T. Rowe Price

T. Rowe Price declares $529.7B in 215 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 46.0% of its $1.2T 13F portfolio. Largest positions: NVIDIA (1.6% of the company) and Alphabet (1.4% of the company). Over time: $529.7B in 215 of these companies for Q2 2026, against $195.5B in 138 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $57.6B and sold $52.3B of these stocks, at the quarter's prices: a net purchase of $5.3B; 8 new positions and 1 sold out.

Performance of its AI picks

The AI-stock portfolio T. Rowe Price declared for Q2 2026 (Form 13F), held unchanged, returned +3.0% in Q3 2026 (SMH -7.1%), ranked 1026 of 1,785 active managers. Over the last 12 months, quarter after quarter: +23.7% (SMH +87.2%), ranked 1010 of 1,360 active managers. Over three years, quarter after quarter: +140.5% (SMH +325.8%), ranked 469 of 784 active managers. Over five years, quarter after quarter: +141.4% (SMH +389.8%), ranked 362 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): $77.4B, 386.7M shares, 1.6% of the company, 6.7% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
2. Alphabet (GOOGL): $61.9B, 173.8M shares, 1.4% of the company, 5.4% of its portfolio (added this quarter); held since Q4 2019 or earlier
3. Apple (AAPL): $48.4B, 167.3M shares, 1.2% of the company, 4.2% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
4. Microsoft (MSFT): $36.5B, 97.9M shares, 1.3% of the company, 3.2% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
5. Broadcom (AVGO): $34.3B, 90.7M shares, 1.9% of the company, 3.0% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
6. Amazon (AMZN): $29.9B, 125.5M shares, 1.2% of the company, 2.6% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
7. AMD (AMD): $23.1B, 39.8M shares, 2.4% of the company, 2.0% of its portfolio (added this quarter); held since Q4 2019 or earlier
8. Meta Platforms (META): $20.0B, 35.5M shares, 1.4% of the company, 1.7% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
9. Micron (MU): $17.6B, 15.3M shares, 1.3% of the company, 1.5% of its portfolio (added this quarter); held since Q4 2019 or earlier
10. Lam Research (LRCX): $10.7B, 24.6M shares, 2.0% of the company, 0.93% of its portfolio (added this quarter); held since Q4 2019 or earlier
11. Applied Materials (AMAT): $9.1B, 12.6M shares, 1.6% of the company, 0.79% of its portfolio (added this quarter); held since Q4 2019 or earlier
12. Intel (INTC): $7.5B, 53.5M shares, 1.0% of the company, 0.65% of its portfolio (added this quarter); held since Q4 2019 or earlier
13. Caterpillar (CAT): $6.6B, 6.2M shares, 1.3% of the company, 0.57% of its portfolio (added this quarter); held since Q4 2019 or earlier
14. TSMC (TSM): $5.8B, 12.1M shares, 0.23% of the company, 0.50% of its portfolio (added this quarter); held since Q4 2019 or earlier
15. Amphenol (APH): $5.6B, 64.0M shares, 2.6% of the company, 0.49% of its portfolio (added this quarter); held since Q4 2019 or earlier

By sector

• Cloud & AI giants: $198.5B, 37% of its AI holdings, 6 companies
• Chips & compute: $172.6B, 33% of its AI holdings, 37 companies
• Equipment & test: $40.7B, 8% of its AI holdings, 26 companies
• Power, electrical & cooling: $31.2B, 6% of its AI holdings, 47 companies
• Memory & storage: $24.2B, 5% of its AI holdings, 6 companies
• Interconnect: $22.3B, 4% of its AI holdings, 11 companies
• AI software: $22.2B, 4% of its AI holdings, 31 companies
• Optics: $8.7B, 2% of its AI holdings, 12 companies
• Neoclouds & data centers: $5.3B, 1% of its AI holdings, 27 companies
• Servers & systems: $3.9B, 1% of its AI holdings, 12 companies

Biggest changes this quarter

• trimmed Apple (AAPL): -$14.1B at the quarter's price
• trimmed Microsoft (MSFT): -$12.0B at the quarter's price
• added to Micron (MU): +$10.7B at the quarter's price
• added to Alphabet (GOOGL): +$5.9B at the quarter's price
• trimmed Amazon (AMZN): -$5.4B at the quarter's price
• added to Lam Research (LRCX): +$4.9B at the quarter's price
• added to Applied Materials (AMAT): +$4.7B at the quarter's price
• added to Marvell (MRVL): +$3.6B at the quarter's price
• trimmed Meta Platforms (META): -$2.5B at the quarter's price
• trimmed Keysight Technologies (KEYS): -$2.0B at the quarter's price

Schedule 13D/G declarations

• Vicor (VICR): 13G filed Sep 8, 2026: 4.4M shares as of Aug 31, 2026, 12.8% as declared
• Ambarella (AMBA): 13G filed Aug 14, 2026: 2.6M shares as of Jun 30, 2026, 5.9% as declared
• Vicor (VICR): 13G filed Aug 14, 2026: 2.4M shares as of Jun 30, 2026, 7.0% as declared
• Skyworks (SWKS): 13G filed Aug 14, 2026: 11.8M shares as of Jun 30, 2026, 7.8% as declared
• Wolfspeed (WOLF): 13G filed Aug 14, 2026: 6.1M shares as of Jun 30, 2026, 11.1% as declared
• LandBridge (LB): 13G filed Aug 14, 2026: 1.3M shares as of Jun 30, 2026, 4.6% as declared
• MACOM (MTSI): 13G filed Aug 14, 2026: 2.9M shares as of Jun 30, 2026, 3.7% as declared
• Keysight Technologies (KEYS): 13G filed Aug 14, 2026: 9.6M shares as of Jun 30, 2026, 5.6% as declared
• Lattice Semiconductor (LSCC): 13G filed Jul 8, 2026: 7.8M shares as of Jun 30, 2026, 5.7% as declared
• Fabrinet (FN): 13G filed Jul 8, 2026: 1.9M shares as of Jun 30, 2026, 5.4% as declared

Other holders of this size

• Norges Bank: $478.8B in 161 of these companies
• Morgan Stanley: $627.0B in 227 of these companies
• UBS: $462.8B in 227 of these companies
• Invesco: $683.3B in 220 of these companies
• Bank of America: $385.2B in 223 of these companies
• JPMorgan: $717.8B in 225 of these companies
• Northern Trust: $373.8B in 224 of these companies
• Capital Group: $881.7B in 132 of these companies

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