Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SMH	VANECK ETF TRUST	5,327,900	$2.043B	14.9%	$383.40	—	PUT	92189F676
NVDA	NVIDIA CORPORATION	8,992,300	$1.568B	11.5%	$186.63	0.0%	PUT	67066G104
ORCL	ORACLE CORP	7,293,000	$1.073B	7.8%	—	—	PUT	68389X105
AVGO	BROADCOM INC	3,251,100	$1.006B	7.4%	—	—	PUT	11135F101
AMD	ADVANCED MICRO DEVICES INC	4,764,100	$969M	7.1%	$221.70	0.0%	PUT	007903107
MU	MICRON TECHNOLOGY INC	1,727,700	$584M	4.3%	$387.04	0.0%	PUT	595112103
TSM	TAIWAN SEMICONDUCTOR MANUFAC	1,583,400	$535M	3.9%	$337.95	—	PUT	874039100
ASML	ASML HLDG NV N Y REGISTRY	374,100	$494M	3.6%	$1320.83	—	PUT	N07059210
MU	MICRON TECHNOLOGY INC	1,250,000	$422M	3.1%	$387.04	0.0%	CALL	595112103
SNDK	SANDISK CORP	611,900	$389M	2.8%	$209.81	+146.2%	CALL	80004C200
TSM	TAIWAN SEMICONDUCTOR MANUFAC	1,050,000	$355M	2.6%	$337.95	—	CALL	874039100
INTC	INTEL CORP	3,605,400	$159M	1.2%	$46.43	+0.0%	PUT	458140100
TE	T1 ENERGY INC	10,000,000	$43.9M	0.3%	$7.59	0.0%	COM NEW	35834F104
GLW	CORNING INC	154,600	$21.02M	0.2%	$111.68	0.0%	PUT	219350105
AMD	ADVANCED MICRO DEVICES INC	99,138	$20.17M	0.1%	$221.70	0.0%	COM	007903107
SHAZ	SHARONAI HOLDINGS INC	796,108	$18.1M	0.1%	$22.73	—	COM CL A ADDED	778920306
SMH	VANECK ETF TRUST	26,950	$10.33M	0.1%	$383.40	—	SEMICONDUCTR ETF	92189F676
TSM	TAIWAN SEMICONDUCTOR MANUFAC	22,423	$7.578M	0.1%	$337.95	—	SPONSORED ADS	874039100
HIVE	HIVE DIGITAL TECHNOLOGIES LT	3,391,547	$6.444M	0.0%	$2.70	0.0%	COM NEW	433921103
ASML	ASML HLDG NV N Y REGISTRY	4,633	$6.119M	0.0%	$1320.83	—	SHS	N07059210
MU	MICRON TECHNOLOGY INC	17,362	$5.866M	0.0%	$387.04	0.0%	COM	595112103
GLW	CORNING INC	5,283	$718K	0.0%	$111.68	0.0%	COM	219350105
NVDA	NVIDIA CORPORATION	2,855	$498K	0.0%	$186.63	0.0%	COM	67066G104

Increased Positions (9)

SNDK SANDISK CORP 5.3%

Value $724M (+189.5%) Shares 1,140,119 (+8.2%) Est. Cost $209.81 Unrealized +146.2%

CRWV COREWEAVE INC 4.1%

Value $556M (+27.3%) Shares 7,177,919 (+17.7%) Est. Cost $109.60 Unrealized -16.5%

CLSK CLEANSPARK INC 0.8%

Value $104M (+529.3%) Shares 12,276,139 (+648.4%) Est. Cost $11.82 Unrealized -4.1%

IREN IREN LIMITED 2.9%

Value $401M (+22.0%) Shares 11,698,835 (+34.5%) Est. Cost $25.51 Unrealized +89.2%

RIOT RIOT PLATFORMS INC 1.0%

Value $142M (+81.9%) Shares 11,502,137 (+86.5%) Est. Cost $15.52 Unrealized +2.3%

APLD APPLIED DIGITAL CORP 2.3%

Value $320M (+15.1%) Shares 13,478,438 (+18.9%) Est. Cost $20.17 Unrealized +70.1%

