CloudAlpha Capital Management Limited/Hong Kong Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ASML	ASML HOLDING N V	81,210	$86,883	4.1%	$1069.86	—	N Y REGISTRY SHS	N07059210
DELL	DELL TECHNOLOGIES INC	600,000	$75,528	3.6%	—	—	PUT	24703L202
HPQ	HP INC	2,900,000	$64,612	3.0%	—	—	PUT	40434L105
ORCL	ORACLE CORP	270,000	$52,626	2.5%	$211.62	+12.5%	CALL	68389X105
ASML	ASML HOLDING N V	42,500	$45,469	2.1%	$1069.86	—	CALL	N07059210
ARKK	ARK ETF TR INNOVATION ETF	439,000	$33,768	1.6%	—	—	PUT	00214Q104
FTAI	FTAI AVIATION LTD	120,000	$23,622	1.1%	$170.24	0.0%	CALL	G3730V105
AXTI	AXT INC	1,390,730	$22,738	1.1%	$9.66	0.0%	COM	00246W103
SLV	ISHARES SILVER TR I	330,000	$21,259	1.0%	—	—	PUT	46428Q109
WDC	WESTERN DIGITAL CORP	121,259	$20,889	1.0%	$151.55	0.0%	COM	958102105
AMZN	AMAZON COM INC	86,110	$19,876	0.9%	$228.79	0.0%	COM	023135106
META	META PLATFORMS INC	29,810	$19,677	0.9%	$667.32	0.0%	CL A	30303M102
RKLB	ROCKET LAB CORP	241,334	$16,835	0.8%	$57.32	0.0%	COM	773121108
ALAB	ASTERA LABS INC	100,000	$16,636	0.8%	—	—	PUT	04626A103
TTMI	TTM TECHNOLOGIES INC	184,548	$12,734	0.6%	$65.27	0.0%	COM	87305R109
OKLO	OKLO INC	164,299	$11,790	0.6%	$111.52	0.0%	COM CL A	02156V109
CLS	CELESTICA INC	34,110	$10,083	0.5%	$301.37	0.0%	COM	15101Q207
KEYS	KEYSIGHT TECHNOLOGIES INC	43,112	$8,760	0.4%	$185.56	0.0%	COM	49338L103
LSCC	LATTICE SEMICONDUCTOR CORP	113,400	$8,344	0.4%	$73.58	—	COM	518415104
ONDS	ONDAS HLDGS INC	690,000	$6,734	0.3%	$8.03	0.0%	COM NEW	68236H204
FTAI	FTAI AVIATION LTD	30,300	$5,965	0.3%	$170.24	0.0%	SHS	G3730V105
AVGO	BROADCOM INC	14,500	$5,018	0.2%	$232.42	+53.6%	CALL	11135F101
CLSK	CLEANSPARK INC	486,000	$4,918	0.2%	$14.99	0.0%	COM NEW	18452B209
HUT	HUT 8 CORP	97,387	$4,474	0.2%	$44.08	0.0%	COM	44812J104
BITF	BITFARMS LTD	1,631,964	$3,835	0.2%	$3.42	0.0%	COM	09173B107
IONQ	IONQ INC	54,102	$2,428	0.1%	$56.04	0.0%	COM	46222L108
RGTI	RIGETTI COMPUTING INC	81,000	$1,794	0.1%	$32.60	0.0%	COMMON STOCK	76655K103
QBTS	D-WAVE QUANTUM INC	67,300	$1,760	0.1%	$29.13	0.0%	COM	26740W109
CIFR	CIPHER MINING INC	107,000	$1,579	0.1%	$17.65	0.0%	COM	17253J106
NRG	NRG ENERGY INC	4,000	$637	0.0%	$165.30	0.0%	COM NEW	629377508
SMR	NUSCALE PWR CORP	42,610	$604	0.0%	$28.60	0.0%	CL A COM	67079K100
GOOG	ALPHABET INC CAP STK	1,100	$345	0.0%	$286.33	0.0%	CL C	02079K107

Increased Positions (13)

TSLA TESLA INC 18.5%

Value ($000) $391,976 (+26.6%) Shares 871,600 (+25.2%) Est. Cost $346.84 Unrealized +27.8%

