EMERALD ADVISERS, LLC

EMERALD ADVISERS, LLC declares $1.0B in 50 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 24.2% of its $4.2B 13F portfolio. Largest positions: Kulicke & Soffa (1.1% of the company) and Argan (0.64% of the company). Over time: $1.0B in 50 of these companies for Q2 2026, against $119.4M in 33 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $151.2M and sold $721.4M of these stocks, at the quarter's prices: a net sale of $570.2M; 5 new positions and 7 sold out.

Performance of its AI picks

The AI-stock portfolio EMERALD ADVISERS, LLC declared for Q2 2026 (Form 13F), held unchanged, returned -21.5% in Q3 2026 (SMH -7.1%), ranked 1758 of 1,783 active managers. Over the last 12 months, quarter after quarter: +94.5% (SMH +87.2%), ranked 40 of 1,359 active managers. Over three years, quarter after quarter: +508.4% (SMH +325.8%). Over five years, quarter after quarter: +714.7% (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. Kulicke & Soffa (KLIC) — $73.8M: 551,535 shares, 1.1% of the company, 1.7% of its portfolio (trimmed this quarter); held since Q4 2023
2. Argan (AGX) — $71.3M: 89,296 shares, 0.64% of the company, 1.7% of its portfolio (trimmed this quarter); held since Q3 2025
3. Semtech (SMTC) — $63.6M: 393,030 shares, 0.42% of the company, 1.5% of its portfolio (trimmed this quarter); held since Q3 2025
4. Axcelis Technologies (ACLS) — $62.6M: 330,469 shares, 1.1% of the company, 1.5% of its portfolio (added this quarter); held since Q1 2026
5. PDF Solutions (PDFS) — $62.6M: 884,294 shares, 2.1% of the company, 1.5% of its portfolio (added this quarter); held since Q2 2022
6. Plexus (PLXS) — $62.5M: 207,712 shares, 0.78% of the company, 1.5% of its portfolio (added this quarter); held since Q1 2026
7. Cohu (COHU) — $62.4M: 843,627 shares, 1.8% of the company, 1.5% of its portfolio (added this quarter); held since Q1 2026
8. Modine (MOD) — $54.1M: 202,754 shares, 0.38% of the company, 1.3% of its portfolio (trimmed this quarter); held since Q2 2024
9. Solaris Energy Infrastructure (SEI) — $51.5M: 640,616 shares, 0.84% of the company, 1.2% of its portfolio (added this quarter); held since Q4 2024
10. nLIGHT (LASR) — $51.3M: 736,848 shares, 1.3% of the company, 1.2% of its portfolio (trimmed this quarter); held since Q2 2025
11. TTM Technologies (TTMI) — $41.4M: 221,627 shares, 0.21% of the company, 0.98% of its portfolio (trimmed this quarter); held since Q3 2024
12. IPG Photonics (IPGP) — $38.3M: 326,701 shares, 0.77% of the company, 0.90% of its portfolio (added this quarter); held since Q3 2025
13. Diodes (DIOD) — $37.8M: 345,473 shares, 0.75% of the company, 0.89% of its portfolio (added this quarter); held since Q1 2026
14. Synaptics (SYNA) — $37.1M: 298,552 shares, 0.76% of the company, 0.87% of its portfolio (trimmed this quarter); held since Q4 2025
15. MaxLinear (MXL) — $35.9M: 280,350 shares, 0.31% of the company, 0.84% of its portfolio (new position this quarter)

By sector

• Equipment & test — $232.7M, 23% of its AI holdings, 5 companies
• Power, electrical & cooling — $185.7M, 18% of its AI holdings, 9 companies
• Chips & compute — $183.6M, 18% of its AI holdings, 10 companies
• Optics — $124.0M, 12% of its AI holdings, 5 companies
• Servers & systems — $103.9M, 10% of its AI holdings, 3 companies
• Interconnect — $102.9M, 10% of its AI holdings, 4 companies
• AI software — $71.1M, 7% of its AI holdings, 8 companies
• Cloud & AI giants — $24.3M, 2% of its AI holdings, 5 companies
• Memory & storage — $88,880.00, 0% of its AI holdings, 1 company

Biggest changes this quarter

• trimmed Bloom Energy (BE): -$161.6M at the quarter's price
• trimmed Credo (CRDO): -$130.3M at the quarter's price
• trimmed TTM Technologies (TTMI): -$98.9M at the quarter's price
• trimmed Sterling Infrastructure (STRL): -$66.6M at the quarter's price
• trimmed Fabrinet (FN): -$59.9M at the quarter's price
• trimmed Modine (MOD): -$46.8M at the quarter's price
• added to Axcelis Technologies (ACLS): +$44.4M at the quarter's price
• opened a position in MaxLinear (MXL): +$35.9M at the quarter's price
• trimmed Applied Optoelectronics (AAOI): -$32.9M at the quarter's price
• trimmed Rambus (RMBS): -$31.9M 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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