STATE OF WISCONSIN INVESTMENT BOARD

STATE OF WISCONSIN INVESTMENT BOARD declares $19.2B in 198 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 38.8% of its $49.6B 13F portfolio. Largest positions: NVIDIA (0.05% of the company) and Apple (0.05% of the company). Over time: $19.2B in 198 of these companies for Q2 2026, against $9.2B in 115 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $286.3M and sold $516.2M of these stocks, at the quarter's prices: a net sale of $230.0M; 9 new positions and 3 sold out.

Performance of its AI picks

The AI-stock portfolio STATE OF WISCONSIN INVESTMENT BOARD declared for Q2 2026 (Form 13F), held unchanged, returned +3.7% in Q3 2026 (SMH -7.1%), ranked 893 of 1,785 active managers. Over the last 12 months, quarter after quarter: +30.9% (SMH +87.2%), ranked 515 of 1,360 active managers. Over three years, quarter after quarter: +155.6% (SMH +325.8%), ranked 283 of 784 active managers. Over five years, quarter after quarter: +167.0% (SMH +389.8%), ranked 214 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): $2.5B, 12.3M shares, 0.05% of the company, 5.0% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
2. Apple (AAPL): $2.3B, 7.8M shares, 0.05% of the company, 4.6% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
3. Alphabet (GOOGL): $2.2B, 6.2M shares, 0.05% of the company, 4.5% of its portfolio (added this quarter); held since Q4 2019 or earlier
4. Microsoft (MSFT): $1.4B, 3.8M shares, 0.05% of the company, 2.8% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
5. Amazon (AMZN): $1.2B, 5.2M shares, 0.05% of the company, 2.5% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
6. Broadcom (AVGO): $913.1M, 2.4M shares, 0.05% of the company, 1.8% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
7. Micron (MU): $694.3M, 601,531 shares, 0.05% of the company, 1.4% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
8. Meta Platforms (META): $659.8M, 1.2M shares, 0.05% of the company, 1.3% of its portfolio (added this quarter); held since Q4 2019 or earlier
9. AMD (AMD): $506.1M, 871,173 shares, 0.05% of the company, 1.0% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
10. Intel (INTC): $333.0M, 2.4M shares, 0.04% of the company, 0.67% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
11. Applied Materials (AMAT): $306.0M, 423,289 shares, 0.05% of the company, 0.62% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
12. Lam Research (LRCX): $297.4M, 686,377 shares, 0.05% of the company, 0.60% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
13. Caterpillar (CAT): $264.2M, 248,082 shares, 0.05% of the company, 0.53% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
14. Cisco (CSCO): $250.1M, 2.1M shares, 0.05% of the company, 0.50% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
15. KLA (KLAC): $210.9M, 699,073 shares, 0.05% of the company, 0.43% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier

By sector

• Cloud & AI giants: $7.8B, 40% of its AI holdings, 6 companies
• Chips & compute: $4.9B, 26% of its AI holdings, 31 companies
• Power, electrical & cooling: $1.6B, 8% of its AI holdings, 46 companies
• Memory & storage: $1.2B, 6% of its AI holdings, 6 companies
• AI software: $1.1B, 6% of its AI holdings, 29 companies
• Equipment & test: $1.0B, 5% of its AI holdings, 23 companies
• Interconnect: $626.0M, 3% of its AI holdings, 11 companies
• Servers & systems: $370.8M, 2% of its AI holdings, 12 companies
• Neoclouds & data centers: $316.8M, 2% of its AI holdings, 23 companies
• Optics: $265.1M, 1% of its AI holdings, 11 companies

Biggest changes this quarter

• added to Alphabet (GOOGL): +$173.8M at the quarter's price
• trimmed NVIDIA (NVDA): -$140.5M at the quarter's price
• trimmed Intel (INTC): -$27.8M at the quarter's price
• trimmed Apple (AAPL): -$21.8M at the quarter's price
• trimmed KLA (KLAC): -$19.0M at the quarter's price
• trimmed Western Digital (WDC): -$15.8M at the quarter's price
• trimmed Broadcom (AVGO): -$14.9M at the quarter's price
• trimmed Seagate (STX): -$13.7M at the quarter's price
• trimmed GE Vernova (GEV): -$13.2M at the quarter's price
• trimmed Palo Alto Networks (PANW): -$13.0M at the quarter's price

Other holders of this size

• DNB Asset Management AS: $19.2B in 170 of these companies
• Rockefeller Capital Management L.P.: $19.4B in 217 of these companies
• Man Group plc: $19.1B in 180 of these companies
• Situational Awareness LP: $19.5B in 18 of these companies
• APG Asset Management N.V.: $18.9B in 96 of these companies
• Allspring Global Investments Holdings, LLC: $19.5B in 168 of these companies
• Eurizon Capital SGR S.p.A.: $18.8B in 153 of these companies
• Baird Financial Group, Inc.: $19.6B in 147 of these companies

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