LITE LUMENTUM HLDGS INC 3.4%

Value ($000) $72,900 (+233.5%) Shares 197,781 (+47.2%) Est. Cost $130.57 Unrealized +96.7%

SNDK SANDISK CORP 3.2%

Value ($000) $67,943 (+183.2%) Shares 286,219 (+33.9%) Est. Cost $94.29 Unrealized +112.4%

AMAT APPLIED MATLS INC 1.7%

Value ($000) $36,177 (+282.6%) Shares 140,773 (+204.8%) Est. Cost $220.23 Unrealized +8.7%

NBIS NEBIUS GROUP N.V. 3.0%

Value ($000) $63,114 (+51.4%) Shares 754,000 (+103.1%) Est. Cost $86.79 Unrealized +19.4%

SOXX ISHARES TR 3.3%

Value ($000) $69,716 (+35.3%) Shares 231,500 (+21.8%) Est. Cost — Unrealized —

CRCL CIRCLE INTERNET GROUP INC 2.6%

Value ($000) $54,688 (+45.3%) Shares 689,628 (+142.9%) Est. Cost $126.63 Unrealized -18.4%

ORCL ORACLE CORP 0.9%

Value ($000) $19,707 (+102.5%) Shares 101,110 (+192.2%) Est. Cost $211.62 Unrealized +12.5%

AVGO BROADCOM INC 1.6%

Value ($000) $33,945 (+18.8%) Shares 98,080 (+13.2%) Est. Cost $232.42 Unrealized +53.6%

BE BLOOM ENERGY CORP 0.5%

Value ($000) $9,827 (+31.5%) Shares 113,100 (+27.9%) Est. Cost $59.24 Unrealized +77.4%

IREN IREN LIMITED 0.2%

Value ($000) $5,042 (+62.1%) Shares 133,500 (+101.5%) Est. Cost $30.01 Unrealized +71.9%

LEU CENTRUS ENERGY CORP 2.0%

Value ($000) $41,828 (+4.2%) Shares 172,300 (+33.1%) Est. Cost $133.74 Unrealized +125.8%

SUPX SUPERX AI TECHNOLOGY LTD USD 0.4%

Value ($000) $8,053 (-12.5%) Shares 513,592 (+260.1%) Est. Cost $39.49 Unrealized +6.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TSLA	TESLA INC	871,600 (+25.2%)	$391,976 (+26.6%)	18.5%	$346.84	+27.8%	CALL	88160R101
LITE	LUMENTUM HLDGS INC	197,781 (+47.2%)	$72,900 (+233.5%)	3.4%	$130.57	+96.7%	COM	55024U109
SNDK	SANDISK CORP	286,219 (+33.9%)	$67,943 (+183.2%)	3.2%	$94.29	+112.4%	COM	80004C200
AMAT	APPLIED MATLS INC	140,773 (+204.8%)	$36,177 (+282.6%)	1.7%	$220.23	+8.7%	COM	038222105
NBIS	NEBIUS GROUP N.V.	754,000 (+103.1%)	$63,114 (+51.4%)	3.0%	$86.79	+19.4%	SHS CLASS A	N97284108
SOXX	ISHARES TR	231,500 (+21.8%)	$69,716 (+35.3%)	3.3%	—	—	PUT	464287523
CRCL	CIRCLE INTERNET GROUP INC	689,628 (+142.9%)	$54,688 (+45.3%)	2.6%	$126.63	-18.4%	COM CL A	172573107
ORCL	ORACLE CORP	101,110 (+192.2%)	$19,707 (+102.5%)	0.9%	$211.62	+12.5%	COM	68389X105
AVGO	BROADCOM INC	98,080 (+13.2%)	$33,945 (+18.8%)	1.6%	$232.42	+53.6%	COM	11135F101
BE	BLOOM ENERGY CORP	113,100 (+27.9%)	$9,827 (+31.5%)	0.5%	$59.24	+77.4%	COM CL A	093712107
IREN	IREN LIMITED	133,500 (+101.5%)	$5,042 (+62.1%)	0.2%	$30.01	+71.9%	ORDINARY SHARES	Q4982L109
LEU	CENTRUS ENERGY CORP	172,300 (+33.1%)	$41,828 (+4.2%)	2.0%	$133.74	+125.8%	CL A	15643U104
SUPX	SUPERX AI TECHNOLOGY LTD USD	513,592 (+260.1%)	$8,053 (-12.5%)	0.4%	$39.49	+6.0%	ORD SHS NEW	G5294K110

