Susquehanna

Susquehanna declares $46.3B in 221 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 3.6% of its $1.3T 13F portfolio. Largest positions: NVIDIA (0.09% of the company) and Alphabet (0.09% of the company). It is a market maker: its positions are mostly hedges, so they are left out of the quarter's moves on /holders. Over time: $46.3B in 221 of these companies for Q2 2026, against $10.7B in 138 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $17.6B and sold $6.0B of these stocks, at the quarter's prices: a net purchase of $11.6B; 3 new positions and 5 sold out.

Performance of its AI picks

The AI-stock portfolio Susquehanna declared for Q2 2026 (Form 13F), held unchanged, returned +2.2% in Q3 2026 (SMH -7.1%). Over the last 12 months, quarter after quarter: +67.7% (SMH +87.2%). Over three years, quarter after quarter: +291.0% (SMH +325.8%). Over five years, quarter after quarter: +302.7% (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): $4.3B, 21.5M shares, 0.09% of the company, 0.33% of its portfolio (added this quarter); held since Q4 2019 or earlier
2. Alphabet (GOOGL): $3.8B, 10.6M shares, 0.09% of the company, 0.29% of its portfolio (added this quarter); held since Q4 2019 or earlier
3. Micron (MU): $3.3B, 2.8M shares, 0.25% of the company, 0.25% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
4. Microsoft (MSFT): $3.0B, 8.1M shares, 0.11% of the company, 0.23% of its portfolio (added this quarter); held since Q4 2019 or earlier
5. TSMC (TSM): $2.5B, 5.3M shares, 0.10% of the company, 0.19% of its portfolio (added this quarter); held since Q4 2019 or earlier
6. Amazon (AMZN): $1.9B, 7.9M shares, 0.07% of the company, 0.14% of its portfolio (added this quarter); held since Q4 2019 or earlier
7. Apple (AAPL): $1.9B, 6.4M shares, 0.04% of the company, 0.14% of its portfolio (added this quarter); held since Q4 2019 or earlier
8. Broadcom (AVGO): $1.8B, 4.8M shares, 0.10% of the company, 0.14% of its portfolio (added this quarter); held since Q4 2019 or earlier
9. Meta Platforms (META): $1.7B, 3.0M shares, 0.12% of the company, 0.13% of its portfolio (added this quarter); held since Q4 2019 or earlier
10. Intel (INTC): $1.2B, 8.5M shares, 0.16% of the company, 0.09% of its portfolio (added this quarter); held since Q4 2019 or earlier
11. AMD (AMD): $1.1B, 1.9M shares, 0.12% of the company, 0.09% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
12. Palantir (PLTR): $897.5M, 7.7M shares, 0.32% of the company, 0.07% of its portfolio (added this quarter); held since Q4 2020
13. Oracle (ORCL): $796.5M, 5.4M shares, 0.18% of the company, 0.06% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
14. Sandisk (SNDK): $731.6M, 321,773 shares, 0.23% of the company, 0.06% of its portfolio (trimmed this quarter); held since Q1 2025
15. Arm Holdings (ARM): $643.6M, 1.8M shares, 0.17% of the company, 0.05% of its portfolio (added this quarter); held since Q1 2024

By sector

• Chips & compute: $14.3B, 31% of its AI holdings, 38 companies
• Cloud & AI giants: $12.4B, 27% of its AI holdings, 6 companies
• AI software: $4.9B, 11% of its AI holdings, 31 companies
• Memory & storage: $4.7B, 10% of its AI holdings, 7 companies
• Power, electrical & cooling: $2.9B, 6% of its AI holdings, 47 companies
• Equipment & test: $2.6B, 6% of its AI holdings, 26 companies
• Interconnect: $1.5B, 3% of its AI holdings, 11 companies
• Servers & systems: $1.3B, 3% of its AI holdings, 12 companies
• Neoclouds & data centers: $900.4M, 2% of its AI holdings, 30 companies
• Optics: $853.6M, 2% of its AI holdings, 13 companies

Biggest changes this quarter

• added to NVIDIA (NVDA): +$2.5B at the quarter's price
• added to Alphabet (GOOGL): +$1.6B at the quarter's price
• trimmed Sandisk (SNDK): -$1.5B at the quarter's price
• trimmed AMD (AMD): -$1.3B at the quarter's price
• added to Microsoft (MSFT): +$1.2B at the quarter's price
• trimmed Micron (MU): -$1.2B at the quarter's price
• added to Amazon (AMZN): +$1.0B at the quarter's price
• added to Meta Platforms (META): +$952.2M at the quarter's price
• added to Broadcom (AVGO): +$924.1M at the quarter's price
• added to Palantir (PLTR): +$720.0M at the quarter's price

Schedule 13D/G declarations

• Bitdeer (BTDR): 13G filed Aug 14, 2026: 11.5M shares as of Jun 30, 2026, 5.1% as declared
• POET Technologies (POET): 13G filed Aug 14, 2026: 9.8M shares as of Jun 30, 2026, 5.7% as declared
• Super Micro Computer (SMCI): 13G filed Aug 14, 2026: 33.4M shares as of Jun 30, 2026, 5.1% as declared
• Wolfspeed (WOLF): 13G filed Aug 14, 2026: 3.3M shares as of Jun 30, 2026, 6.3% as declared
• Super Micro Computer (SMCI): 13G filed Jun 18, 2026: 40.3M shares as of Jun 11, 2026, 6.2% as declared
• Wolfspeed (WOLF): 13G filed May 1, 2026: 2.5M shares as of Apr 24, 2026, 5.0% as declared
• Hut 8 (HUT): 13G filed May 15, 2026: 3.1M shares as of Mar 31, 2026, 2.7% as declared
• C3.ai (AI): 13G filed Feb 13, 2026: 4.0M shares as of Dec 31, 2025, 2.9% as declared
• Cipher Mining (CIFR): 13G filed Feb 13, 2026: 14.7M shares as of Dec 31, 2025, 3.7% as declared
• CleanSpark (CLSK): 13G filed Feb 13, 2026: 12.4M shares as of Dec 31, 2025, 4.8% as declared

Other holders of this size

• COATUE MANAGEMENT LLC: $42.7B in 28 of these companies
• Clearbridge Investments, LLC: $46.7B in 99 of these companies
• Dodge & Cox: $42.6B in 32 of these companies
• VY Capital Management Co. Ltd.: $46.9B in 2 of these companies
• Assenagon Asset Management S.A.: $40.9B in 152 of these companies
• Russell Investments Group, Ltd.: $48.5B in 221 of these companies
• Allianz Asset Management GmbH: $40.7B in 161 of these companies
• D. E. Shaw: $48.7B in 205 of these companies

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