Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMD	ADVANCED MICRO DEVICES INC	66,972	$38.9M	3.2%	$580.91	—	COM	007903107
NBIS	NEBIUS GROUP N.V.	132,768	$36.67M	3.0%	$276.17	—	SHS CLASS A	N97284108
NOK	NOKIA CORP	2,550,584	$33.87M	2.8%	$13.28	—	SPONSORED ADR	654902204
RIOT	RIOT PLATFORMS INC	1,201,609	$32.9M	2.7%	$27.38	—	COM	767292105
INTC	INTEL CORP	223,725	$31.24M	2.6%	$139.63	—	COM	458140100
KLAC	KLA CORP	94,720	$28.58M	2.4%	$301.71	—	COM NEW	482480100
ALAB	ASTERA LABS INC	57,733	$27.89M	2.3%	$483.02	—	COM	04626A103
NTRS	NORTHERN TR CORP	150,619	$26.18M	2.2%	$173.84	—	COM	665859104
FLEX	FLEX LTD	149,474	$24.23M	2.0%	$162.07	—	ORD	Y2573F102
AVGO	BROADCOM INC	60,391	$22.81M	1.9%	$377.75	—	COM	11135F101
FPS	FORGENT POWER SOLUTIONS INC	398,912	$22.28M	1.8%	$55.86	—	COM SHS CL A	34631F102
C	CITIGROUP INC	153,039	$21.42M	1.8%	$139.96	—	COM NEW	172967424
KEEL	KEEL INFRASTRUCTURE CORP	3,622,886	$20.8M	1.7%	$5.74	—	COM SHS	486917107
AMAT	APPLIED MATLS INC	28,138	$20.34M	1.7%	$723.00	—	COM	038222105
VRNS	VARONIS SYS INC	381,281	$16M	1.3%	$41.96	—	COM	922280102
AMKR	AMKOR TECHNOLOGY INC	177,301	$15.29M	1.3%	$86.23	—	COM	031652100
CIFR	CIPHER DIGITAL INC	595,538	$14.59M	1.2%	$24.50	—	COM	17253J106
PENG	PENGUIN SOLUTIONS INC	185,128	$14.07M	1.2%	$76.01	—	COM	706915105
APLD	APPLIED DIGITAL CORP	288,167	$10.75M	0.9%	$37.30	—	COM NEW	038169207
LRCX	LAM RESEARCH CORP	22,365	$9.691M	0.8%	$433.33	—	COM NEW	512807306
AMZN	AMAZON COM INC	28,290	$6.743M	0.6%	$238.34	—	COM	023135106
CEPO	CANTOR EQUITY PARTNERS I INC	362,904	$4.87M	0.4%	$13.42	—	SHS CL A	G1827K107
LSCC	LATTICE SEMICONDUCTOR CORP	29,530	$4.517M	0.4%	$152.96	—	COM	518415104
ADI	ANALOG DEVICES INC	10,576	$4.2M	0.3%	$397.17	—	COM	032654105

Increased Positions (8)

