GILDER GAGNON HOWE & CO LLC

GILDER GAGNON HOWE & CO LLC declares $4.1B in 61 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 42.0% of its $9.7B 13F portfolio. Largest positions: NVIDIA (0.01% of the company) and Cloudflare (0.47% of the company). Over time: $4.1B in 61 of these companies for Q2 2026, against $1.5B in 29 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $371.3M and sold $534.3M of these stocks, at the quarter's prices: a net sale of $163.0M; 14 new positions and 1 sold out.

Performance of its AI picks

The AI-stock portfolio GILDER GAGNON HOWE & CO LLC declared for Q2 2026 (Form 13F), held unchanged, returned +1.6% in Q3 2026 (SMH -7.1%), ranked 1187 of 1,783 active managers. Over the last 12 months, quarter after quarter: +47.7% (SMH +87.2%), ranked 183 of 1,359 active managers. Over three years, quarter after quarter: +238.0% (SMH +325.8%), ranked 56 of 783 active managers. Over five years, quarter after quarter: +210.5% (SMH +389.8%), ranked 71 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. NVIDIA (NVDA) — $480.7M: 2.4M shares, 0.01% of the company, 5.0% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
2. Cloudflare (NET) — $409.2M: 1.7M shares, 0.47% of the company, 4.2% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
3. Amazon (AMZN) — $401.4M: 1.7M shares, 0.02% of the company, 4.1% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
4. Alphabet (GOOGL) — $344.7M: 969,420 shares, 0.01% of the company, 3.6% of its portfolio (added this quarter); held since Q4 2019 or earlier
5. Quanta Services (PWR) — $272.2M: 378,096 shares, 0.25% of the company, 2.8% of its portfolio (added this quarter); held since Q1 2021
6. Nebius (NBIS) — $240.5M: 870,776 shares, 0.34% of the company, 2.5% of its portfolio (trimmed this quarter); held since Q2 2025
7. Micron (MU) — $232.8M: 201,645 shares, 0.02% of the company, 2.4% of its portfolio (trimmed this quarter); held since Q1 2024
8. Meta Platforms (META) — $194.5M: 345,373 shares, 0.01% of the company, 2.0% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
9. SiTime (SITM) — $179.3M: 240,532 shares, 0.80% of the company, 1.9% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
10. Arm Holdings (ARM) — $163.6M: 461,461 shares, 0.04% of the company, 1.7% of its portfolio (added this quarter); held since Q3 2023
11. Arista Networks (ANET) — $129.7M: 763,296 shares, 0.06% of the company, 1.3% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
12. Intel (INTC) — $122.0M: 873,727 shares, 0.02% of the company, 1.3% of its portfolio (added this quarter); held since Q1 2026
13. Tower Semiconductor (TSEM) — $120.9M: 464,018 shares, 0.41% of the company, 1.2% of its portfolio (trimmed this quarter); held since Q3 2025
14. ACM Research (ACMR) — $80.8M: 637,058 shares, 0.91% of the company, 0.83% of its portfolio (added this quarter); held since Q1 2024
15. nLIGHT (LASR) — $58.6M: 840,995 shares, 1.5% of the company, 0.60% of its portfolio (added this quarter); held since Q1 2026

By sector

• Chips & compute — $1.2B, 29% of its AI holdings, 13 companies
• Cloud & AI giants — $1.0B, 25% of its AI holdings, 6 companies
• AI software — $486.9M, 12% of its AI holdings, 10 companies
• Power, electrical & cooling — $412.8M, 10% of its AI holdings, 10 companies
• Neoclouds & data centers — $310.2M, 8% of its AI holdings, 4 companies
• Memory & storage — $233.7M, 6% of its AI holdings, 2 companies
• Interconnect — $192.0M, 5% of its AI holdings, 5 companies
• Optics — $121.3M, 3% of its AI holdings, 4 companies
• Equipment & test — $96.6M, 2% of its AI holdings, 4 companies
• Servers & systems — $20.8M, 1% of its AI holdings, 3 companies

Biggest changes this quarter

• trimmed Micron (MU): -$212.3M at the quarter's price
• added to ACM Research (ACMR): +$71.8M at the quarter's price
• trimmed SiTime (SITM): -$63.8M at the quarter's price
• added to Intel (INTC): +$49.2M at the quarter's price
• added to CoreWeave (CRWV): +$48.1M at the quarter's price
• opened a position in onsemi (ON): +$36.6M at the quarter's price
• opened a position in Rambus (RMBS): +$34.2M at the quarter's price
• trimmed Aehr Test Systems (AEHR): -$33.1M at the quarter's price
• trimmed Meta Platforms (META): -$27.4M at the quarter's price
• trimmed Cloudflare (NET): -$26.9M at the quarter's price

Other holders of this size

• Sequoia Financial Advisors, LLC — $4.0B in 169 of these companies
• Egerton Capital (UK) LLP — $4.1B in 7 of these companies
• Sanctuary Advisors, LLC — $4.0B in 163 of these companies
• Altshuler Shaham Ltd — $4.2B in 104 of these companies
• WHITTIER TRUST CO — $4.0B in 115 of these companies
• Hood River Capital Management LLC — $4.2B in 25 of these companies
• Mirova US LLC — $4.0B in 16 of these companies
• Davis Selected Advisers — $4.2B in 18 of these companies

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