SRS Investment Management, LLC

SRS Investment Management, LLC declares $3.6B in 12 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 33.0% of its $10.8B 13F portfolio. Largest positions: Credo (1.4% of the company) and AMD (0.05% of the company). Over time: $3.6B in 12 of these companies for Q2 2026, against $906.8M in 5 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $652.8M and sold $732.0M of these stocks, at the quarter's prices: a net sale of $79.1M; 3 new positions.

Performance of its AI picks

The AI-stock portfolio SRS Investment Management, LLC declared for Q2 2026 (Form 13F), held unchanged, returned -6.4% in Q3 2026 (SMH -7.1%), ranked 1570 of 1,783 active managers. Over the last 12 months, quarter after quarter: +57.3% (SMH +87.2%), ranked 129 of 1,359 active managers. Over three years, quarter after quarter: +338.7% (SMH +325.8%). Over five years, quarter after quarter: +392.8% (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. Credo (CRDO) — $699.9M: 2.6M shares, 1.4% of the company, 6.5% of its portfolio (added this quarter); held since Q4 2025
2. AMD (AMD) — $503.9M: 867,370 shares, 0.05% of the company, 4.7% of its portfolio (trimmed this quarter); held since Q3 2025
3. NVIDIA (NVDA) — $500.2M: 2.5M shares, 0.01% of the company, 4.6% of its portfolio (trimmed this quarter); held since Q2 2025
4. Meta Platforms (META) — $409.5M: 727,009 shares, 0.03% of the company, 3.8% of its portfolio (added this quarter); held since Q4 2019 or earlier
5. Coherent (COHR) — $366.8M: 929,963 shares, 0.47% of the company, 3.4% of its portfolio (new position this quarter)
6. Celestica (CLS) — $332.7M: 911,927 shares, 0.79% of the company, 3.1% of its portfolio (trimmed this quarter); held since Q2 2025
7. MongoDB (MDB) — $248.1M: 738,611 shares, 0.92% of the company, 2.3% of its portfolio (added this quarter); held since Q1 2025
8. Fermi (FRMI) — $185.1M: 20.2M shares, 3.2% of the company, 1.7% of its portfolio (new position this quarter)
9. TSMC (TSM) — $124.8M: 261,301 shares, 0.01% of the company, 1.2% of its portfolio (trimmed this quarter); held since Q2 2023
10. Hut 8 (HUT) — $115.4M: 1.0M shares, 0.81% of the company, 1.1% of its portfolio (trimmed this quarter); held since Q4 2025
11. Sandisk (SNDK) — $80.4M: 35,374 shares, 0.02% of the company, 0.74% of its portfolio (added this quarter); held since Q1 2026
12. SoundHound AI (SOUN) — $6.6M: 1.0M shares, 0.23% of the company, 0.06% of its portfolio (new position this quarter)

By sector

• Chips & compute — $1.1B, 32% of its AI holdings, 3 companies
• Interconnect — $699.9M, 20% of its AI holdings, 1 company
• Cloud & AI giants — $409.5M, 11% of its AI holdings, 1 company
• Optics — $366.8M, 10% of its AI holdings, 1 company
• Servers & systems — $332.7M, 9% of its AI holdings, 1 company
• Neoclouds & data centers — $300.5M, 8% of its AI holdings, 2 companies
• AI software — $254.7M, 7% of its AI holdings, 2 companies
• Memory & storage — $80.4M, 2% of its AI holdings, 1 company

Biggest changes this quarter

• opened a position in Coherent (COHR): +$366.8M at the quarter's price
• trimmed AMD (AMD): -$334.1M at the quarter's price
• trimmed Hut 8 (HUT): -$240.7M at the quarter's price
• opened a position in Fermi (FRMI): +$185.1M at the quarter's price
• trimmed TSMC (TSM): -$118.8M at the quarter's price
• added to MongoDB (MDB): +$71.1M at the quarter's price
• trimmed Celestica (CLS): -$38.2M at the quarter's price
• added to Credo (CRDO): +$18.5M at the quarter's price
• opened a position in SoundHound AI (SOUN): +$6.6M at the quarter's price
• added to Meta Platforms (META): +$4.1M at the quarter's price

Other holders of this size

• Investment Management Corp of Ontario — $3.6B in 104 of these companies
• Walleye Trading LLC — $3.6B in 108 of these companies
• SILVERCREST ASSET MANAGEMENT GROUP LLC — $3.6B in 112 of these companies
• Orbis Allan Gray Ltd — $3.6B in 10 of these companies
• Select Equity Group, L.P. — $3.5B in 19 of these companies
• Castle Hook Partners LP — $3.6B in 16 of these companies
• HM PAYSON & CO — $3.5B in 112 of these companies
• Walleye Capital LLC — $3.6B in 194 of these companies

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