SCGE MANAGEMENT, L.P.

SCGE MANAGEMENT, L.P. declares $5.3B in 15 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 89.6% of its $5.9B 13F portfolio. Largest positions: SpaceX (0.06% of the company) and NVIDIA (0.01% of the company). Over time: $5.3B in 15 of these companies for Q2 2026, against $583.1M in 4 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $187.8M and sold $721.5M of these stocks, at the quarter's prices: a net sale of $533.7M; 4 new positions and 1 sold out.

Performance of its AI picks

The AI-stock portfolio SCGE MANAGEMENT, L.P. declared for Q2 2026 (Form 13F), held unchanged, returned -3.1% in Q3 2026 (SMH -7.1%). Over the last 12 months, quarter after quarter: +1.9% (SMH +87.2%). Over three years, quarter after quarter: +121.7% (SMH +325.8%). Over five years, quarter after quarter: +101.0% (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. SpaceX (SPCX): $2.9B, 17.0M shares, 0.06% of the company, 49.2% of its portfolio
2. NVIDIA (NVDA): $475.1M, 2.4M shares, 0.01% of the company, 8.1% of its portfolio (trimmed this quarter); held since Q2 2023
3. Alphabet (GOOGL): $398.2M, 1.1M shares, 0.01% of the company, 6.8% of its portfolio (trimmed this quarter); held since Q4 2025
4. Amazon (AMZN): $257.3M, 1.1M shares, 0.01% of the company, 4.4% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
5. Microsoft (MSFT): $236.2M, 633,300 shares, 0.01% of the company, 4.0% of its portfolio (trimmed this quarter); held since Q2 2025
6. ASML (ASML): $212.3M, 106,700 shares, 0.03% of the company, 3.6% of its portfolio (trimmed this quarter); held since Q3 2025
7. Broadcom (AVGO): $183.7M, 486,400 shares, 0.01% of the company, 3.1% of its portfolio (trimmed this quarter); held since Q4 2024
8. Sandisk (SNDK): $172.3M, 75,800 shares, 0.05% of the company, 2.9% of its portfolio (added this quarter); held since Q1 2026
9. Meta Platforms (META): $125.4M, 222,600 shares, 0.01% of the company, 2.1% of its portfolio (trimmed this quarter); held since Q4 2022
10. ServiceNow (NOW): $112.7M, 1.1M shares, 0.11% of the company, 1.9% of its portfolio; held since Q4 2019 or earlier
11. AMD (AMD): $64.8M, 111,500 shares, 0.01% of the company, 1.1% of its portfolio (new position this quarter)
12. Snowflake (SNOW): $51.2M, 201,200 shares, 0.06% of the company, 0.87% of its portfolio (trimmed this quarter); held since Q2 2025
13. Ciena (CIEN): $43.7M, 89,000 shares, 0.06% of the company, 0.74% of its portfolio (new position this quarter)
14. Monolithic Power (MPWR): $25.3M, 18,300 shares, 0.04% of the company, 0.43% of its portfolio (new position this quarter)
15. Cloudflare (NET): $24.7M, 100,800 shares, 0.03% of the company, 0.42% of its portfolio (new position this quarter)

By sector

• Cloud & AI giants: $3.9B, 74% of its AI holdings, 5 companies
• Chips & compute: $748.9M, 14% of its AI holdings, 4 companies
• Equipment & test: $212.3M, 4% of its AI holdings, 1 company
• AI software: $188.6M, 4% of its AI holdings, 3 companies
• Memory & storage: $172.3M, 3% of its AI holdings, 1 company
• Optics: $43.7M, 1% of its AI holdings, 1 company

Biggest changes this quarter

• trimmed Alphabet (GOOGL): -$174.7M at the quarter's price
• trimmed NVIDIA (NVDA): -$131.9M at the quarter's price
• trimmed Broadcom (AVGO): -$115.7M at the quarter's price
• trimmed Snowflake (SNOW): -$85.0M at the quarter's price
• opened a position in AMD (AMD): +$64.8M at the quarter's price
• sold out of Credo (CRDO): -$62.3M at the quarter's price
• trimmed ASML (ASML): -$60.7M at the quarter's price
• trimmed Microsoft (MSFT): -$48.3M at the quarter's price
• opened a position in Ciena (CIEN): +$43.7M at the quarter's price
• added to Sandisk (SNDK): +$29.3M at the quarter's price

Other holders of this size

• Mawer Investment Management Ltd.: $5.3B in 26 of these companies
• AEGON ASSET MANAGEMENT UK Plc: $5.3B in 39 of these companies
• Utah Retirement Systems: $5.2B in 147 of these companies
• AE Wealth Management LLC: $5.3B in 140 of these companies
• Penserra Capital Management LLC: $5.2B in 139 of these companies
• ARK Investment Management LLC: $5.3B in 30 of these companies
• Evergreen Quality Fund GP, Ltd.: $5.2B in 26 of these companies
• Steward Partners Investment Advisory, LLC: $5.4B in 201 of these companies

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