NEW YORK STATE TEACHERS RETIREMENT SYSTEM

New 13F: Q3 2026

NEW YORK STATE TEACHERS RETIREMENT SYSTEM filed its 13F for the quarter ended Sep 30, 2026 on Oct 22, 2026: $27.2B in AI and semiconductor stocks; $67.1M bought and $1.0B sold against its previous quarter, at the quarter's prices.

• trimmed NVIDIA (NVDA): -$183.8M at the quarter's price
• trimmed Apple (AAPL): -$170.3M at the quarter's price
• trimmed Microsoft (MSFT): -$129.2M at the quarter's price
• trimmed Alphabet (GOOGL): -$88.4M at the quarter's price
• trimmed Amazon (AMZN): -$68.9M at the quarter's price
• opened a position in Bloom Energy (BE): +$49.3M at the quarter's price
• trimmed Broadcom (AVGO): -$44.5M at the quarter's price
• trimmed Meta Platforms (META): -$42.6M at the quarter's price
• trimmed Micron (MU): -$35.5M at the quarter's price
• trimmed AMD (AMD): -$27.9M at the quarter's price

NEW YORK STATE TEACHERS RETIREMENT SYSTEM declares $27.0B in 152 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 49.8% of its $54.2B 13F portfolio. Largest positions: NVIDIA (0.08% of the company) and Apple (0.08% of the company). Over time: $27.0B in 152 of these companies for Q2 2026, against $12.0B in 118 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $211.6M and sold $1.2B of these stocks, at the quarter's prices: a net sale of $1.0B; 2 new positions and 1 sold out.

Performance of its AI picks

The AI-stock portfolio NEW YORK STATE TEACHERS RETIREMENT SYSTEM declared for Q2 2026 (Form 13F), held unchanged, returned +4.4% in Q3 2026 (SMH -7.1%), ranked 741 of 1,785 active managers. Over the last 12 months, quarter after quarter: +29.0% (SMH +87.2%), ranked 661 of 1,360 active managers. Over three years, quarter after quarter: +152.3% (SMH +325.8%), ranked 318 of 784 active managers. Over five years, quarter after quarter: +170.5% (SMH +389.8%), ranked 189 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): $3.8B, 18.8M shares, 0.08% of the company, 6.9% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
2. Apple (AAPL): $3.3B, 11.3M shares, 0.08% of the company, 6.1% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
3. Alphabet (GOOGL): $2.9B, 8.2M shares, 0.07% of the company, 5.4% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
4. Microsoft (MSFT): $2.2B, 5.8M shares, 0.08% of the company, 4.0% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
5. Amazon (AMZN): $1.8B, 7.5M shares, 0.07% of the company, 3.3% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
6. Broadcom (AVGO): $1.4B, 3.7M shares, 0.08% of the company, 2.6% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
7. Micron (MU): $1.0B, 879,390 shares, 0.08% of the company, 1.9% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
8. Meta Platforms (META): $957.3M, 1.7M shares, 0.07% of the company, 1.8% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
9. AMD (AMD): $731.3M, 1.3M shares, 0.08% of the company, 1.4% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
10. Intel (INTC): $500.3M, 3.6M shares, 0.07% of the company, 0.92% of its portfolio (added this quarter); held since Q4 2019 or earlier
11. Applied Materials (AMAT): $446.5M, 617,517 shares, 0.08% of the company, 0.82% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
12. Lam Research (LRCX): $440.9M, 1.0M shares, 0.08% of the company, 0.81% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
13. Caterpillar (CAT): $378.5M, 355,409 shares, 0.08% of the company, 0.70% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
14. Cisco (CSCO): $356.5M, 3.0M shares, 0.08% of the company, 0.66% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
15. KLA (KLAC): $312.5M, 1.0M shares, 0.08% of the company, 0.58% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier

By sector

• Cloud & AI giants: $11.1B, 41% of its AI holdings, 5 companies
• Chips & compute: $7.3B, 27% of its AI holdings, 27 companies
• Power, electrical & cooling: $2.2B, 8% of its AI holdings, 38 companies
• Memory & storage: $1.6B, 6% of its AI holdings, 6 companies
• AI software: $1.5B, 5% of its AI holdings, 18 companies
• Equipment & test: $1.4B, 5% of its AI holdings, 20 companies
• Interconnect: $748.7M, 3% of its AI holdings, 9 companies
• Servers & systems: $492.0M, 2% of its AI holdings, 11 companies
• Optics: $335.8M, 1% of its AI holdings, 7 companies
• Neoclouds & data centers: $286.4M, 1% of its AI holdings, 11 companies

Biggest changes this quarter

• trimmed NVIDIA (NVDA): -$202.0M at the quarter's price
• opened a position in Marvell (MRVL): +$185.5M at the quarter's price
• trimmed Apple (AAPL): -$167.4M at the quarter's price
• trimmed Alphabet (GOOGL): -$131.7M at the quarter's price
• trimmed Microsoft (MSFT): -$112.0M at the quarter's price
• trimmed Amazon (AMZN): -$77.1M at the quarter's price
• trimmed Broadcom (AVGO): -$61.6M at the quarter's price
• trimmed Micron (MU): -$52.3M at the quarter's price
• trimmed Meta Platforms (META): -$40.2M at the quarter's price
• trimmed Lam Research (LRCX): -$23.7M at the quarter's price

Other holders of this size

• Clear Street Group Inc.: $26.8B in 87 of these companies
• Two Sigma: $27.0B in 220 of these companies
• Daiwa Securities Group Inc.: $26.4B in 140 of these companies
• DANSKE BANK A/S: $27.1B in 130 of these companies
• PUBLIC INVESTMENT FUND: $26.3B in 1 of these companies
• Marshall Wace: $27.5B in 181 of these companies
• ROYAL LONDON ASSET MANAGEMENT LTD: $26.3B in 110 of these companies
• Quantinno Capital Management LP: $28.5B in 205 of these companies

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