NEEDHAM INVESTMENT MANAGEMENT LLC

NEEDHAM INVESTMENT MANAGEMENT LLC declares $1.5B in 49 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 44.1% of its $3.3B 13F portfolio. Largest positions: Vicor (1.1% of the company) and Vishay (2.0% of the company). Over time: $1.5B in 49 of these companies for Q2 2026, against $139.5M in 24 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $71.4M and sold $44.1M of these stocks, at the quarter's prices: a net purchase of $27.3M; 4 new positions and 7 sold out.

Performance of its AI picks

The AI-stock portfolio NEEDHAM INVESTMENT MANAGEMENT LLC declared for Q2 2026 (Form 13F), held unchanged, returned -24.5% in Q3 2026 (SMH -7.1%), ranked 1774 of 1,783 active managers. Over the last 12 months, quarter after quarter: +99.4% (SMH +87.2%), ranked 31 of 1,359 active managers. Over three years, quarter after quarter: +260.3% (SMH +325.8%), ranked 45 of 783 active managers. Over five years, quarter after quarter: +302.6% (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. Vicor (VICR) — $199.0M: 524,000 shares, 1.1% of the company, 6.0% of its portfolio (added this quarter); held since Q4 2019 or earlier
2. Vishay (VSH) — $163.3M: 3.0M shares, 2.0% of the company, 4.9% of its portfolio (added this quarter); held since Q4 2019 or earlier
3. PDF Solutions (PDFS) — $146.2M: 2.1M shares, 4.9% of the company, 4.4% of its portfolio (added this quarter); held since Q4 2019 or earlier
4. nLIGHT (LASR) — $138.7M: 2.0M shares, 3.5% of the company, 4.2% of its portfolio (added this quarter); held since Q2 2021
5. Vertiv (VRT) — $95.7M: 285,750 shares, 0.07% of the company, 2.9% of its portfolio (added this quarter); held since Q4 2021
6. FormFactor (FORM) — $87.6M: 547,500 shares, 0.70% of the company, 2.6% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
7. Veeco (VECO) — $64.1M: 845,850 shares, 1.4% of the company, 1.9% of its portfolio (trimmed this quarter); held since Q2 2020
8. Super Micro Computer (SMCI) — $54.5M: 1.9M shares, 0.28% of the company, 1.6% of its portfolio (added this quarter); held since Q1 2020
9. MKS (MKSI) — $49.9M: 112,250 shares, 0.17% of the company, 1.5% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
10. Nova (NVMI) — $48.1M: 88,650 shares, 0.30% of the company, 1.4% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
11. Coherent (COHR) — $36.5M: 92,500 shares, 0.05% of the company, 1.1% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
12. KLA (KLAC) — $30.9M: 102,500 shares, 0.01% of the company, 0.93% of its portfolio; held since Q4 2019 or earlier
13. nVent (NVT) — $26.2M: 154,500 shares, 0.10% of the company, 0.79% of its portfolio; held since Q4 2023
14. Generac (GNRC) — $24.0M: 82,000 shares, 0.14% of the company, 0.72% of its portfolio (added this quarter); held since Q2 2023
15. Akamai (AKAM) — $21.7M: 183,500 shares, 0.13% of the company, 0.65% of its portfolio (added this quarter); held since Q4 2019 or earlier

By sector

• Power, electrical & cooling — $392.6M, 27% of its AI holdings, 9 companies
• Equipment & test — $387.2M, 26% of its AI holdings, 15 companies
• Chips & compute — $222.4M, 15% of its AI holdings, 9 companies
• Optics — $186.1M, 13% of its AI holdings, 3 companies
• AI software — $148.5M, 10% of its AI holdings, 3 companies
• Servers & systems — $71.4M, 5% of its AI holdings, 3 companies
• Neoclouds & data centers — $38.0M, 3% of its AI holdings, 3 companies
• Interconnect — $10.3M, 1% of its AI holdings, 1 company
• Cloud & AI giants — $9.1M, 1% of its AI holdings, 3 companies

Biggest changes this quarter

• opened a position in Calix (CALX): +$10.3M at the quarter's price
• added to Ambarella (AMBA): +$9.9M at the quarter's price
• trimmed FormFactor (FORM): -$9.0M at the quarter's price
• added to Super Micro Computer (SMCI): +$7.1M at the quarter's price
• opened a position in Primoris Services (PRIM): +$6.4M at the quarter's price
• added to Vishay (VSH): +$6.2M at the quarter's price
• trimmed Cohu (COHU): -$5.9M at the quarter's price
• added to BWX Technologies (BWXT): +$5.5M at the quarter's price
• trimmed Coherent (COHR): -$5.1M at the quarter's price
• added to MasTec (MTZ): +$5.1M at the quarter's price

Schedule 13D/G declarations

• PDF Solutions (PDFS) — 13G filed May 14, 2026: 2.0M shares as of Mar 31, 2026, 5.1% as declared
• PDF Solutions (PDFS) — 13G filed Feb 13, 2026: 2.0M shares as of Dec 31, 2025, 4.9% as declared
• PDF Solutions (PDFS) — 13G filed Nov 13, 2025: 2.0M shares as of Sep 30, 2025, 5.1% as declared
• nLIGHT (LASR) — 13G filed Aug 13, 2025: 1.8M shares as of Jun 30, 2025, 3.7% as declared
• nLIGHT (LASR) — 13G filed Feb 13, 2025: 2.7M shares as of Dec 31, 2024, 5.5% 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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