NEXT CENTURY GROWTH INVESTORS LLC

NEXT CENTURY GROWTH INVESTORS LLC declares $427.6M in 34 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 22.7% of its $1.9B 13F portfolio. Largest positions: Aehr Test Systems (1.3% of the company) and IPG Photonics (0.64% of the company). Over time: $427.6M in 34 of these companies for Q2 2026, against $86.5M in 18 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $71.3M and sold $300.3M of these stocks, at the quarter's prices: a net sale of $229.0M; 6 new positions and 4 sold out.

Performance of its AI picks

The AI-stock portfolio NEXT CENTURY GROWTH INVESTORS LLC declared for Q2 2026 (Form 13F), held unchanged, returned -15.6% in Q3 2026 (SMH -7.1%), ranked 1713 of 1,783 active managers. Over the last 12 months, quarter after quarter: +67.4% (SMH +87.2%), ranked 89 of 1,359 active managers. Over three years, quarter after quarter: +233.5% (SMH +325.8%). Over five years, quarter after quarter: +239.9% (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. Aehr Test Systems (AEHR) — $39.5M: 410,731 shares, 1.3% of the company, 2.1% of its portfolio (trimmed this quarter); held since Q3 2025
2. IPG Photonics (IPGP) — $31.8M: 270,752 shares, 0.64% of the company, 1.7% of its portfolio (new position this quarter)
3. Ultra Clean (UCTT) — $31.4M: 220,115 shares, 0.49% of the company, 1.7% of its portfolio (trimmed this quarter); held since Q1 2026
4. Innodata (INOD) — $27.6M: 365,746 shares, 1.1% of the company, 1.5% of its portfolio (trimmed this quarter); held since Q2 2023
5. MACOM (MTSI) — $24.3M: 63,773 shares, 0.08% of the company, 1.3% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
6. NVIDIA (NVDA) — $22.6M: 113,187 shares, 0.00% of the company, 1.2% of its portfolio (trimmed this quarter); held since Q1 2023
7. Sterling Infrastructure (STRL) — $22.0M: 26,209 shares, 0.09% of the company, 1.2% of its portfolio (trimmed this quarter); held since Q2 2024
8. Lattice Semiconductor (LSCC) — $21.4M: 139,866 shares, 0.10% of the company, 1.1% of its portfolio (trimmed this quarter); held since Q2 2020
9. Alphabet (GOOGL) — $21.3M: 59,493 shares, 0.00% of the company, 1.1% of its portfolio (added this quarter); held since Q4 2019 or earlier
10. SiTime (SITM) — $17.8M: 23,825 shares, 0.08% of the company, 0.94% of its portfolio (trimmed this quarter); held since Q1 2025
11. Ichor (ICHR) — $16.0M: 142,610 shares, 0.38% of the company, 0.85% of its portfolio (trimmed this quarter); held since Q1 2026
12. Apple (AAPL) — $15.0M: 51,841 shares, 0.00% of the company, 0.80% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
13. AAON (AAON) — $14.0M: 110,031 shares, 0.13% of the company, 0.74% of its portfolio (added this quarter); held since Q3 2025
14. DigitalOcean (DOCN) — $12.5M: 79,607 shares, 0.07% of the company, 0.66% of its portfolio (new position this quarter)
15. MaxLinear (MXL) — $12.0M: 93,598 shares, 0.10% of the company, 0.64% of its portfolio (new position this quarter)

By sector

• Equipment & test — $97.4M, 23% of its AI holdings, 5 companies
• Chips & compute — $93.2M, 22% of its AI holdings, 7 companies
• Power, electrical & cooling — $67.0M, 16% of its AI holdings, 8 companies
• Cloud & AI giants — $51.1M, 12% of its AI holdings, 5 companies
• Optics — $42.5M, 10% of its AI holdings, 3 companies
• AI software — $34.3M, 8% of its AI holdings, 2 companies
• Interconnect — $26.8M, 6% of its AI holdings, 2 companies
• Neoclouds & data centers — $12.5M, 3% of its AI holdings, 1 company
• Memory & storage — $2.8M, 1% of its AI holdings, 1 company

Biggest changes this quarter

• trimmed Applied Optoelectronics (AAOI): -$40.1M at the quarter's price
• trimmed Coherent (COHR): -$40.1M at the quarter's price
• trimmed Sterling Infrastructure (STRL): -$34.6M at the quarter's price
• trimmed Aehr Test Systems (AEHR): -$33.0M at the quarter's price
• opened a position in IPG Photonics (IPGP): +$31.8M at the quarter's price
• trimmed MACOM (MTSI): -$25.3M at the quarter's price
• trimmed Lattice Semiconductor (LSCC): -$21.4M at the quarter's price
• trimmed SiTime (SITM): -$19.5M at the quarter's price
• opened a position in DigitalOcean (DOCN): +$12.5M at the quarter's price
• opened a position in MaxLinear (MXL): +$12.0M 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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