STT STATE STR CORP 4.7%

Value $57.25M (+231.8%) Shares 337,558 (+147.6%) Est. Cost $145.55 Unrealized —

GE GE AEROSPACE 4.5%

Value $54.71M (+210.6%) Shares 146,383 (+135.9%) Est. Cost $260.23 Unrealized —

MKSI MKS INC. 2.9%

Value $35.31M (+127.1%) Shares 79,395 (+17.3%) Est. Cost $257.57 Unrealized —

WULF TERAWULF INC 2.2%

Value $26.93M (+137.4%) Shares 1,090,203 (+38.7%) Est. Cost $10.16 Unrealized —

AEIS ADVANCED ENERGY INDS 2.2%

Value $26.18M (+112.0%) Shares 70,220 (+83.5%) Est. Cost $317.09 Unrealized —

SIMO SILICON MOTION TECHNOLOGY CO 1.4%

Value $17.61M (+238.3%) Shares 52,823 (+14.0%) Est. Cost $139.40 Unrealized —

JBL JABIL INC 1.0%

Value $12.13M (+414.5%) Shares 31,457 (+254.6%) Est. Cost $346.72 Unrealized —

QS QUANTUMSCAPE CORP 0.4%

Value $4.34M (+84.0%) Shares 574,028 (+55.3%) Est. Cost $6.82 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
STT	STATE STR CORP	337,558 (+147.6%)	$57.25M (+231.8%)	4.7%	$145.55	—	COM	857477103
GE	GE AEROSPACE	146,383 (+135.9%)	$54.71M (+210.6%)	4.5%	$260.23	—	COM NEW	369604301
MKSI	MKS INC.	79,395 (+17.3%)	$35.31M (+127.1%)	2.9%	$257.57	—	COM	55306N104
WULF	TERAWULF INC	1,090,203 (+38.7%)	$26.93M (+137.4%)	2.2%	$10.16	—	COM	88080T104
AEIS	ADVANCED ENERGY INDS	70,220 (+83.5%)	$26.18M (+112.0%)	2.2%	$317.09	—	COM	007973100
SIMO	SILICON MOTION TECHNOLOGY CO	52,823 (+14.0%)	$17.61M (+238.3%)	1.4%	$139.40	—	SPONSORED ADR	82706C108
JBL	JABIL INC	31,457 (+254.6%)	$12.13M (+414.5%)	1.0%	$346.72	—	COM	466313103
QS	QUANTUMSCAPE CORP	574,028 (+55.3%)	$4.34M (+84.0%)	0.4%	$6.82	—	COM CL A	74767V109

Exited Positions (11)