Exited Positions (29)

NVDA NVIDIA CORPORATION 23.8%

Value ($000) $505,632 Shares 2,710,000 Est. Cost $153.37 Unrealized +21.4%

ETHU VOLATILITY SHS TR 2X 3.0%

Value ($000) $63,670 Shares 490,300 Est. Cost $129.86 Unrealized —

AMD ADVANCED MICRO DEVICES INC 2.6%

Value ($000) $55,575 Shares 343,500 Est. Cost — Unrealized —

KLAC KLA CORP 2.4%

Value ($000) $51,234 Shares 47,500 Est. Cost — Unrealized —

XRT SPDR SERIES TRUST 2.2%

Value ($000) $47,399 Shares 550,000 Est. Cost — Unrealized —

AVGO BROADCOM INC 2.0%

Value ($000) $42,888 Shares 130,000 Est. Cost $232.42 Unrealized +53.6%

LITE LUMENTUM HLDGS INC 2.0%

Value ($000) $41,654 Shares 256,000 Est. Cost $130.57 Unrealized +96.7%

ONTO ONTO INNOVATION INC 1.5%

Value ($000) $32,305 Shares 250,000 Est. Cost $107.03 Unrealized +32.7%

SBET SHARPLINK GAMING INC 1.5%

Value ($000) $30,812 Shares 1,811,414 Est. Cost $19.64 Unrealized -37.8%

CVNA CARVANA CO 1.4%

Value ($000) $30,179 Shares 80,000 Est. Cost — Unrealized —

ALAB ASTERA LABS INC 1.4%

Value ($000) $29,762 Shares 152,000 Est. Cost — Unrealized —

AAOI APPLIED OPTOELECTRONICS INC 1.3%

Value ($000) $27,972 Shares 1,078,750 Est. Cost $18.28 Unrealized +63.3%

COHR COHERENT CORP 1.1%

Value ($000) $24,271 Shares 225,318 Est. Cost $99.69 Unrealized +50.0%

INTC INTEL CORP 1.0%

Value ($000) $21,472 Shares 640,000 Est. Cost — Unrealized —

ONTO ONTO INNOVATION INC 1.0%

Value ($000) $20,852 Shares 161,368 Est. Cost $107.03 Unrealized +32.7%

CRWV COREWEAVE INC 0.9%

Value ($000) $19,426 Shares 141,948 Est. Cost $104.03 Unrealized -2.5%

RMBS RAMBUS INC DEL 0.8%

Value ($000) $17,276 Shares 165,800 Est. Cost $77.09 Unrealized +27.7%

GTLB GITLAB INC 0.6%

Value ($000) $13,524 Shares 300,000 Est. Cost — Unrealized —

LRCX LAM RESEARCH CORP 0.6%

Value ($000) $13,390 Shares 100,000 Est. Cost $105.52 Unrealized +47.2%

DDOG DATADOG INC 0.6%

Value ($000) $12,104 Shares 85,000 Est. Cost — Unrealized —

CRDO CREDO TECHNOLOGY GROUP HOLDI 0.5%

Value ($000) $10,193 Shares 70,000 Est. Cost $52.15 Unrealized +194.9%

CRWV COREWEAVE INC 0.3%

Value ($000) $5,474 Shares 40,000 Est. Cost $104.03 Unrealized -2.5%

COHR COHERENT CORP 0.3%

Value ($000) $5,386 Shares 50,000 Est. Cost $99.69 Unrealized +50.0%

AVAV AEROVIRONMENT INC 0.2%

Value ($000) $5,290 Shares 16,800 Est. Cost $258.71 Unrealized +21.5%

CRDO CREDO TECHNOLOGY GROUP HOLDI 0.2%

Value ($000) $4,994 Shares 34,300 Est. Cost $52.15 Unrealized +194.9%

RIOT RIOT PLATFORMS INC 0.1%

