Jericho Capital Asset Management L.P.

Jericho Capital Asset Management L.P. declares $4.5B in 11 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 37.0% of its $12.1B 13F portfolio. Largest positions: Core Scientific (7.1% of the company) and Micron (0.04% of the company). Over time: $4.5B in 11 of these companies for Q2 2026, against $333.4M in 5 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $2.4B and sold $1.3B of these stocks, at the quarter's prices: a net purchase of $1.1B; 4 new positions and 2 sold out.

Performance of its AI picks

The AI-stock portfolio Jericho Capital Asset Management L.P. declared for Q2 2026 (Form 13F), held unchanged, returned -13.2% in Q3 2026 (SMH -7.1%), ranked 1689 of 1,783 active managers. Over the last 12 months, quarter after quarter: +33.0% (SMH +87.2%), ranked 437 of 1,359 active managers. Over three years, quarter after quarter: +246.4% (SMH +325.8%). Over five years, quarter after quarter: +229.1% (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. Core Scientific (CORZ) — $585.6M: 22.9M shares, 7.1% of the company, 4.8% of its portfolio (added this quarter); held since Q3 2025
2. Micron (MU) — $539.0M: 466,943 shares, 0.04% of the company, 4.5% of its portfolio (new position this quarter)
3. Lattice Semiconductor (LSCC) — $500.0M: 3.3M shares, 2.3% of the company, 4.1% of its portfolio (added this quarter); held since Q1 2026
4. onsemi (ON) — $461.5M: 4.9M shares, 1.3% of the company, 3.8% of its portfolio (new position this quarter)
5. Western Digital (WDC) — $411.8M: 644,764 shares, 0.18% of the company, 3.4% of its portfolio (added this quarter); held since Q1 2026
6. Lumentum (LITE) — $405.2M: 472,235 shares, 0.53% of the company, 3.3% of its portfolio (new position this quarter)
7. Applied Materials (AMAT) — $400.5M: 553,927 shares, 0.07% of the company, 3.3% of its portfolio (trimmed this quarter); held since Q1 2026
8. Alphabet (GOOGL) — $399.5M: 1.1M shares, 0.01% of the company, 3.3% of its portfolio; held since Q3 2025
9. NVIDIA (NVDA) — $303.9M: 1.5M shares, 0.01% of the company, 2.5% of its portfolio (trimmed this quarter); held since Q1 2023
10. Ciena (CIEN) — $275.5M: 561,513 shares, 0.40% of the company, 2.3% of its portfolio (trimmed this quarter); held since Q2 2025
11. Zscaler (ZS) — $192.4M: 1.4M shares, 0.84% of the company, 1.6% of its portfolio (new position this quarter)

By sector

• Chips & compute — $1.3B, 28% of its AI holdings, 3 companies
• Memory & storage — $950.8M, 21% of its AI holdings, 2 companies
• Optics — $680.7M, 15% of its AI holdings, 2 companies
• Neoclouds & data centers — $585.6M, 13% of its AI holdings, 1 company
• Equipment & test — $400.5M, 9% of its AI holdings, 1 company
• Cloud & AI giants — $399.5M, 9% of its AI holdings, 1 company
• AI software — $192.4M, 4% of its AI holdings, 1 company

Biggest changes this quarter

• opened a position in Micron (MU): +$539.0M at the quarter's price
• trimmed Ciena (CIEN): -$537.0M at the quarter's price
• added to Lattice Semiconductor (LSCC): +$466.1M at the quarter's price
• opened a position in onsemi (ON): +$461.5M at the quarter's price
• opened a position in Lumentum (LITE): +$405.2M at the quarter's price
• added to Core Scientific (CORZ): +$285.6M at the quarter's price
• trimmed Applied Materials (AMAT): -$253.4M at the quarter's price
• sold out of MongoDB (MDB): -$243.9M at the quarter's price
• sold out of Snowflake (SNOW): -$240.1M at the quarter's price
• opened a position in Zscaler (ZS): +$192.4M at the quarter's price

Schedule 13D/G declarations

• Core Scientific (CORZ) — 13G filed Aug 14, 2026: 22.9M shares as of Jun 30, 2026, 7.2% as declared

Other holders of this size

• FACTORY MUTUAL INSURANCE CO — $4.5B in 42 of these companies
• ECP ControlCo, LLC — $4.5B in 2 of these companies
• Donor Advised Charitable Giving, Inc. — $4.4B in 4 of these companies
• Defiance ETFs, LLC — $4.5B in 134 of these companies
• Trexquant Investment LP — $4.4B in 121 of these companies
• Ilmarinen Mutual Pension Insurance Co — $4.5B in 88 of these companies
• State of Alaska, Department of Revenue — $4.4B in 163 of these companies
• Sarasin & Partners LLP — $4.5B in 17 of these companies

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