Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WDC	WESTERN DIGITAL CORP	1,411,575 (+98.1%)	$902M (+367.9%)	23.1%	$443.16	—	COM	958102105
LRCX	LAM RESEARCH CORP	1,254,487 (+144.3%)	$544M (+395.6%)	13.9%	$348.45	—	COM NEW	512807306
TER	TERADYNE INC	667,086 (+163.7%)	$323M (+330.3%)	8.3%	$401.17	—	COM	880770102
NOK	NOKIA CORP	115,990 (+87.1%)	$1.54M (+209.0%)	0.0%	$10.48	—	SPONSORED ADR	654902204

Exited Positions (12)

MPWR MONOLITHIC PWR SYS INC 6.5%

Value $255M Shares 233,288 Est. Cost $1104.63 Unrealized —

AXTI AXT INC 1.9%

Value $74.48M Shares 1,307,206 Est. Cost $22.70 Unrealized —

KLAC KLA CORP 1.8%

Value $70.41M Shares 47,819 Est. Cost $1462.03 Unrealized —

GOOGL ALPHABET INC 1.1%

Value $44.57M Shares 155,000 Est. Cost $323.29 Unrealized —

CRWV COREWEAVE INC 0.8%

Value $31.05M Shares 400,800 Est. Cost $91.48 Unrealized —

AAOI APPLIED OPTOELECTRONICS INC 0.4%

Value $14.42M Shares 170,488 Est. Cost $41.81 Unrealized —

BKR BAKER HUGHES COMPANY 0.1%

Value $2.472M Shares 40,490 Est. Cost $56.08 Unrealized —

FTAI FTAI AVIATION LTD 0.0%

Value $1.017M Shares 4,150 Est. Cost $270.82 Unrealized —

GOOG ALPHABET INC 0.0%

Value $660K Shares 2,300 Est. Cost $323.67 Unrealized —

FORM FORMFACTOR INC 0.0%

Value $578K Shares 5,960 Est. Cost $81.16 Unrealized —

VNET VNET GROUP INC 0.0%

Value $453K Shares 54,000 Est. Cost $8.39 Unrealized —

TTMI TTM TECHNOLOGIES INC 0.0%

Value $345K Shares 3,540 Est. Cost $93.41 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MPWR	MONOLITHIC PWR SYS INC	233,288	$255M	6.5%	$1104.63	—	—	609839105
AXTI	AXT INC	1,307,206	$74.48M	1.9%	$22.70	—	—	00246W103
KLAC	KLA CORP	47,819	$70.41M	1.8%	$1462.03	—	—	482480100
GOOGL	ALPHABET INC	155,000	$44.57M	1.1%	$323.29	—	—	02079K305
CRWV	COREWEAVE INC	400,800	$31.05M	0.8%	$91.48	—	—	21873S108
AAOI	APPLIED OPTOELECTRONICS INC	170,488	$14.42M	0.4%	$41.81	—	—	03823U102
BKR	BAKER HUGHES COMPANY	40,490	$2.472M	0.1%	$56.08	—	—	05722G100
FTAI	FTAI AVIATION LTD	4,150	$1.017M	0.0%	$270.82	—	—	G3730V105
GOOG	ALPHABET INC	2,300	$660K	0.0%	$323.67	—	—	02079K107
FORM	FORMFACTOR INC	5,960	$578K	0.0%	$81.16	—	—	346375108
VNET	VNET GROUP INC	54,000	$453K	0.0%	$8.39	—	—	90138A103
TTMI	TTM TECHNOLOGIES INC	3,540	$345K	0.0%	$93.41	—	—	87305R109

Decreased Positions (14)

