HOLLENCREST CAPITAL MANAGEMENT

HOLLENCREST CAPITAL MANAGEMENT declares $174.6M in 138 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 11.4% of its $1.5B 13F portfolio. Largest positions: Apple (0.00% of the company) and Salesforce (0.01% of the company). Over time: $174.6M in 138 of these companies for Q2 2026, against $104.8M in 24 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $25.5M and sold $532.5M of these stocks, at the quarter's prices: a net sale of $507.1M; 22 new positions and 8 sold out.

Performance of its AI picks

The AI-stock portfolio HOLLENCREST CAPITAL MANAGEMENT declared for Q2 2026 (Form 13F), held unchanged, returned +4.1% in Q3 2026 (SMH -7.1%). Over the last 12 months, quarter after quarter: +27.8% (SMH +87.2%). Over three years, quarter after quarter: +137.7% (SMH +325.8%). Over five years, quarter after quarter: +109.8% (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. Apple (AAPL) — $24.4M: 84,190 shares, 0.00% of the company, 1.6% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
2. Salesforce (CRM) — $18.4M: 117,470 shares, 0.01% of the company, 1.2% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
3. Alphabet (GOOGL) — $18.3M: 51,480 shares, 0.00% of the company, 1.2% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
4. NVIDIA (NVDA) — $13.9M: 69,713 shares, 0.00% of the company, 0.91% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
5. Amazon (AMZN) — $8.7M: 36,445 shares, 0.00% of the company, 0.57% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
6. Broadcom (AVGO) — $6.5M: 17,189 shares, 0.00% of the company, 0.42% of its portfolio (added this quarter); held since Q4 2019 or earlier
7. AMD (AMD) — $6.2M: 10,642 shares, 0.00% of the company, 0.40% of its portfolio (added this quarter); held since Q4 2022
8. Palo Alto Networks (PANW) — $6.0M: 17,688 shares, 0.00% of the company, 0.39% of its portfolio; held since Q4 2022
9. Microsoft (MSFT) — $5.6M: 14,992 shares, 0.00% of the company, 0.36% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
10. Caterpillar (CAT) — $5.2M: 4,929 shares, 0.00% of the company, 0.34% of its portfolio (added this quarter); held since Q4 2022
11. Corning (GLW) — $5.2M: 20,505 shares, 0.00% of the company, 0.34% of its portfolio (trimmed this quarter); held since Q4 2022
12. Atomera (ATOM) — $5.0M: 573,266 shares, 1.5% of the company, 0.33% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
13. Micron (MU) — $3.9M: 3,388 shares, 0.00% of the company, 0.25% of its portfolio (trimmed this quarter); held since Q4 2022
14. Sandisk (SNDK) — $3.9M: 1,713 shares, 0.00% of the company, 0.25% of its portfolio (trimmed this quarter); held since Q1 2025
15. Palantir (PLTR) — $3.7M: 31,375 shares, 0.00% of the company, 0.24% of its portfolio (trimmed this quarter); held since Q1 2021

By sector

• Cloud & AI giants — $59.4M, 34% of its AI holdings, 6 companies
• Chips & compute — $31.7M, 18% of its AI holdings, 17 companies
• AI software — $30.5M, 17% of its AI holdings, 19 companies
• Power, electrical & cooling — $15.8M, 9% of its AI holdings, 32 companies
• Equipment & test — $12.4M, 7% of its AI holdings, 19 companies
• Memory & storage — $9.6M, 5% of its AI holdings, 5 companies
• Optics — $8.1M, 5% of its AI holdings, 8 companies
• Neoclouds & data centers — $3.5M, 2% of its AI holdings, 16 companies
• Interconnect — $2.9M, 2% of its AI holdings, 9 companies
• Servers & systems — $712,503.00, 0% of its AI holdings, 7 companies

Biggest changes this quarter

• trimmed Apple (AAPL): -$277.4M at the quarter's price
• trimmed Alphabet (GOOGL): -$113.3M at the quarter's price
• trimmed Microsoft (MSFT): -$49.1M at the quarter's price
• trimmed Applied Materials (AMAT): -$47.4M at the quarter's price
• trimmed KLA (KLAC): -$12.0M at the quarter's price
• trimmed Amazon (AMZN): -$8.9M at the quarter's price
• trimmed GE Vernova (GEV): -$4.3M at the quarter's price
• added to AMD (AMD): +$3.9M at the quarter's price
• added to Caterpillar (CAT): +$3.8M at the quarter's price
• trimmed Micron (MU): -$3.0M 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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