US BANCORP \DE\

New 13F: Q3 2026

US BANCORP \DE\ filed its 13F for the quarter ended Sep 30, 2026 on Nov 5, 2026: $21.0B in AI and semiconductor stocks; $104.7M bought and $264.3M sold against its previous quarter, at the quarter's prices.

trimmed Apple (AAPL): -$31.1M at the quarter's price
trimmed Accenture (ACN): -$25.3M at the quarter's price
added to Amphenol (APH): +$23.6M at the quarter's price
trimmed Palo Alto Networks (PANW): -$23.1M at the quarter's price
trimmed Alphabet (GOOGL): -$21.7M at the quarter's price
trimmed Microsoft (MSFT): -$19.1M at the quarter's price
trimmed Micron (MU): -$18.6M at the quarter's price
trimmed AMD (AMD): -$15.7M at the quarter's price
trimmed Oracle (ORCL): -$15.3M at the quarter's price
added to Celestica (CLS): +$9.4M at the quarter's price

US BANCORP \DE\ declares $20.1B in 213 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 22.0% of its $91.6B 13F portfolio. Largest positions: Apple (0.07% of the company) and Alphabet (0.06% of the company). Over time: $20.1B in 213 of these companies for Q2 2026, against $5.6B in 148 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $275.3M and sold $263.9M of these stocks, at the quarter's prices: a net purchase of $11.4M; 3 new positions.

Performance of its AI picks

The AI-stock portfolio US BANCORP \DE\ declared for Q2 2026 (Form 13F), held unchanged, returned +5.1% in Q3 2026 (SMH -7.1%), ranked 574 of 1,785 active managers. Over the last 12 months, quarter after quarter: +30.1% (SMH +87.2%), ranked 568 of 1,360 active managers. Over three years, quarter after quarter: +127.1% (SMH +325.8%), ranked 589 of 784 active managers. Over five years, quarter after quarter: +135.6% (SMH +389.8%), ranked 390 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

Apple (AAPL): $2.9B, 10.1M shares, 0.07% of the company, 3.2% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
Alphabet (GOOGL): $2.8B, 7.8M shares, 0.06% of the company, 3.0% of its portfolio (added this quarter); held since Q4 2019 or earlier
Microsoft (MSFT): $2.1B, 5.5M shares, 0.07% of the company, 2.2% of its portfolio (added this quarter); held since Q4 2019 or earlier
NVIDIA (NVDA): $1.6B, 8.2M shares, 0.03% of the company, 1.8% of its portfolio (added this quarter); held since Q4 2019 or earlier
Amazon (AMZN): $1.4B, 6.0M shares, 0.06% of the company, 1.6% of its portfolio (added this quarter); held since Q4 2019 or earlier
Micron (MU): $887.5M, 768,857 shares, 0.07% of the company, 0.97% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
AMD (AMD): $643.1M, 1.1M shares, 0.07% of the company, 0.70% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
Meta Platforms (META): $622.6M, 1.1M shares, 0.04% of the company, 0.68% of its portfolio (added this quarter); held since Q4 2019 or earlier
Caterpillar (CAT): $504.7M, 473,894 shares, 0.10% of the company, 0.55% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
Broadcom (AVGO): $492.9M, 1.3M shares, 0.03% of the company, 0.54% of its portfolio (added this quarter); held since Q4 2019 or earlier
Palo Alto Networks (PANW): $468.7M, 1.4M shares, 0.17% of the company, 0.51% of its portfolio (added this quarter); held since Q4 2019 or earlier
Cisco (CSCO): $430.6M, 3.7M shares, 0.09% of the company, 0.47% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
Applied Materials (AMAT): $412.4M, 570,378 shares, 0.07% of the company, 0.45% of its portfolio (added this quarter); held since Q4 2019 or earlier
Intel (INTC): $279.6M, 2.0M shares, 0.04% of the company, 0.31% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
NextEra Energy (NEE): $249.3M, 2.8M shares, 0.14% of the company, 0.27% of its portfolio (added this quarter); held since Q4 2019 or earlier

By sector

Cloud & AI giants: $9.8B, 49% of its AI holdings, 6 companies
Chips & compute: $4.0B, 20% of its AI holdings, 38 companies
Power, electrical & cooling: $1.8B, 9% of its AI holdings, 47 companies
AI software: $1.3B, 6% of its AI holdings, 31 companies
Memory & storage: $999.4M, 5% of its AI holdings, 7 companies
Equipment & test: $908.4M, 5% of its AI holdings, 25 companies
Interconnect: $634.4M, 3% of its AI holdings, 11 companies
Neoclouds & data centers: $272.2M, 1% of its AI holdings, 24 companies
Servers & systems: $263.7M, 1% of its AI holdings, 12 companies
Optics: $158.7M, 1% of its AI holdings, 12 companies

Biggest changes this quarter

trimmed Micron (MU): -$100.8M at the quarter's price
added to NVIDIA (NVDA): +$35.0M at the quarter's price
added to Meta Platforms (META): +$34.6M at the quarter's price
added to Microsoft (MSFT): +$25.5M at the quarter's price
added to Amazon (AMZN): +$24.2M at the quarter's price
added to Amphenol (APH): +$20.7M at the quarter's price
trimmed Apple (AAPL): -$20.2M at the quarter's price
added to Lumentum (LITE): +$18.9M at the quarter's price
added to Broadcom (AVGO): +$18.5M at the quarter's price
trimmed Adobe (ADBE): -$17.7M at the quarter's price

Other holders of this size

FIFTH THIRD BANCORP: $20.1B in 207 of these companies
DekaBank Deutsche Girozentrale: $20.2B in 96 of these companies
Grantham, Mayo, Van Otterloo & Co. LLC: $20.0B in 71 of these companies
Corient Private Wealth LP: $20.3B in 185 of these companies
STOREBRAND ASSET MANAGEMENT AS: $20.0B in 107 of these companies
Fayez Sarofim & Co: $20.3B in 54 of these companies
Cerity Partners LLC: $19.9B in 190 of these companies
PFA Pension, Forsikringsaktieselskab: $20.4B in 85 of these companies

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