Value ($000) $1,494 Shares 78,500 Est. Cost $13.85 Unrealized +23.5%

U UNITY SOFTWARE INC 0.1%

Value ($000) $1,251 Shares 31,232 Est. Cost $37.08 Unrealized +9.9%

KLIC KULICKE & SOFFA INDS INC 0.1%

Value ($000) $1,250 Shares 30,752 Est. Cost $36.73 Unrealized +14.6%

CCJ CAMECO CORP 0.1%

Value ($000) $1,226 Shares 14,625 Est. Cost $77.39 Unrealized +16.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NVDA	NVIDIA CORPORATION	2,710,000	$505,632	23.8%	$153.37	+21.4%	CALL	67066G104
ETHU	VOLATILITY SHS TR 2X	490,300	$63,670	3.0%	$129.86	—	—	92864M798
AMD	ADVANCED MICRO DEVICES INC	343,500	$55,575	2.6%	—	—	PUT	007903107
KLAC	KLA CORP	47,500	$51,234	2.4%	—	—	CALL	482480100
XRT	SPDR SERIES TRUST	550,000	$47,399	2.2%	—	—	PUT	78464A714
AVGO	BROADCOM INC	130,000	$42,888	2.0%	$232.42	+53.6%	PUT	11135F101
LITE	LUMENTUM HLDGS INC	256,000	$41,654	2.0%	$130.57	+96.7%	CALL	55024U109
ONTO	ONTO INNOVATION INC	250,000	$32,305	1.5%	$107.03	+32.7%	CALL	683344105
SBET	SHARPLINK GAMING INC	1,811,414	$30,812	1.5%	$19.64	-37.8%	—	820014405
CVNA	CARVANA CO	80,000	$30,179	1.4%	—	—	PUT	146869102
ALAB	ASTERA LABS INC	152,000	$29,762	1.4%	—	—	CALL	04626A103
AAOI	APPLIED OPTOELECTRONICS INC	1,078,750	$27,972	1.3%	$18.28	+63.3%	—	03823U102
COHR	COHERENT CORP	225,318	$24,271	1.1%	$99.69	+50.0%	—	19247G107
INTC	INTEL CORP	640,000	$21,472	1.0%	—	—	CALL	458140100
ONTO	ONTO INNOVATION INC	161,368	$20,852	1.0%	$107.03	+32.7%	—	683344105
CRWV	COREWEAVE INC	141,948	$19,426	0.9%	$104.03	-2.5%	—	21873S108
RMBS	RAMBUS INC DEL	165,800	$17,276	0.8%	$77.09	+27.7%	—	750917106
GTLB	GITLAB INC	300,000	$13,524	0.6%	—	—	CALL	37637K108
LRCX	LAM RESEARCH CORP	100,000	$13,390	0.6%	$105.52	+47.2%	CALL	512807306
DDOG	DATADOG INC	85,000	$12,104	0.6%	—	—	PUT	23804L103
CRDO	CREDO TECHNOLOGY GROUP HOLDI	70,000	$10,193	0.5%	$52.15	+194.9%	PUT	G25457105
CRWV	COREWEAVE INC	40,000	$5,474	0.3%	$104.03	-2.5%	CALL	21873S108
COHR	COHERENT CORP	50,000	$5,386	0.3%	$99.69	+50.0%	CALL	19247G107
AVAV	AEROVIRONMENT INC	16,800	$5,290	0.2%	$258.71	+21.5%	—	008073108
CRDO	CREDO TECHNOLOGY GROUP HOLDI	34,300	$4,994	0.2%	$52.15	+194.9%	—	G25457105
RIOT	RIOT PLATFORMS INC	78,500	$1,494	0.1%	$13.85	+23.5%	—	767292105
U	UNITY SOFTWARE INC	31,232	$1,251	0.1%	$37.08	+9.9%	—	91332U101
KLIC	KULICKE & SOFFA INDS INC	30,752	$1,250	0.1%	$36.73	+14.6%	—	501242101
CCJ	CAMECO CORP	14,625	$1,226	0.1%	$77.39	+16.2%	—	13321L108

Decreased Positions (13)

NVDA NVIDIA CORPORATION 4.7%

Value ($000) $99,220 (-57.0%) Shares 532,010 (-57.0%) Est. Cost $153.37 Unrealized +21.4%

