Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WDC	WESTERN DIGITAL CORP	30,013	$19.17M	6.1%	$638.72	—	COM	958102105
MU	MICRON TECHNOLOGY INC	16,046	$18.52M	5.9%	$1154.29	—	COM	595112103
STX	SEAGATE TECHNOLOGY HLDNGS PL	17,871	$17.25M	5.5%	$965.00	—	ORD SHS	G7997R103
EWY	ISHARES INC	76,878	$15.52M	4.9%	$201.90	—	MSCI STH KOR ETF	464286772
MRVL	MARVELL TECHNOLOGY INC	38,515	$11.47M	3.6%	$297.89	—	COM	573874104
SITM	SITIME CORP	14,375	$10.72M	3.4%	$745.56	—	COM	82982T106
GS	GOLDMAN SACHS GROUP INC	9,890	$10M	3.2%	$1011.37	—	COM	38141G104
TTMI	STERLING INFRASTRUCTURE INC ⚠	10,580	$8.88M	2.8%	$331.62	—	COM	87305R109
SMH	VANECK ETF TRUST	13,133	$8.614M	2.7%	$655.89	—	SEMICONDUCTR ETF	92189F676
PANW	PALO ALTO NETWORKS INC	24,050	$8.202M	2.6%	$341.02	—	COM	697435105
BE	BLOOM ENERGY CORP	27,010	$8.176M	2.6%	$302.70	—	COM CL A	093712107
STM	STMICROELECTRONICS N V	108,672	$8.138M	2.6%	$74.89	—	NY REGISTRY	861012102
CRDO	CREDO TECHNOLOGY GROUP HOLDI	28,185	$7.665M	2.4%	$271.95	—	ORDINARY SHARES	G25457105
CRWD	CROWDSTRIKE HLDGS INC	9,720	$7.418M	2.4%	$763.14	—	CL A	22788C105
DDOG	DATADOG INC	27,920	$7.269M	2.3%	$260.36	—	CL A COM	23804L103
ARM	ARM HOLDINGS PLC	20,200	$7.162M	2.3%	$354.57	—	SPONSORED ADS	042068205
TTMI	TTM TECHNOLOGIES INC ⚠	37,150	$6.948M	2.2%	$331.62	—	COM	87305R109
IBKR	INTERACTIVE BROKERS GROUP IN	75,375	$6.561M	2.1%	$87.04	—	COM CL A	45841N107
AMD	ADVANCED MICRO DEVICES INC	11,257	$6.539M	2.1%	$580.91	—	COM	007903107
ULTA	ULTRA CLEAN HLDGS INC	38,965	$5.556M	1.8%	$142.59	—	COM	90384S303
SOXX	ISHARES TR	7,890	$5.056M	1.6%	$640.76	—	ISHARES SEMICDTR	464287523
AMKR	AMKOR TECHNOLOGY INC	53,049	$4.574M	1.5%	$86.23	—	COM	031652100
DELL	DELL TECHNOLOGIES INC	9,086	$3.92M	1.2%	$431.46	—	CL C	24703L202
AGX	ARGAN INC	2,632	$2.102M	0.7%	$798.55	—	COM	04010E109

Increased Positions (3)

SNDK SANDISK CORP 8.6%

Value $26.94M (+848.7%) Shares 11,850 (+165.1%) Est. Cost $1610.87 Unrealized —

VRT VERTIV HOLDINGS CO 3.7%

Value $11.64M (+98.0%) Shares 34,779 (+48.2%) Est. Cost $226.02 Unrealized —

NVDA NVIDIA CORPORATION 2.5%

Value $7.909M (+42.1%) Shares 39,529 (+23.9%) Est. Cost $188.82 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SNDK	SANDISK CORP	11,850 (+165.1%)	$26.94M (+848.7%)	8.6%	$1610.87	—	COM	80004C200
VRT	VERTIV HOLDINGS CO	34,779 (+48.2%)	$11.64M (+98.0%)	3.7%	$226.02	—	COM CL A	92537N108
NVDA	NVIDIA CORPORATION	39,529 (+23.9%)	$7.909M (+42.1%)	2.5%	$188.82	—	COM	67066G104

Exited Positions (13)

