State of Tennessee, Department of Treasury

State of Tennessee, Department of Treasury declares $12.7B in 159 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 37.8% of its $33.7B 13F portfolio. Largest positions: NVIDIA (0.03% of the company) and Apple (0.03% of the company). Over time: $12.7B in 159 of these companies for Q2 2026, against $4.7B in 118 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $206.7M and sold $172.8M of these stocks, at the quarter's prices: a net purchase of $33.9M; 2 new positions and 1 sold out.

Performance of its AI picks

The AI-stock portfolio State of Tennessee, Department of Treasury declared for Q2 2026 (Form 13F), held unchanged, returned +3.8% in Q3 2026 (SMH -7.1%), ranked 870 of 1,785 active managers. Over the last 12 months, quarter after quarter: +31.0% (SMH +87.2%), ranked 506 of 1,360 active managers. Over three years, quarter after quarter: +156.8% (SMH +325.8%), ranked 265 of 784 active managers. Over five years, quarter after quarter: +172.9% (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. NVIDIA (NVDA): $1.7B, 8.4M shares, 0.03% of the company, 5.0% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
2. Apple (AAPL): $1.5B, 5.1M shares, 0.03% of the company, 4.4% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
3. Alphabet (GOOGL): $1.3B, 3.6M shares, 0.03% of the company, 3.9% of its portfolio (added this quarter); held since Q4 2019 or earlier
4. Microsoft (MSFT): $960.3M, 2.6M shares, 0.03% of the company, 2.9% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
5. Amazon (AMZN): $802.9M, 3.4M shares, 0.03% of the company, 2.4% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
6. Broadcom (AVGO): $617.0M, 1.6M shares, 0.03% of the company, 1.8% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
7. TSMC (TSM): $511.1M, 1.1M shares, 0.02% of the company, 1.5% of its portfolio (added this quarter); held since Q4 2025
8. Micron (MU): $447.1M, 387,321 shares, 0.03% of the company, 1.3% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
9. Meta Platforms (META): $422.9M, 750,789 shares, 0.03% of the company, 1.3% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
10. AMD (AMD): $327.3M, 563,368 shares, 0.03% of the company, 0.97% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
11. Intel (INTC): $223.2M, 1.6M shares, 0.03% of the company, 0.66% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
12. Applied Materials (AMAT): $205.7M, 284,484 shares, 0.04% of the company, 0.61% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
13. Lam Research (LRCX): $191.4M, 441,754 shares, 0.04% of the company, 0.57% of its portfolio (added this quarter); held since Q4 2019 or earlier
14. Caterpillar (CAT): $171.8M, 161,321 shares, 0.04% of the company, 0.51% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
15. Cisco (CSCO): $161.3M, 1.4M shares, 0.03% of the company, 0.48% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier

By sector

• Cloud & AI giants: $5.0B, 39% of its AI holdings, 5 companies
• Chips & compute: $3.8B, 30% of its AI holdings, 28 companies
• Power, electrical & cooling: $1.0B, 8% of its AI holdings, 38 companies
• Equipment & test: $740.4M, 6% of its AI holdings, 22 companies
• Memory & storage: $723.6M, 6% of its AI holdings, 6 companies
• AI software: $674.8M, 5% of its AI holdings, 21 companies
• Interconnect: $342.0M, 3% of its AI holdings, 9 companies
• Servers & systems: $234.5M, 2% of its AI holdings, 12 companies
• Optics: $135.1M, 1% of its AI holdings, 7 companies
• Neoclouds & data centers: $133.0M, 1% of its AI holdings, 11 companies

Biggest changes this quarter

• opened a position in Marvell (MRVL): +$89.3M at the quarter's price
• trimmed Intel (INTC): -$20.4M at the quarter's price
• trimmed Applied Materials (AMAT): -$16.5M at the quarter's price
• added to Palo Alto Networks (PANW): +$9.7M at the quarter's price
• added to Lam Research (LRCX): +$9.1M at the quarter's price
• added to Southern Company (SO): +$8.1M at the quarter's price
• added to Eaton (ETN): +$8.0M at the quarter's price
• trimmed Apple (AAPL): -$7.7M at the quarter's price
• added to Datadog (DDOG): +$7.3M at the quarter's price
• added to Trane (TT): +$6.9M at the quarter's price

Other holders of this size

• SOFTBANK GROUP CORP.: $12.7B in 3 of these companies
• a16z Capital Management, L.L.C.: $12.9B in 2 of these companies
• SEB Asset Management AB: $12.7B in 104 of these companies
• WESTFIELD CAPITAL MANAGEMENT CO LP: $12.9B in 74 of these companies
• Balyasny: $12.7B in 171 of these companies
• CIBC Asset Management Inc: $13.1B in 173 of these companies
• CI INVESTMENTS INC.: $12.4B in 122 of these companies
• COMMONWEALTH EQUITY SERVICES, LLC: $13.3B in 197 of these companies

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