D.A. DAVIDSON & CO.

D.A. DAVIDSON & CO. declares $3.1B in 125 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 17.1% of its $18.1B 13F portfolio. Largest positions: Apple (0.01% of the company) and Microsoft (0.01% of the company). Over time: $3.1B in 125 of these companies for Q2 2026, against $626.8M in 67 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $36.6M and sold $136.9M of these stocks, at the quarter's prices: a net sale of $100.3M; 9 new positions and 1 sold out.

Performance of its AI picks

The AI-stock portfolio D.A. DAVIDSON & CO. declared for Q2 2026 (Form 13F), held unchanged, returned +3.6% in Q3 2026 (SMH -7.1%), ranked 906 of 1,783 active managers. Over the last 12 months, quarter after quarter: +23.1% (SMH +87.2%), ranked 1041 of 1,359 active managers. Over three years, quarter after quarter: +128.2% (SMH +325.8%), ranked 581 of 783 active managers. Over five years, quarter after quarter: +145.3% (SMH +389.8%), ranked 341 of 535 active managers. 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. Apple (AAPL) — $434.3M: 1.5M shares, 0.01% of the company, 2.4% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
2. Microsoft (MSFT) — $331.5M: 888,808 shares, 0.01% of the company, 1.8% of its portfolio (added this quarter); held since Q4 2019 or earlier
3. Alphabet (GOOGL) — $268.0M: 753,404 shares, 0.01% of the company, 1.5% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
4. Broadcom (AVGO) — $250.5M: 663,035 shares, 0.01% of the company, 1.4% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
5. NVIDIA (NVDA) — $216.2M: 1.1M shares, 0.00% of the company, 1.2% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
6. Amazon (AMZN) — $187.0M: 784,523 shares, 0.01% of the company, 1.0% of its portfolio (added this quarter); held since Q4 2019 or earlier
7. Cummins (CMI) — $172.1M: 241,237 shares, 0.18% of the company, 0.95% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
8. NextEra Energy (NEE) — $91.8M: 1.0M shares, 0.05% of the company, 0.51% of its portfolio (added this quarter); held since Q4 2019 or earlier
9. Caterpillar (CAT) — $82.7M: 77,686 shares, 0.02% of the company, 0.46% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
10. Qualcomm (QCOM) — $72.8M: 394,218 shares, 0.04% of the company, 0.40% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
11. Micron (MU) — $65.0M: 56,340 shares, 0.01% of the company, 0.36% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
12. IBM (IBM) — $52.1M: 185,102 shares, 0.02% of the company, 0.29% of its portfolio (added this quarter); held since Q4 2019 or earlier
13. Meta Platforms (META) — $52.0M: 92,378 shares, 0.00% of the company, 0.29% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
14. Cisco (CSCO) — $40.6M: 345,969 shares, 0.01% of the company, 0.22% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
15. Accenture (ACN) — $39.8M: 319,809 shares, 0.05% of the company, 0.22% of its portfolio (added this quarter); held since Q4 2019 or earlier

By sector

• Cloud & AI giants — $1.3B, 41% of its AI holdings, 6 companies
• Chips & compute — $686.8M, 22% of its AI holdings, 17 companies
• Power, electrical & cooling — $521.5M, 17% of its AI holdings, 33 companies
• AI software — $238.3M, 8% of its AI holdings, 21 companies
• Equipment & test — $99.3M, 3% of its AI holdings, 14 companies
• Servers & systems — $79.1M, 3% of its AI holdings, 6 companies
• Memory & storage — $72.9M, 2% of its AI holdings, 4 companies
• Interconnect — $57.3M, 2% of its AI holdings, 8 companies
• Neoclouds & data centers — $31.6M, 1% of its AI holdings, 12 companies
• Optics — $26.6M, 1% of its AI holdings, 4 companies

Biggest changes this quarter

• trimmed Cummins (CMI): -$21.6M at the quarter's price
• trimmed Broadcom (AVGO): -$19.4M at the quarter's price
• trimmed Cisco (CSCO): -$13.6M at the quarter's price
• trimmed Qualcomm (QCOM): -$12.0M at the quarter's price
• trimmed Micron (MU): -$7.6M at the quarter's price
• trimmed Alphabet (GOOGL): -$7.5M at the quarter's price
• trimmed Applied Materials (AMAT): -$7.5M at the quarter's price
• added to AMD (AMD): +$7.2M at the quarter's price
• trimmed Apple (AAPL): -$6.7M at the quarter's price
• trimmed Argan (AGX): -$4.9M at the quarter's price

Other holders of this size

• CAPITAL FUND MANAGEMENT S.A. — $3.1B in 101 of these companies
• MEITAV INVESTMENT HOUSE LTD — $3.1B in 52 of these companies
• MILFORD FUNDS LTD — $3.1B in 29 of these companies
• Trivest Advisors Ltd — $3.1B in 12 of these companies
• Boston Trust Walden Corp — $3.1B in 56 of these companies
• Private Advisor Group, LLC — $3.2B in 158 of these companies
• UNITED CAPITAL FINANCIAL ADVISORS, LLC — $3.2B in 135 of these companies
• VAUGHAN NELSON INVESTMENT MANAGEMENT, L.P. — $3.2B in 35 of these companies

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