M: 690,000 shares, 3.9% of the company, 1.4% of its portfolio (new position this quarter)
7. Galaxy Digital (GLXY) — $12.2M: 447,000 shares, 0.11% of the company, 1.1% of its portfolio (added this quarter); held since Q3 2025
8. Aeluma (ALMU) — $2.9M: 131,404 shares, 0.74% of the company, 0.25% of its portfolio (trimmed this quarter); held since Q3 2025

By sector

• Optics — $68.3M, 27% of its AI holdings, 2 companies
• Chips & compute — $67.4M, 26% of its AI holdings, 2 companies
• Power, electrical & cooling — $56.6M, 22% of its AI holdings, 1 company
• Equipment & test — $51.9M, 20% of its AI holdings, 2 companies
• Neoclouds & data centers — $12.2M, 5% of its AI holdings, 1 company

Biggest changes this quarter

• trimmed Aehr Test Systems (AEHR): -$117.1M at the quarter's price
• trimmed Vicor (VICR): -$52.9M at the quarter's price
• opened a position in Amtech Systems (ASYS): +$15.9M at the quarter's price
• trimmed nLIGHT (LASR): -$5.9M at the quarter's price
• trimmed CEVA (CEVA): -$3.1M at the quarter's price
• trimmed Aeluma (ALMU): -$1.5M at the quarter's price
• sold out of Ultra Clean (UCTT): -$711,464.00 at the quarter's price
• added to Galaxy Digital (GLXY): +$54,680.00 at the quarter's price

Schedule 13D/G declarations

• Aehr Test Systems (AEHR) — 13G filed Aug 14, 2026: 374,808 shares as of Jun 30, 2026, 1.1% as declared
• Aeluma (ALMU) — 13G filed Jun 6, 2025: 409,787 shares as of May 30, 2025, 2.6% as declared
• Aehr Test Systems (AEHR) — 13G filed May 7, 2025: 1.6M shares as of Mar 31, 2025, 5.3% as declared
• Aeluma (ALMU) — 13G filed May 7, 2025: 825,000 shares as of Mar 31, 2025, 5.3% as declared

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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