QQQ INVESCO QQQ TR 7.2%

Value ($000) $152,656 (-45.3%) Shares 248,500 (-46.6%) Est. Cost — Unrealized —

GOOG ALPHABET INC CAP STK 0.3%

Value ($000) $7,374 (-87.9%) Shares 23,500 (-90.6%) Est. Cost $286.33 Unrealized 0.0%

MU MICRON TECHNOLOGY INC 0.1%

Value ($000) $3,000 (-94.5%) Shares 10,510 (-96.8%) Est. Cost $127.81 Unrealized +79.4%

HOOD ROBINHOOD MKTS INC 0.3%

Value ($000) $5,866 (-82.8%) Shares 51,862 (-78.2%) Est. Cost $72.56 Unrealized +79.2%

GOOGL ALPHABET INC CAP STK 4.3%

Value ($000) $92,210 (-13.9%) Shares 294,600 (-33.1%) Est. Cost $163.29 Unrealized +74.9%

TSLA TESLA INC 7.5%

Value ($000) $159,048 (-5.5%) Shares 353,659 (-6.5%) Est. Cost $346.84 Unrealized +27.8%

TSM TAIWAN SEMICONDUCTOR MFG LTD 0.1%

Value ($000) $2,082 (-80.2%) Shares 6,850 (-81.8%) Est. Cost $279.29 Unrealized —

CIEN CIENA CORP 1.4%

Value ($000) $29,189 (+39.9%) Shares 124,810 (-12.8%) Est. Cost $101.84 Unrealized +90.5%

MU MICRON TECHNOLOGY INC 1.7%

Value ($000) $35,676 (-14.7%) Shares 125,000 (-50.0%) Est. Cost $127.81 Unrealized +79.4%

SNDK SANDISK CORP 0.7%

Value ($000) $14,599 (+62.6%) Shares 61,500 (-23.1%) Est. Cost $94.29 Unrealized +112.4%

LRCX LAM RESEARCH CORP 1.5%

Value ($000) $32,629 (+15.9%) Shares 190,615 (-9.3%) Est. Cost $105.52 Unrealized +47.2%

API AGORA INC 0.1%

Value ($000) $2,628 (-59.2%) Shares 645,700 (-61.7%) Est. Cost $4.16 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NVDA	NVIDIA CORPORATION	532,010 (-57.0%)	$99,220 (-57.0%)	4.7%	$153.37	+21.4%	COM	67066G104
QQQ	INVESCO QQQ TR	248,500 (-46.6%)	$152,656 (-45.3%)	7.2%	—	—	PUT	46090E103
GOOG	ALPHABET INC CAP STK	23,500 (-90.6%)	$7,374 (-87.9%)	0.3%	$286.33	0.0%	CALL	02079K107
MU	MICRON TECHNOLOGY INC	10,510 (-96.8%)	$3,000 (-94.5%)	0.1%	$127.81	+79.4%	COM	595112103
HOOD	ROBINHOOD MKTS INC	51,862 (-78.2%)	$5,866 (-82.8%)	0.3%	$72.56	+79.2%	COM CL A	770700102
GOOGL	ALPHABET INC CAP STK	294,600 (-33.1%)	$92,210 (-13.9%)	4.3%	$163.29	+74.9%	CL A	02079K305
TSLA	TESLA INC	353,659 (-6.5%)	$159,048 (-5.5%)	7.5%	$346.84	+27.8%	COM	88160R101
TSM	TAIWAN SEMICONDUCTOR MFG LTD	6,850 (-81.8%)	$2,082 (-80.2%)	0.1%	$279.29	—	SPONSORED ADS	874039100
CIEN	CIENA CORP	124,810 (-12.8%)	$29,189 (+39.9%)	1.4%	$101.84	+90.5%	COM NEW	171779309
MU	MICRON TECHNOLOGY INC	125,000 (-50.0%)	$35,676 (-14.7%)	1.7%	$127.81	+79.4%	CALL	595112103
SNDK	SANDISK CORP	61,500 (-23.1%)	$14,599 (+62.6%)	0.7%	$94.29	+112.4%	CALL	80004C200
LRCX	LAM RESEARCH CORP	190,615 (-9.3%)	$32,629 (+15.9%)	1.5%	$105.52	+47.2%	COM NEW	512807306
API	AGORA INC	645,700 (-61.7%)	$2,628 (-59.2%)	0.1%	$4.16	—	ADS	00851L103