ONDS ONDAS INC 1.2%

Value $14.59M Shares 1,614,315 Est. Cost $4.23 Unrealized —

PRIM PRIMORIS SVCS CORP 1.2%

Value $14.3M Shares 100,005 Est. Cost $107.37 Unrealized —

RKT ROCKET COS INC 1.1%

Value $13.28M Shares 932,268 Est. Cost $14.54 Unrealized —

DOCN DIGITALOCEAN HLDGS INC 1.0%

Value $12.52M Shares 145,984 Est. Cost $58.07 Unrealized —

SOXL DIREXION SHARES ETF TRUST 0.9%

Value $10.92M Shares 227,953 Est. Cost $47.91 Unrealized —

AMPX AMPRIUS TECHNOLOGIES INC 0.7%

Value $8.882M Shares 526,832 Est. Cost $7.87 Unrealized —

SPOT SPOTIFY TECHNOLOGY S A 0.6%

Value $7.19M Shares 14,828 Est. Cost $224.56 Unrealized —

AAOI APPLIED OPTOELECTRONICS INC 0.5%

Value $6.288M Shares 74,334 Est. Cost $41.81 Unrealized —

UBER UBER TECHNOLOGIES INC 0.3%

Value $3.856M Shares 53,601 Est. Cost $43.10 Unrealized —

IDR IDAHO STRATEGIC RESOURCES 0.2%

Value $2.953M Shares 91,929 Est. Cost $23.61 Unrealized —

TTI TETRA TECHNOLOGIES INC DEL 0.1%

Value $990K Shares 116,196 Est. Cost $11.03 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ONDS	ONDAS INC	1,614,315	$14.59M	1.2%	$4.23	—	—	68236H204
PRIM	PRIMORIS SVCS CORP	100,005	$14.3M	1.2%	$107.37	—	—	74164F103
RKT	ROCKET COS INC	932,268	$13.28M	1.1%	$14.54	—	—	77311W101
DOCN	DIGITALOCEAN HLDGS INC	145,984	$12.52M	1.0%	$58.07	—	—	25402D102
SOXL	DIREXION SHARES ETF TRUST	227,953	$10.92M	0.9%	$47.91	—	—	25459W458
AMPX	AMPRIUS TECHNOLOGIES INC	526,832	$8.882M	0.7%	$7.87	—	—	03214Q108
SPOT	SPOTIFY TECHNOLOGY S A	14,828	$7.19M	0.6%	$224.56	—	—	L8681T102
AAOI	APPLIED OPTOELECTRONICS INC	74,334	$6.288M	0.5%	$41.81	—	—	03823U102
UBER	UBER TECHNOLOGIES INC	53,601	$3.856M	0.3%	$43.10	—	—	90353T100
IDR	IDAHO STRATEGIC RESOURCES	91,929	$2.953M	0.2%	$23.61	—	—	645827205
TTI	TETRA TECHNOLOGIES INC DEL	116,196	$990K	0.1%	$11.03	—	—	88162F105

Decreased Positions (13)

MU MICRON TECHNOLOGY INC 4.3%

Value $52.39M (+208.8%) Shares 45,388 (-9.6%) Est. Cost $229.35 Unrealized —

HUT HUT 8 CORP 3.3%

Value $40.63M (+103.7%) Shares 351,973 (-17.2%) Est. Cost $25.41 Unrealized —

SNDK SANDISK CORP 2.8%

Value $33.67M (+134.1%) Shares 14,808 (-34.6%) Est. Cost $200.29 Unrealized —

GEV GE VERNOVA INC 4.2%

Value $50.89M (+15.7%) Shares 43,318 (-14.0%) Est. Cost $161.13 Unrealized —

APH AMPHENOL CORP 2.1%

Value $25.06M (+36.2%) Shares 142,139 (-2.4%) Est. Cost $51.49 Unrealized —

COHR COHERENT CORP 1.5%

Value $18.1M (+39.2%) Shares 45,883 (-15.9%) Est. Cost $149.58 Unrealized —

FIX COMFORT SYS USA INC 0.7%

Value $9.04M (-35.2%) Shares 4,561 (-54.9%) Est. Cost $720.03 Unrealized —

AGX ARGAN INC 1.3%

Value $15.58M (-21.5%) Shares 19,514 (-46.5%) Est. Cost $246.14 Unrealized —

FN FABRINET 1.2%

Value $14.68M (-18.6%) Shares 26,114 (-24.5%) Est. Cost $492.64 Unrealized —

LITE LUMENTUM HLDGS INC 0.6%

Value $7.142M (-17.1%) Shares 8,324 (-32.1%) Est. Cost $467.14 Unrealized —

STRL STERLING INFRASTRUCTURE INC 0.6%

Value $7.556M (+18.5%) Shares 9,002 (-42.5%) Est. Cost $376.45 Unrealized —

VRT VERTIV HOLDINGS CO 3.4%

Value $40.93M (-1.1%) Shares 122,240 (-26.0%) Est. Cost $43.13 Unrealized —

IREN IREN LIMITED 0.4%

Value $4.551M (-4.1%) Shares 99,516 (-28.1%) Est. Cost $48.26 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MU	MICRON TECHNOLOGY INC	45,388 (-9.6%)	$52.39M (+208.8%)	4.3%	$229.35	—	COM	595112103
HUT	HUT 8 CORP	351,973 (-17.2%)	$40.63M (+103.7%)	3.3%	$25.41	—	COM	44812J104
SNDK	SANDISK CORP	14,808 (-34.6%)	$33.67M (+134.1%)	2.8%	$200.29	—	COM	80004C200
GEV	GE VERNOVA INC	43,318 (-14.0%)	$50.89M (+15.7%)	4.2%	$161.13	—	COM	36828A101
APH	AMPHENOL CORP	142,139 (-2.4%)	$25.06M (+36.2%)	2.1%	$51.49	—	CL A	032095101
COHR	COHERENT CORP	45,883 (-15.9%)	$18.1M (+39.2%)	1.5%	$149.58	—	COM	19247G107
FIX	COMFORT SYS USA INC	4,561 (-54.9%)	$9.04M (-35.2%)	0.7%	$720.03	—	COM	199908104
AGX	ARGAN INC	19,514 (-46.5%)	$15.58M (-21.5%)	1.3%	$246.14	—	COM	04010E109
FN	FABRINET	26,114 (-24.5%)	$14.68M (-18.6%)	1.2%	$492.64	—	SHS	G3323L100
LITE	LUMENTUM HLDGS INC	8,324 (-32.1%)	$7.142M (-17.1%)	0.6%	$467.14	—	COM	55024U109
STRL	STERLING INFRASTRUCTURE INC	9,002 (-42.5%)	$7.556M (+18.5%)	0.6%	$376.45	—	COM	859241101
VRT	VERTIV HOLDINGS CO	122,240 (-26.0%)	$40.93M (-1.1%)	3.4%	$43.13	—	COM CL A	92537N108
IREN	IREN LIMITED	99,516 (-28.1%)	$4.551M (-4.1%)	0.4%	$48.26	—	ORDINARY SHARES	Q4982L109

