Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ARM	ARM HOLDINGS PLC	36,364	$12.89M	8.4%	$354.57	—	SPONSORED ADS	042068205
MRVL	MARVELL TECHNOLOGY INC	39,579	$11.79M	7.7%	$297.89	—	COM	573874104
NBIS	NEBIUS GROUP N.V.	39,785	$10.99M	7.1%	$276.17	—	SHS CLASS A	N97284108
GOOGL	ALPHABET INC	20,258	$7.24M	4.7%	$357.37	—	CAP STK CL A	02079K305
AMD	ADVANCED MICRO DEVICES INC	11,527	$6.696M	4.3%	$580.91	—	COM	007903107
WOLF	WOLFSPEED INC	115,083	$5.553M	3.6%	$48.25	—	COMMON STOCK	97785W106
ALAB	ASTERA LABS INC	9,666	$4.669M	3.0%	$483.02	—	COM	04626A103
MXL	MAXLINEAR INC	36,382	$4.658M	3.0%	$128.03	—	COM	57776J100
WDC	WESTERN DIGITAL CORP	4,536	$2.897M	1.9%	$638.72	—	COM	958102105
HSAI	HESAI GROUP	158,400	$2.886M	1.9%	$18.22	—	SPONSORED ADS	428050108
RIG	TRANSOCEAN LTD	545,750	$2.669M	1.7%	$4.89	—	REGISTERED SHS	H8817H100
AAOI	APPLIED OPTOELECTRONICS INC	17,598	$2.607M	1.7%	$148.16	—	COM	03823U102
UMC	UNITED MICROELECTRONICS CORP	86,267	$2.347M	1.5%	$27.21	—	SPON ADR NEW	910873405
CBRS	CEREBRAS SYSTEMS INC	7,271	$1.607M	1.0%	$221.00	—	COM CL A	15675D103
MU	MICRON TECHNOLOGY INC	912	$1.053M	0.7%	$1154.29	—	COM	595112103
ACLS	AXCELIS TECHNOLOGIES INC	5,012	$950K	0.6%	$189.45	—	COM NEW	054540208
AVGO	BROADCOM INC	2,368	$895K	0.6%	$377.75	—	COM	11135F101
HUT	HUT 8 CORP	6,684	$772K	0.5%	$115.44	—	COM	44812J104
CIEN	CIENA CORP	1,441	$707K	0.5%	$490.56	—	COM NEW	171779309
NVTS	NAVITAS SEMICONDUCTOR CORP	38,260	$686K	0.4%	$17.92	—	COM	63942X106
RMBS	RAMBUS INC DEL	5,012	$665K	0.4%	$132.74	—	COM	750917106
TSEM	TOWER SEMICONDUCTOR LTD	2,497	$651K	0.4%	$260.64	—	SHS NEW	M87915274
QCOM	QUALCOMM INC	3,480	$643K	0.4%	$184.79	—	COM	747525103
ON	ON SEMICONDUCTOR CORP	4,920	$465K	0.3%	$94.54	—	COM	682189105
VICR	VICOR CORP	1,199	$455K	0.3%	$379.78	—	COM	925815102
CRDO	CREDO TECHNOLOGY GROUP HOLDI	1,013	$275K	0.2%	$271.95	—	ORDINARY SHARES	G25457105
CC	CHEMOURS CO	11,093	$228K	0.1%	$20.52	—	COM	163851108
VRT	VERTIV HOLDINGS CO	578	$194K	0.1%	$334.82	—	COM CL A	92537N108
FORM	FORMFACTOR INC	911	$146K	0.1%	$159.93	—	COM	346375108

Increased Positions (1)

POET POET TECHNOLOGIES INC 1.8%

Value $2.788M (+100.6%) Shares 271,237 (+15.9%) Est. Cost $7.06 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
POET	POET TECHNOLOGIES INC	271,237 (+15.9%)	$2.788M (+100.6%)	1.8%	$7.06	—	COM NEW	73044W302

Exited Positions (5)

PDD PDD HOLDINGS INC 12.8%

Value $19.78M Shares 193,600 Est. Cost $122.13 Unrealized —

SATS ECHOSTAR CORP 5.4%

Value $8.347M Shares 71,300 Est. Cost $116.36 Unrealized —

SLV ISHARES SILVER TR 3.5%

Value $5.37M Shares 78,814 Est. Cost $68.14 Unrealized —

IBIT ISHARES BITCOIN TRUST ETF 3.3%

Value $5.136M Shares 133,689 Est. Cost $62.18 Unrealized —

MAXN MAXEON SOLAR TECHNOLOGIES LT 0.1%

Value $133K Shares 88,082 Est. Cost $7.75 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PDD	PDD HOLDINGS INC	193,600	$19.78M	12.8%	$122.13	—	—	722304102
SATS	ECHOSTAR CORP	71,300	$8.347M	5.4%	$116.36	—	—	278768106
SLV	ISHARES SILVER TR	78,814	$5.37M	3.5%	$68.14	—	—	46428Q109
IBIT	ISHARES BITCOIN TRUST ETF	133,689	$5.136M	3.3%	$62.18	—	—	46438F101
MAXN	MAXEON SOLAR TECHNOLOGIES LT	88,082	$133K	0.1%	$7.75	—	—	Y58473128