BITF BITFARMS LTD 0.3%

Value $38.76M (+139.1%) Shares 19,875,840 (+188.2%) Est. Cost $2.79 Unrealized -12.0%

BTDR BITDEER TECHNOLOGIES GROUP 0.2%

Value $29.75M (+48.4%) Shares 3,439,450 (+92.4%) Est. Cost $13.58 Unrealized -11.6%

INTC INTEL CORP 0.1%

Value $8.929M (+24133524.0%) Shares 202,344 (+20234300.0%) Est. Cost $46.43 Unrealized +0.0%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SNDK	SANDISK CORP	1,140,119 (+8.2%)	$724M (+189.5%)	5.3%	$209.81	+146.2%	COM	80004C200
CRWV	COREWEAVE INC	7,177,919 (+17.7%)	$556M (+27.3%)	4.1%	$109.60	-16.5%	COM CL A	21873S108
CLSK	CLEANSPARK INC	12,276,139 (+648.4%)	$104M (+529.3%)	0.8%	$11.82	-4.1%	COM NEW	18452B209
IREN	IREN LIMITED	11,698,835 (+34.5%)	$401M (+22.0%)	2.9%	$25.51	+89.2%	ORDINARY SHARES	Q4982L109
RIOT	RIOT PLATFORMS INC	11,502,137 (+86.5%)	$142M (+81.9%)	1.0%	$15.52	+2.3%	COM	767292105
APLD	APPLIED DIGITAL CORP	13,478,438 (+18.9%)	$320M (+15.1%)	2.3%	$20.17	+70.1%	COM NEW	038169207
BITF	BITFARMS LTD	19,875,840 (+188.2%)	$38.76M (+139.1%)	0.3%	$2.79	-12.0%	COM	09173B107
BTDR	BITDEER TECHNOLOGIES GROUP	3,439,450 (+92.4%)	$29.75M (+48.4%)	0.2%	$13.58	-11.6%	CL A ORD SHS	G11448100
INTC	INTEL CORP	202,344 (+20234300.0%)	$8.929M (+24133524.0%)	0.1%	$46.43	+0.0%	COM	458140100

Exited Positions (10)