Unchanged Positions (11)

TSM TAIWAN SEMICONDUCTOR MANUFAC 3.0%

Value $36.78M Shares 77,008 Est. Cost $230.61 Unrealized —

AIP ARTERIS INC 1.2%

Value $14.28M Shares 293,973 Est. Cost $6.87 Unrealized —

NVDA NVIDIA CORPORATION 1.9%

Value $23.24M Shares 116,169 Est. Cost $141.80 Unrealized —

MTSI MACOM TECH SOLUTIONS HLDGS I 0.6%

Value $6.831M Shares 17,960 Est. Cost $221.00 Unrealized —

AAPL APPLE INC 1.5%

Value $17.88M Shares 61,806 Est. Cost $97.24 Unrealized —

V VISA INC 1.3%

Value $15.67M Shares 45,662 Est. Cost $145.39 Unrealized —

BKD BROOKDALE SR LIVING INC 1.0%

Value $12.19M Shares 757,710 Est. Cost $11.03 Unrealized —

CLS CELESTICA INC 0.6%

Value $7.17M Shares 19,655 Est. Cost $201.61 Unrealized —

MA MASTERCARD INCORPORATED 1.5%

Value $17.8M Shares 34,663 Est. Cost $203.63 Unrealized —

META META PLATFORMS INC 1.1%

Value $13.97M Shares 24,794 Est. Cost $360.77 Unrealized —

TMO THERMO FISHER SCIENTIFIC INC 0.5%

Value $6.619M Shares 13,202 Est. Cost $281.44 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TSM	TAIWAN SEMICONDUCTOR MANUFAC	77,008	$36.78M	3.0%	$230.61	—	SPONSORED ADS	874039100
AIP	ARTERIS INC	293,973	$14.28M	1.2%	$6.87	—	COM	04302A104
NVDA	NVIDIA CORPORATION	116,169	$23.24M	1.9%	$141.80	—	COM	67066G104
MTSI	MACOM TECH SOLUTIONS HLDGS I	17,960	$6.831M	0.6%	$221.00	—	COM	55405Y100
AAPL	APPLE INC	61,806	$17.88M	1.5%	$97.24	—	COM	037833100
V	VISA INC	45,662	$15.67M	1.3%	$145.39	—	COM CL A	92826C839
BKD	BROOKDALE SR LIVING INC	757,710	$12.19M	1.0%	$11.03	—	COM	112463104
CLS	CELESTICA INC	19,655	$7.17M	0.6%	$201.61	—	COM	15101Q207
MA	MASTERCARD INCORPORATED	34,663	$17.8M	1.5%	$203.63	—	CL A	57636Q104
META	META PLATFORMS INC	24,794	$13.97M	1.1%	$360.77	—	CL A	30303M102
TMO	THERMO FISHER SCIENTIFIC INC	13,202	$6.619M	0.5%	$281.44	—	COM	883556102