AI infrastructure and semiconductors

An L3VLUP-defined theme, not a standard classification

Definition

The chips, chipmaking tools, networking, servers, storage, optical links, power and cooling equipment, GPU clouds and data-centre space that AI computing runs on.

This is our own definition. It takes SIC 3674, plus these named companies: ALAB, AMAT, ANET, APH, ASML, CAMT, CIEN, CLS, COHR, CRDO, CRWV, DELL, DLR, ENTG, EQIX, HPE, KLAC, LITE, LRCX, MKSI, NBIS, NTAP, ONTO, SMCI, SNDK, STX, TER, VRT, WDC. A stock may sit in several themes.

Q2 2026 against Q1 2026

Reported value: $2,145bn; +$775bn on the quarter before
Managers listing any: 78; +0 on the quarter before
Stocks listed: 102; +1 on the quarter before
Buyers: 1,882; manager-stock pairs opening or adding
Sellers: 1,665; manager-stock pairs trimming or exiting

value over 8 quartersNet buying actions by quarter: +103 · +212 · +226 · +265 · +220 · +116 · +108 · +217

See it in the heatmap, ranked by breadth →

Managers listing any counts distinct comparable managers. Buyers and sellers count actions by comparable managers, once for each stock a manager moved in. Value moves with prices as well as with buying.

Largest stocks (103 in all)

By combined reported value at Q2 2026. Holders are at least counts, among listed positions.

Stock	Holders	Value	Buyers	Sellers
NVDANvidia Corporation	62	$550bn	29	35
AVGOBroadcom Inc	54	$262bn	24	38
MUMicron Technology Inc	50	$164bn	19	34
TSMTaiwan Semiconductor Manufac	60	$98.1bn	22	40
AMDAdvanced Micro Devices Inc	57	$98.0bn	37	21
KLACKla Corp	37	$78.2bn	split	split
INTCIntel Corp	49	$76.5bn	35	17
LRCXLam Research Corp	51	$74.0bn	24	30
AMATApplied Matls Inc	50	$73.4bn	19	33
SNDKSanDisk Corp	45	$55.5bn	18	29
WDCWestern Digital Corp	42	$47.7bn	18	26
ASMLAsml HLDG NV	45	$43.3bn	22	27
STXSeagate Technology Hldngs PL	46	$40.7bn	32	17
APHAmphenol Corp	41	$39.1bn	24	22
MRVLMarvell Technology Inc	40	$35.3bn	22	20
TXNTexas Instrs Inc	46	$30.8bn	32	14
ANETArista Networks Inc	42	$25.5bn	19	27
ADIAnalog Devices Inc	41	$20.9bn	20	27
ALABAstera Labs Inc	39	$19.3bn	22	19
NXPINXP Semiconductors N V	32	$16.8bn	16	18
CIENCiena Corp	40	$16.7bn	26	19
MPWRMonolithic PWR Sys Inc	37	$14.5bn	27	12
LITELumentum HLDGS Inc	43	$13.9bn	20	27
EQIXEquinix Inc	36	$13.0bn	18	21
COHRCoherent Corp	40	$12.5bn	18	26

Managers holding its largest names

Across the 15 largest stocks above at Q2 2026: how many of them each manager lists, and their combined value. A manager can hold others below its listed range.

Fidelity (FMR LLC)15 of 15 · $464bn
Invesco Ltd15 of 15 · $291bn
T. Rowe Price Associates Inc15 of 15 · $200bn
Capital World Investors13 of 15 · $161bn
Capital Research Global Investors14 of 15 · $136bn
Wellington Management Group LLP15 of 15 · $76.6bn
Janus Henderson Group Ltd14 of 15 · $46.4bn
AllianceBernstein LP15 of 15 · $44.9bn
MFS Investment Management13 of 15 · $38.1bn
Arrowstreet Capital LP12 of 15 · $30.9bn
AQR Capital Management LLC13 of 15 · $24.5bn
Coatue Management LLC9 of 15 · $20.8bn
Susquehanna International Group LLP14 of 15 · $17.7bn
Neuberger Berman Group LLC15 of 15 · $16.8bn
D. E. Shaw & Co.12 of 15 · $14.2bn
Acadian Asset Management LLC15 of 15 · $12.9bn
Jane Street Group LLC12 of 15 · $11.6bn
Baillie Gifford & Co11 of 15 · $9.6bn
Citadel Advisors LLC12 of 15 · $9.6bn
Tiger Global Management LLC8 of 15 · $9.0bn

Provided for information purposes only, not financial advice. The holdings shown here and anything drawn from them are illustrative, produced from assumptions you control, and must not be relied on for any investment, financial or business decision. Read the full notice

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Illustrative figures. Default values are plausible starting points chosen so a model has somewhere to begin. They are not data, not a view on any company, and not calibrated to anything. Outputs move with whatever you type in.

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