LITE LUMENTUM HLDGS INC 3.7%

Value $11.77M Shares 16,745 Est. Cost $256.82 Unrealized —

CIEN CIENA CORP 2.7%

Value $8.403M Shares 21,645 Est. Cost $270.92 Unrealized —

QQQ INVESCO QQQ TR 2.6%

Value $8.311M Shares 14,400 Est. Cost $577.18 Unrealized —

SPY STATE STR SPDR S&P 500 ETF T 2.6%

Value $8.266M Shares 12,710 Est. Cost $650.34 Unrealized —

KLAC KLA CORP 2.3%

Value $7.146M Shares 4,853 Est. Cost $1249.81 Unrealized —

CEG CONSTELLATION ENERGY CORP 2.2%

Value $6.855M Shares 24,549 Est. Cost $341.69 Unrealized —

VST VISTRA CORP 2.0%

Value $6.412M Shares 42,650 Est. Cost $178.29 Unrealized —

SIL GLOBAL X FDS 1.8%

Value $5.817M Shares 64,580 Est. Cost $90.08 Unrealized —

TLN TALEN ENERGY CORP 1.8%

Value $5.613M Shares 17,583 Est. Cost $378.80 Unrealized —

AEIS ADVANCED ENERGY INDS 1.7%

Value $5.42M Shares 16,796 Est. Cost $270.51 Unrealized —

FN FABRINET 1.6%

Value $5.029M Shares 9,643 Est. Cost $492.64 Unrealized —

ENTG ENTEGRIS IN 1.1%

Value $3.354M Shares 28,607 Est. Cost $118.35 Unrealized —

LRCX LAM RESEARCH CORP 0.9%

Value $2.752M Shares 12,880 Est. Cost $225.94 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LITE	LUMENTUM HLDGS INC	16,745	$11.77M	3.7%	$256.82	—	—	55024U109
CIEN	CIENA CORP	21,645	$8.403M	2.7%	$270.92	—	—	171779309
QQQ	INVESCO QQQ TR	14,400	$8.311M	2.6%	$577.18	—	—	46090E103
SPY	STATE STR SPDR S&P 500 ETF T	12,710	$8.266M	2.6%	$650.34	—	—	78462F103
KLAC	KLA CORP	4,853	$7.146M	2.3%	$1249.81	—	—	482480100
CEG	CONSTELLATION ENERGY CORP	24,549	$6.855M	2.2%	$341.69	—	—	21037T109
VST	VISTRA CORP	42,650	$6.412M	2.0%	$178.29	—	—	92840M102
SIL	GLOBAL X FDS	64,580	$5.817M	1.8%	$90.08	—	—	37954Y848
TLN	TALEN ENERGY CORP	17,583	$5.613M	1.8%	$378.80	—	—	87422Q109
AEIS	ADVANCED ENERGY INDS	16,796	$5.42M	1.7%	$270.51	—	—	007973100
FN	FABRINET	9,643	$5.029M	1.6%	$492.64	—	—	G3323L100
ENTG	ENTEGRIS IN	28,607	$3.354M	1.1%	$118.35	—	—	29362U104
LRCX	LAM RESEARCH CORP	12,880	$2.752M	0.9%	$225.94	—	—	512807306

Decreased Positions (7)

COHR COHERENT CORP 2.0%

Value $6.323M (-47.7%) Shares 16,029 (-68.4%) Est. Cost $154.86 Unrealized —

TSM TAIWAN SEMICONDUCTOR MFG LTD 4.9%

Value $15.33M (+38.8%) Shares 32,105 (-1.8%) Est. Cost $317.52 Unrealized —

FIX COMFORT SYS USA INC 1.5%

Value $4.57M (-40.8%) Shares 2,306 (-58.8%) Est. Cost $1049.36 Unrealized —

GLW CORNING INC 3.1%

Value $9.646M (-23.7%) Shares 37,762 (-59.4%) Est. Cost $93.58 Unrealized —

Q QNITY ELECTRONICS INC 1.8%

Value $5.518M (-23.6%) Shares 33,790 (-46.0%) Est. Cost $101.21 Unrealized —

IGM ISHARES TR 2.2%

Value $6.825M (-18.9%) Shares 41,725 (-41.2%) Est. Cost $118.51 Unrealized —

TER TERADYNE INC 1.5%

Value $4.815M (-7.0%) Shares 9,951 (-43.0%) Est. Cost $265.87 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
COHR	COHERENT CORP	16,029 (-68.4%)	$6.323M (-47.7%)	2.0%	$154.86	—	COM	19247G107
TSM	TAIWAN SEMICONDUCTOR MFG LTD	32,105 (-1.8%)	$15.33M (+38.8%)	4.9%	$317.52	—	SPONSORED ADS	874039100
FIX	COMFORT SYS USA INC	2,306 (-58.8%)	$4.57M (-40.8%)	1.5%	$1049.36	—	COM	199908104
GLW	CORNING INC	37,762 (-59.4%)	$9.646M (-23.7%)	3.1%	$93.58	—	COM	219350105
Q	QNITY ELECTRONICS INC	33,790 (-46.0%)	$5.518M (-23.6%)	1.8%	$101.21	—	COMMON STOCK	74743L100
IGM	ISHARES TR	41,725 (-41.2%)	$6.825M (-18.9%)	2.2%	$118.51	—	EXPND TEC SC ETF	464287549
TER	TERADYNE INC	9,951 (-43.0%)	$4.815M (-7.0%)	1.5%	$265.87	—	COM	880770102