INTC INTEL CORP 5.5%

Value $747M Shares 20,237,400 Est. Cost $46.43 Unrealized +0.0%

LITE LUMENTUM HLDGS INC 3.5%

Value $479M Shares 1,298,400 Est. Cost $256.82 Unrealized +81.9%

CIFR CIPHER MINING INC 1.1%

Value $155M Shares 10,469,093 Est. Cost $17.65 Unrealized -5.5%

EQT EQT CORP 1.0%

Value $133M Shares 2,482,225 Est. Cost $54.19 Unrealized +2.0%

COHR COHERENT CORP 0.6%

Value $88.65M Shares 480,300 Est. Cost $133.54 Unrealized +59.8%

TSEM TOWER SEMICONDUCTOR LTD 0.6%

Value $84.9M Shares 723,004 Est. Cost $69.17 Unrealized +86.3%

KRC KILROY RLTY CORP 0.4%

Value $49.62M Shares 1,327,700 Est. Cost $37.37 Unrealized —

HUT HUT 8 CORP 0.3%

Value $39.52M Shares 860,200 Est. Cost $31.08 Unrealized +82.0%

EQT EQT CORP 0.3%

Value $37.52M Shares 700,000 Est. Cost $54.19 Unrealized +2.0%

LBRT LIBERTY ENERGY INC 0.1%

Value $10.47M Shares 567,200 Est. Cost $16.71 Unrealized +38.9%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
INTC	INTEL CORP	20,237,400	$747M	5.5%	$46.43	+0.0%	CALL	458140100
LITE	LUMENTUM HLDGS INC	1,298,400	$479M	3.5%	$256.82	+81.9%	—	55024U109
CIFR	CIPHER MINING INC	10,469,093	$155M	1.1%	$17.65	-5.5%	—	17253J106
EQT	EQT CORP	2,482,225	$133M	1.0%	$54.19	+2.0%	—	26884L109
COHR	COHERENT CORP	480,300	$88.65M	0.6%	$133.54	+59.8%	—	19247G107
TSEM	TOWER SEMICONDUCTOR LTD	723,004	$84.9M	0.6%	$69.17	+86.3%	—	M87915274
KRC	KILROY RLTY CORP	1,327,700	$49.62M	0.4%	$37.37	—	—	49427F108
HUT	HUT 8 CORP	860,200	$39.52M	0.3%	$31.08	+82.0%	—	44812J104
EQT	EQT CORP	700,000	$37.52M	0.3%	$54.19	+2.0%	CALL	26884L109
LBRT	LIBERTY ENERGY INC	567,200	$10.47M	0.1%	$16.71	+38.9%	—	53115L104

Decreased Positions (4)

CRWV COREWEAVE INC 1.0%

Value $141M (-81.8%) Shares 1,814,500 (-83.2%) Est. Cost $109.60 Unrealized -16.5%

CORZ CORE SCIENTIFIC INC NEW 2.8%

Value $389M (-7.1%) Shares 26,008,473 (-9.6%) Est. Cost $14.41 Unrealized +22.8%

SEI SOLARIS ENERGY INFRAS INC 0.5%

Value $62.47M (-27.2%) Shares 1,105,551 (-40.8%) Est. Cost $37.71 Unrealized +40.6%

BE BLOOM ENERGY CORP 6.4%

Value $879M (+0.4%) Shares 6,485,408 (-35.6%) Est. Cost $105.07 Unrealized +37.7%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CRWV	COREWEAVE INC	1,814,500 (-83.2%)	$141M (-81.8%)	1.0%	$109.60	-16.5%	CALL	21873S108
CORZ	CORE SCIENTIFIC INC NEW	26,008,473 (-9.6%)	$389M (-7.1%)	2.8%	$14.41	+22.8%	COM	21874A106
SEI	SOLARIS ENERGY INFRAS INC	1,105,551 (-40.8%)	$62.47M (-27.2%)	0.5%	$37.71	+40.6%	COM CL A	83418M103
BE	BLOOM ENERGY CORP	6,485,408 (-35.6%)	$879M (+0.4%)	6.4%	$105.07	+37.7%	COM CL A	093712107

Unchanged Positions (6)

BE BLOOM ENERGY CORP 0.4%

Value $55.35M Shares 408,500 Est. Cost $105.07 Unrealized +37.7%

BW BABCOCK & WILCOX ENTERPRISES 0.1%

Value $19.89M Shares 1,353,900 Est. Cost $4.93 Unrealized +80.3%

WYFI WHITEFIBER INC 0.2%

Value $20.93M Shares 1,757,600 Est. Cost $24.72 Unrealized -24.4%

PUMP PROPETRO HLDG CORP 0.1%

Value $13.12M Shares 910,300 Est. Cost $8.69 Unrealized +24.9%

INFY INFOSYS LTD 0.0%

Value $6.755M Shares 500,000 Est. Cost — Unrealized —

PSIX POWER SOLUTIONS INTL INC 0.2%

Value $26.32M Shares 432,300 Est. Cost $71.37 Unrealized +10.1%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BE	BLOOM ENERGY CORP	408,500	$55.35M	0.4%	$105.07	+37.7%	CALL	093712107
BW	BABCOCK & WILCOX ENTERPRISES	1,353,900	$19.89M	0.1%	$4.93	+80.3%	COM	05614L209
WYFI	WHITEFIBER INC	1,757,600	$20.93M	0.2%	$24.72	-24.4%	SHS	G96115103
PUMP	PROPETRO HLDG CORP	910,300	$13.12M	0.1%	$8.69	+24.9%	COM	74347M108
INFY	INFOSYS LTD	500,000	$6.755M	0.0%	—	—	PUT	456788108
PSIX	POWER SOLUTIONS INTL INC	432,300	$26.32M	0.2%	$71.37	+10.1%	COM NEW	73933G202