Granahan Investment Management, LLC

Granahan Investment Management, LLC declares $544.4M in 19 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 19.4% of its $2.8B 13F portfolio. Largest positions: Silicon Motion (1.3% of the company) and indie Semiconductor (8.4% of the company). Over time: $544.4M in 19 of these companies for Q2 2026, against $48.0M in 10 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $133.1M and sold $210.1M of these stocks, at the quarter's prices: a net sale of $77.1M; 1 new position and 6 sold out.

Performance of its AI picks

The AI-stock portfolio Granahan Investment Management, LLC declared for Q2 2026 (Form 13F), held unchanged, returned -26.2% in Q3 2026 (SMH -7.1%), ranked 1779 of 1,783 active managers. Over the last 12 months, quarter after quarter: +46.8% (SMH +87.2%), ranked 194 of 1,359 active managers. Over three years, quarter after quarter: +109.5% (SMH +325.8%). Over five years, quarter after quarter: +62.1% (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. Silicon Motion (SIMO) — $148.6M: 445,752 shares, 1.3% of the company, 5.3% of its portfolio (added this quarter); held since Q2 2025
2. indie Semiconductor (INDI) — $87.2M: 19.4M shares, 8.4% of the company, 3.1% of its portfolio (trimmed this quarter); held since Q3 2022
3. Modine (MOD) — $70.4M: 263,572 shares, 0.50% of the company, 2.5% of its portfolio (trimmed this quarter); held since Q4 2023
4. Onto Innovation (ONTO) — $53.6M: 141,568 shares, 0.29% of the company, 1.9% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
5. TTM Technologies (TTMI) — $50.4M: 269,330 shares, 0.26% of the company, 1.8% of its portfolio (trimmed this quarter); held since Q4 2025
6. Generac (GNRC) — $36.0M: 122,872 shares, 0.21% of the company, 1.3% of its portfolio (added this quarter); held since Q1 2026
7. nLIGHT (LASR) — $16.5M: 236,991 shares, 0.41% of the company, 0.59% of its portfolio (added this quarter); held since Q1 2026
8. Veeco (VECO) — $15.5M: 204,837 shares, 0.34% of the company, 0.55% of its portfolio (added this quarter); held since Q2 2021
9. Allegro MicroSystems (ALGM) — $12.9M: 185,461 shares, 0.10% of the company, 0.46% of its portfolio (trimmed this quarter); held since Q4 2025
10. DigitalOcean (DOCN) — $11.0M: 70,354 shares, 0.06% of the company, 0.39% of its portfolio (added this quarter); held since Q1 2026
11. Lattice Semiconductor (LSCC) — $8.8M: 57,848 shares, 0.04% of the company, 0.32% of its portfolio (trimmed this quarter); held since Q3 2024
12. Rambus (RMBS) — $8.8M: 66,245 shares, 0.06% of the company, 0.31% of its portfolio (trimmed this quarter); held since Q2 2024
13. Advanced Energy Industries (AEIS) — $5.7M: 15,412 shares, 0.04% of the company, 0.20% of its portfolio (new position this quarter)
14. Core Scientific (CORZ) — $5.3M: 208,725 shares, 0.07% of the company, 0.19% of its portfolio (trimmed this quarter); held since Q4 2025
15. Nova (NVMI) — $4.9M: 9,093 shares, 0.03% of the company, 0.18% of its portfolio (added this quarter); held since Q3 2023

By sector

• Memory & storage — $148.6M, 27% of its AI holdings, 1 company
• Power, electrical & cooling — $111.5M, 20% of its AI holdings, 4 companies
• Chips & compute — $109.3M, 20% of its AI holdings, 4 companies
• Equipment & test — $79.8M, 15% of its AI holdings, 4 companies
• Servers & systems — $50.4M, 9% of its AI holdings, 1 company
• Optics — $19.6M, 4% of its AI holdings, 2 companies
• Neoclouds & data centers — $16.4M, 3% of its AI holdings, 2 companies
• Interconnect — $8.8M, 2% of its AI holdings, 1 company

Biggest changes this quarter

• added to Silicon Motion (SIMO): +$83.5M at the quarter's price
• sold out of Comfort Systems USA (FIX): -$35.9M at the quarter's price
• added to Generac (GNRC): +$32.1M at the quarter's price
• trimmed Modine (MOD): -$30.4M at the quarter's price
• sold out of Semtech (SMTC): -$28.5M at the quarter's price
• trimmed Rambus (RMBS): -$28.4M at the quarter's price
• trimmed Onto Innovation (ONTO): -$21.6M at the quarter's price
• sold out of Sterling Infrastructure (STRL): -$14.0M at the quarter's price
• trimmed Centrus Energy (LEU): -$13.6M at the quarter's price
• trimmed TTM Technologies (TTMI): -$10.9M at the quarter's price

Schedule 13D/G declarations

• indie Semiconductor (INDI) — 13G filed Nov 14, 2025: 17.5M shares as of Sep 30, 2025, 8.8% as declared
• indie Semiconductor (INDI) — 13G filed Jun 11, 2025: 19.6M shares as of May 31, 2025, 10.1% 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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