SNDK SANDISK CORP 7.1%

Value $276M (-51.2%) Shares 121,271 (-86.4%) Est. Cost $516.50 Unrealized —

LITE LUMENTUM HLDGS INC 4.3%

Value $167M (-54.9%) Shares 194,973 (-63.1%) Est. Cost $467.14 Unrealized —

INTC INTEL CORP 1.4%

Value $56.17M (-75.3%) Shares 402,275 (-92.2%) Est. Cost $46.43 Unrealized —

STX SEAGATE TECHNOLOGY HLDNGS PL 7.0%

Value $273M (+110.8%) Shares 283,416 (-14.4%) Est. Cost $376.45 Unrealized —

MRVL MARVELL TECHNOLOGY INC 0.0%

Value $1.603M (-98.6%) Shares 5,380 (-99.5%) Est. Cost $81.07 Unrealized —

ASML ASML HLDG NV 5.0%

Value $196M (-35.5%) Shares 98,282 (-57.1%) Est. Cost $1320.83 Unrealized —

GLW CORNING INC 8.6%

Value $338M (-17.3%) Shares 1,321,701 (-56.0%) Est. Cost $111.68 Unrealized —

NBIS NEBIUS GROUP N.V. 0.0%

Value $608K (-98.9%) Shares 2,200 (-99.6%) Est. Cost $96.40 Unrealized —

AMAT APPLIED MATLS INC 5.3%

Value $206M (+31.3%) Shares 284,335 (-37.9%) Est. Cost $326.57 Unrealized —

TSM TAIWAN SEMICONDUCTOR MANUFAC 7.8%

Value $303M (+18.3%) Shares 634,447 (-16.3%) Est. Cost $337.95 Unrealized —

MU MICRON TECHNOLOGY INC 8.1%

Value $314M (-7.6%) Shares 272,408 (-73.0%) Est. Cost $387.04 Unrealized —

ALAB ASTERA LABS INC 0.0%

Value $676K (-97.3%) Shares 1,400 (-99.4%) Est. Cost $157.63 Unrealized —

USO UNITED STS OIL FD LP 0.0%

Value $463K (-57.4%) Shares 4,350 (-49.1%) Est. Cost $127.25 Unrealized —

SMTC SEMTECH CORP 0.0%

Value $332K (+6.5%) Shares 2,050 (-49.4%) Est. Cost $82.45 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SNDK	SANDISK CORP	121,271 (-86.4%)	$276M (-51.2%)	7.1%	$516.50	—	COM	80004C200
LITE	LUMENTUM HLDGS INC	194,973 (-63.1%)	$167M (-54.9%)	4.3%	$467.14	—	COM	55024U109
INTC	INTEL CORP	402,275 (-92.2%)	$56.17M (-75.3%)	1.4%	$46.43	—	COM	458140100
STX	SEAGATE TECHNOLOGY HLDNGS PL	283,416 (-14.4%)	$273M (+110.8%)	7.0%	$376.45	—	ORD SHS	G7997R103
MRVL	MARVELL TECHNOLOGY INC	5,380 (-99.5%)	$1.603M (-98.6%)	0.0%	$81.07	—	COM	573874104
ASML	ASML HLDG NV	98,282 (-57.1%)	$196M (-35.5%)	5.0%	$1320.83	—	N Y REGISTRY SHS	N07059210
GLW	CORNING INC	1,321,701 (-56.0%)	$338M (-17.3%)	8.6%	$111.68	—	COM	219350105
NBIS	NEBIUS GROUP N.V.	2,200 (-99.6%)	$608K (-98.9%)	0.0%	$96.40	—	SHS CLASS A	N97284108
AMAT	APPLIED MATLS INC	284,335 (-37.9%)	$206M (+31.3%)	5.3%	$326.57	—	COM	038222105
TSM	TAIWAN SEMICONDUCTOR MANUFAC	634,447 (-16.3%)	$303M (+18.3%)	7.8%	$337.95	—	SPONSORED ADS	874039100
MU	MICRON TECHNOLOGY INC	272,408 (-73.0%)	$314M (-7.6%)	8.1%	$387.04	—	COM	595112103
ALAB	ASTERA LABS INC	1,400 (-99.4%)	$676K (-97.3%)	0.0%	$157.63	—	COM	04626A103
USO	UNITED STS OIL FD LP	4,350 (-49.1%)	$463K (-57.4%)	0.0%	$127.25	—	UNITS	91232N207
SMTC	SEMTECH CORP	2,050 (-49.4%)	$332K (+6.5%)	0.0%	$82.45	—	COM	816850101

Unchanged Positions (1)

DDL DINGDONG CAYMAN LTD 0.0%

Value $319K Shares 165,400 Est. Cost $2.57 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DDL	DINGDONG CAYMAN LTD	165,400	$319K	0.0%	$2.57	—	ADS	25445D101