Treasurer of the State of North Carolina

Treasurer of the State of North Carolina declares $17.5B in 145 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 45.0% of its $38.8B 13F portfolio. Largest positions: NVIDIA (0.04% of the company) and Apple (0.05% of the company). Over time: $17.5B in 145 of these companies for Q2 2026, against $3.5B in 85 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $586.8M and sold $564.2M of these stocks, at the quarter's prices: a net purchase of $22.6M; 27 new positions.

Performance of its AI picks

The AI-stock portfolio Treasurer of the State of North Carolina declared for Q2 2026 (Form 13F), held unchanged, returned +3.8% in Q3 2026 (SMH -7.1%), ranked 878 of 1,785 active managers. Over the last 12 months, quarter after quarter: +30.4% (SMH +87.2%), ranked 550 of 1,360 active managers. Over three years, quarter after quarter: +154.3% (SMH +325.8%), ranked 296 of 784 active managers. Over five years, quarter after quarter: +169.6% (SMH +389.8%), ranked 195 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): $2.2B, 10.8M shares, 0.04% of the company, 5.6% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
2. Apple (AAPL): $2.0B, 6.8M shares, 0.05% of the company, 5.1% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
3. Alphabet (GOOGL): $1.8B, 5.0M shares, 0.04% of the company, 4.6% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
4. Microsoft (MSFT): $1.4B, 3.7M shares, 0.05% of the company, 3.5% of its portfolio (added this quarter); held since Q4 2019 or earlier
5. Amazon (AMZN): $1.2B, 4.8M shares, 0.04% of the company, 3.0% of its portfolio (added this quarter); held since Q4 2019 or earlier
6. Broadcom (AVGO): $903.8M, 2.4M shares, 0.05% of the company, 2.3% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
7. Micron (MU): $674.6M, 584,404 shares, 0.05% of the company, 1.7% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
8. Meta Platforms (META): $654.1M, 1.2M shares, 0.05% of the company, 1.7% of its portfolio (added this quarter); held since Q4 2019 or earlier
9. AMD (AMD): $402.5M, 692,875 shares, 0.04% of the company, 1.0% of its portfolio (added this quarter); held since Q4 2019 or earlier
10. Lam Research (LRCX): $338.4M, 780,871 shares, 0.06% of the company, 0.87% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
11. Applied Materials (AMAT): $331.2M, 458,159 shares, 0.06% of the company, 0.85% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
12. Cisco (CSCO): $316.6M, 2.7M shares, 0.07% of the company, 0.82% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
13. Intel (INTC): $313.5M, 2.2M shares, 0.04% of the company, 0.81% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
14. KLA (KLAC): $274.3M, 909,230 shares, 0.07% of the company, 0.71% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
15. Caterpillar (CAT): $212.3M, 199,374 shares, 0.04% of the company, 0.55% of its portfolio (added this quarter); held since Q4 2019 or earlier

By sector

• Cloud & AI giants: $7.0B, 40% of its AI holdings, 6 companies
• Chips & compute: $4.5B, 26% of its AI holdings, 18 companies
• Power, electrical & cooling: $1.5B, 9% of its AI holdings, 41 companies
• Equipment & test: $1.1B, 6% of its AI holdings, 12 companies
• AI software: $1.1B, 6% of its AI holdings, 24 companies
• Memory & storage: $981.2M, 6% of its AI holdings, 4 companies
• Interconnect: $628.9M, 4% of its AI holdings, 8 companies
• Servers & systems: $325.0M, 2% of its AI holdings, 9 companies
• Neoclouds & data centers: $212.0M, 1% of its AI holdings, 15 companies
• Optics: $190.6M, 1% of its AI holdings, 8 companies

Biggest changes this quarter

• trimmed Micron (MU): -$94.1M at the quarter's price
• trimmed Lam Research (LRCX): -$63.9M at the quarter's price
• trimmed KLA (KLAC): -$56.1M at the quarter's price
• added to Microsoft (MSFT): +$46.4M at the quarter's price
• added to Keysight Technologies (KEYS): +$40.2M at the quarter's price
• trimmed NVIDIA (NVDA): -$38.3M at the quarter's price
• added to Amphenol (APH): +$35.3M at the quarter's price
• trimmed Applied Materials (AMAT): -$35.1M at the quarter's price
• opened a position in Bloom Energy (BE): +$34.6M at the quarter's price
• trimmed Flex (FLEX): -$32.9M at the quarter's price

Other holders of this size

• ALKEON CAPITAL MANAGEMENT LLC: $17.3B in 32 of these companies
• TIGER GLOBAL MANAGEMENT LLC: $17.7B in 19 of these companies
• Renaissance Technologies: $17.1B in 148 of these companies
• Thrivent Financial for Lutherans: $17.9B in 175 of these companies
• PARNASSUS INVESTMENTS, LLC: $16.9B in 35 of these companies
• Handelsbanken Fonder AB: $18.0B in 162 of these companies
• Asset Management One Co., Ltd.: $16.8B in 131 of these companies
• Darsana Capital Partners LP: $18.2B in 4 of these companies

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