Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
STM	STMICROELECTRONICS N V	5,755,892	$431M	8.5%	$74.89	—	NY REGISTRY	861012102
AMAT	APPLIED MATLS INC	371,798	$269M	5.3%	$723.00	—	COM	038222105
TSM	TAIWAN SEMICONDUCTOR MANUFAC	456,906	$218M	4.3%	$477.57	—	SPONSORED ADS	874039100
LRCX	LAM RESEARCH CORP	493,233	$214M	4.2%	$433.33	—	COM NEW	512807306
INTC	INTEL CORP	1,166,919	$163M	3.2%	$139.63	—	COM	458140100
SPCX	SPACE EXPLORATION TECHN CORP	761,964	$130M	2.6%	$170.86	—	CLASS A COM STK	84615Q103
ALAB	ASTERA LABS INC	178,711	$86.32M	1.7%	$483.02	—	COM	04626A103
FORM	FORMFACTOR INC	534,492	$85.48M	1.7%	$159.93	—	COM	346375108
RBLX	ROBLOX CORP	91,679	$4.986M	0.1%	$54.38	—	CL A	771049103
BEKE	KE HLDGS INC	254,458	$3.697M	0.1%	$14.53	—	SPONSORED ADS	482497104
LFTO	LIFTOFF MOBILE INC	20,000	$480K	0.0%	$24.02	—	COM	53229X101

Increased Positions (4)

STX SEAGATE TECHNOLOGY HLDNGS PL 10.8%

Value $545M (+184.0%) Shares 564,716 (+15.3%) Est. Cost $395.58 Unrealized —

TER TERADYNE INC 6.3%

Value $319M (+94.8%) Shares 660,196 (+19.3%) Est. Cost $238.97 Unrealized —

RDDT REDDIT INC 2.3%

Value $115M (+299.6%) Shares 661,178 (+210.0%) Est. Cost $184.30 Unrealized —

APP APPLOVIN CORP 1.4%

Value $73.06M (+126.1%) Shares 141,799 (+74.6%) Est. Cost $460.13 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
STX	SEAGATE TECHNOLOGY HLDNGS PL	564,716 (+15.3%)	$545M (+184.0%)	10.8%	$395.58	—	ORD SHS	G7997R103
TER	TERADYNE INC	660,196 (+19.3%)	$319M (+94.8%)	6.3%	$238.97	—	COM	880770102
RDDT	REDDIT INC	661,178 (+210.0%)	$115M (+299.6%)	2.3%	$184.30	—	CL A	75734B100
APP	APPLOVIN CORP	141,799 (+74.6%)	$73.06M (+126.1%)	1.4%	$460.13	—	COM CL A	03831W108

Exited Positions (14)