Decreased Positions (10)

LITE LUMENTUM HLDGS INC 1.5%

Value $2.381M (-84.4%) Shares 2,775 (-87.2%) Est. Cost $407.48 Unrealized —

SNDK SANDISK CORP 7.5%

Value $11.5M (-40.8%) Shares 5,057 (-83.5%) Est. Cost $516.50 Unrealized —

INTC INTEL CORP 9.8%

Value $15.02M (-32.7%) Shares 107,539 (-78.7%) Est. Cost $40.80 Unrealized —

U UNITY SOFTWARE INC 3.9%

Value $5.978M (-47.6%) Shares 209,163 (-59.8%) Est. Cost $32.05 Unrealized —

COHR COHERENT CORP 6.0%

Value $9.285M (-26.4%) Shares 23,539 (-55.6%) Est. Cost $213.35 Unrealized —

TTMI TTM TECHNOLOGIES INC 0.3%

Value $533K (-83.1%) Shares 2,848 (-91.2%) Est. Cost $93.41 Unrealized —

AMKR AMKOR TECHNOLOGY INC 2.6%

Value $4.053M (+46.1%) Shares 47,007 (-23.7%) Est. Cost $49.52 Unrealized —

MTSI MACOM TECH SOLUTIONS HLDGS I 4.8%

Value $7.434M (+16.7%) Shares 19,544 (-31.9%) Est. Cost $221.00 Unrealized —

ALMU AELUMA INC 0.0%

Value $36,057 (-96.3%) Shares 1,633 (-97.8%) Est. Cost $17.68 Unrealized —

AXTI AXT INC 3.5%

Value $5.361M (-0.8%) Shares 74,377 (-21.6%) Est. Cost $9.66 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LITE	LUMENTUM HLDGS INC	2,775 (-87.2%)	$2.381M (-84.4%)	1.5%	$407.48	—	COM	55024U109
SNDK	SANDISK CORP	5,057 (-83.5%)	$11.5M (-40.8%)	7.5%	$516.50	—	COM	80004C200
INTC	INTEL CORP	107,539 (-78.7%)	$15.02M (-32.7%)	9.8%	$40.80	—	COM	458140100
U	UNITY SOFTWARE INC	209,163 (-59.8%)	$5.978M (-47.6%)	3.9%	$32.05	—	COM	91332U101
COHR	COHERENT CORP	23,539 (-55.6%)	$9.285M (-26.4%)	6.0%	$213.35	—	COM	19247G107
TTMI	TTM TECHNOLOGIES INC	2,848 (-91.2%)	$533K (-83.1%)	0.3%	$93.41	—	COM	87305R109
AMKR	AMKOR TECHNOLOGY INC	47,007 (-23.7%)	$4.053M (+46.1%)	2.6%	$49.52	—	COM	031652100
MTSI	MACOM TECH SOLUTIONS HLDGS I	19,544 (-31.9%)	$7.434M (+16.7%)	4.8%	$221.00	—	COM	55405Y100
ALMU	AELUMA INC	1,633 (-97.8%)	$36,057 (-96.3%)	0.0%	$17.68	—	COM	00776X109
AXTI	AXT INC	74,377 (-21.6%)	$5.361M (-0.8%)	3.5%	$9.66	—	COM	00246W103

Unchanged Positions (4)

TCOM TRIP COM GROUP LTD 0.8%

Value $1.275M Shares 31,999 Est. Cost $47.00 Unrealized —

SILJ AMPLIFY ETF TR 0.0%

Value $16,589 Shares 640 Est. Cost $29.72 Unrealized —

SIL GLOBAL X FDS 0.0%

Value $13,013 Shares 168 Est. Cost $83.52 Unrealized —

VIXY PROSHARES TR II 0.0%

Value $1,022 Shares 48 Est. Cost $25.65 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TCOM	TRIP COM GROUP LTD	31,999	$1.275M	0.8%	$47.00	—	ADS	89677Q107
SILJ	AMPLIFY ETF TR	640	$16,589	0.0%	$29.72	—	JR SILV MINE ETF	032108649
SIL	GLOBAL X FDS	168	$13,013	0.0%	$83.52	—	GLOBAL X SILVER	37954Y848
VIXY	PROSHARES TR II	48	$1,022	0.0%	$25.65	—	VIX SHT TERM FUT	74347Y730