COHR COHERENT CORP 12.6%

Value $637M Shares 2,676,129 Est. Cost $198.12 Unrealized —

GLW CORNING INC 5.3%

Value $269M Shares 1,978,013 Est. Cost $97.86 Unrealized —

TSEM TOWER SEMICONDUCTOR LTD 5.1%

Value $257M Shares 1,467,302 Est. Cost $113.94 Unrealized —

AMZN AMAZON COM INC 3.3%

Value $168M Shares 805,900 Est. Cost $226.83 Unrealized —

KEYS KEYSIGHT TECHNOLOGIES INC 3.2%

Value $163M Shares 577,247 Est. Cost $228.24 Unrealized —

NVDA NVIDIA CORPORATION 2.4%

Value $121M Shares 693,800 Est. Cost $140.27 Unrealized —

AXTI AXT INC 1.5%

Value $76.76M Shares 1,347,119 Est. Cost $22.70 Unrealized —

NOK NOKIA CORP 1.4%

Value $69.27M Shares 8,615,862 Est. Cost $8.04 Unrealized —

GDX VANECK ETF TRUST 0.9%

Value $46.51M Shares 506,821 Est. Cost $91.77 Unrealized —

TCOM TRIP COM GROUP LTD 0.3%

Value $15.47M Shares 310,767 Est. Cost $49.79 Unrealized —

GDS GDS HLDGS LTD 0.1%

Value $6.043M Shares 150,000 Est. Cost $40.29 Unrealized —

HOOD ROBINHOOD MKTS INC 0.1%

Value $5.544M Shares 80,000 Est. Cost $109.05 Unrealized —

NIO NIO INC 0.0%

Value $1.809M Shares 300,000 Est. Cost $7.62 Unrealized —

VRT VERTIV HOLDINGS CO 0.0%

Value $1.253M Shares 5,000 Est. Cost $102.43 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
COHR	COHERENT CORP	2,676,129	$637M	12.6%	$198.12	—	—	19247G107
GLW	CORNING INC	1,978,013	$269M	5.3%	$97.86	—	—	219350105
TSEM	TOWER SEMICONDUCTOR LTD	1,467,302	$257M	5.1%	$113.94	—	—	M87915274
AMZN	AMAZON COM INC	805,900	$168M	3.3%	$226.83	—	—	023135106
KEYS	KEYSIGHT TECHNOLOGIES INC	577,247	$163M	3.2%	$228.24	—	—	49338L103
NVDA	NVIDIA CORPORATION	693,800	$121M	2.4%	$140.27	—	—	67066G104
AXTI	AXT INC	1,347,119	$76.76M	1.5%	$22.70	—	—	00246W103
NOK	NOKIA CORP	8,615,862	$69.27M	1.4%	$8.04	—	—	654902204
GDX	VANECK ETF TRUST	506,821	$46.51M	0.9%	$91.77	—	—	92189F106
TCOM	TRIP COM GROUP LTD	310,767	$15.47M	0.3%	$49.79	—	—	89677Q107
GDS	GDS HLDGS LTD	150,000	$6.043M	0.1%	$40.29	—	—	36165L108
HOOD	ROBINHOOD MKTS INC	80,000	$5.544M	0.1%	$109.05	—	—	770700102
NIO	NIO INC	300,000	$1.809M	0.0%	$7.62	—	—	62914V106
VRT	VERTIV HOLDINGS CO	5,000	$1.253M	0.0%	$102.43	—	—	92537N108

Decreased Positions (8)

LITE LUMENTUM HLDGS INC 9.8%

Value $495M (-49.0%) Shares 576,519 (-58.2%) Est. Cost $336.29 Unrealized —

WDC WESTERN DIGITAL CORP 9.9%

Value $501M (+126.7%) Shares 784,212 (-4.0%) Est. Cost $165.77 Unrealized —

MU MICRON TECHNOLOGY INC 9.8%

Value $496M (+87.2%) Shares 429,300 (-45.2%) Est. Cost $229.35 Unrealized —

MOD MODINE MFG CO 1.6%

Value $78.41M (-68.9%) Shares 293,655 (-74.8%) Est. Cost $164.21 Unrealized —

ASML ASML HLDG NV 4.1%

Value $210M (+29.7%) Shares 105,329 (-13.9%) Est. Cost $1178.25 Unrealized —

U UNITY SOFTWARE INC 0.1%

Value $5.698M (-87.9%) Shares 199,368 (-90.7%) Est. Cost $37.58 Unrealized —

SNDK SANDISK CORP 11.1%

Value $561M (+6.6%) Shares 246,939 (-70.2%) Est. Cost $429.26 Unrealized —

AS AMER SPORTS INC 0.7%

Value $37.61M (-40.8%) Shares 1,111,337 (-42.4%) Est. Cost $31.98 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LITE	LUMENTUM HLDGS INC	576,519 (-58.2%)	$495M (-49.0%)	9.8%	$336.29	—	COM	55024U109
WDC	WESTERN DIGITAL CORP	784,212 (-4.0%)	$501M (+126.7%)	9.9%	$165.77	—	COM	958102105
MU	MICRON TECHNOLOGY INC	429,300 (-45.2%)	$496M (+87.2%)	9.8%	$229.35	—	COM	595112103
MOD	MODINE MFG CO	293,655 (-74.8%)	$78.41M (-68.9%)	1.6%	$164.21	—	COM	607828100
ASML	ASML HLDG NV	105,329 (-13.9%)	$210M (+29.7%)	4.1%	$1178.25	—	N Y REGISTRY SHS	N07059210
U	UNITY SOFTWARE INC	199,368 (-90.7%)	$5.698M (-87.9%)	0.1%	$37.58	—	COM	91332U101
SNDK	SANDISK CORP	246,939 (-70.2%)	$561M (+6.6%)	11.1%	$429.26	—	COM	80004C200
AS	AMER SPORTS INC	1,111,337 (-42.4%)	$37.61M (-40.8%)	0.7%	$31.98	—	COM SHS	G0260P102

Unchanged Positions (6)

— SEA LTD 0.2%

Value $9.163M Shares 9,258,000 Est. Cost $1.01 Unrealized —

— ALIBABA GROUP HLDG LTD 0.0%

Value $409K Shares 347,000 Est. Cost $1.27 Unrealized —

— TRIP COM GROUP LTD 0.0%

Value $688K Shares 699,000 Est. Cost $1.11 Unrealized —

— COINBASE GLOBAL INC 0.0%

Value $449K Shares 500,000 Est. Cost $0.92 Unrealized —

— QFIN HOLDINGS INC 0.0%

Value $222K Shares 250,000 Est. Cost $0.85 Unrealized —

— ORACLE CORP 0.0%

Value $450K Shares 10,000 Est. Cost $45.01 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	SEA LTD	9,258,000	$9.163M	0.2%	$1.01	—	NOTE 0.250% 9/1	81141RAG5
—	ALIBABA GROUP HLDG LTD	347,000	$409K	0.0%	$1.27	—	NOTE 0.500% 6/0	01609WBG6
—	TRIP COM GROUP LTD	699,000	$688K	0.0%	$1.11	—	NOTE 0.750% 6/1	89677QAB3
—	COINBASE GLOBAL INC	500,000	$449K	0.0%	$0.92	—	NOTE 0.250% 4/0	19260QAF4
—	QFIN HOLDINGS INC	250,000	$222K	0.0%	$0.85	—	NOTE 0.500% 4/0	88557WAB7
—	ORACLE CORP	10,000	$450K	0.0%	$45.01	—	6.5 DEP CUM SR D	68389X204