Broadcom's AI revenue surged 221% year over year with a forward P/E of 19, making it cheaper than Nvidia despite a similar growth trajectory.
TSMC revenue rose 53% year over year at a forward P/E of 20, and Dell booked a record $61B in AI orders last quarter.
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On a recent Earn Your Leisure episode, hosts Troy Millings and Rashaad Bilal split openly on where the next dollar of AI value accrues. Millings argued for names outside the Magnificent 7 and made Broadcom's custom accelerator business the centerpiece of the case. Bilal countered that "you have to go with the people who are on the leaderboard," naming Taiwan Semiconductor (NYSE:TSM), Nvidia (NASDAQ:NVDA), Micron (NASDAQ:MU), Apple (NASDAQ:AAPL), Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL), Microsoft (NASDAQ:MSFT), and the Nasdaq 100.
I find Millings the more persuasive of the two. Broadcom (NASDAQ:AVGO) posted AI semiconductor revenue of $16.7 billion in the third quarter of fiscal 2026, up 221% year over year, and guided the fourth quarter to $21.7 billion, up 236%. On the earnings call, Hock Tan sketched a trajectory to roughly $115 billion in fiscal 2027 and $230 billion in fiscal 2028.

#NVIDIA #billion #enter

As artificial intelligence matures, investors must decide between the high-growth niche players and the foundational giants. Choosing between Astera Labs Inc (NASDAQ:ALAB) and Taiwan Semiconductor Manufacturing Co (NYSE:TSM) involves weighing explosive potential against established dominance.
Astera Labs provides the critical connectivity infrastructure that allows AI chips to communicate within data centers. Meanwhile, Taiwan Semiconductor Manufacturing operates as the world's largest dedicated chip foundry, producing the actual processors for almost every major tech firm. Both companies are central to the future of semiconductor stocks.
Astera Labs specializes in connectivity solutions designed to remove bottlenecks in high-performance data centers. The company sells hardware and software that helps AI accelerators, such as those made by major chip designers, communicate efficiently across servers. Its customer base is highly concentrated, primarily consisting of the largest cloud providers and system manufacturers. In 2025, one end customer accounted for over 70% of total revenue. Customer concentration like this adds a layer of risk to the business.
In FY 2025, revenue reached more than $852.5 million, representing an impressive increase of roughly 115% compared to the prior year. This rapid growth helped the company pivot from a loss in previous years to a net income of approximately $219 million. The net margin, which measures how much of each dollar of sales remains as profit, stood at nearly 26%. This trajectory highlights the surging demand for the specialized connectivity chips required for large-scale AI deployments.
As of its December 2025 balance sheet, the company reported a debt-to-equity ratio of 0.0x, indicating it holds no debt relative to its shareholder equity. Its so-called current ratio, which compares short-term ******* ets to short-term liabilities, was a robust 10.2x. Free cash flow, or the cash left over after paying for operations and equipment, was approximately $282 million. Note that stock-based compensation represented roughly 50% of operating cash flow, which inflates reported cash generation since this is a non-cash expense added back in the cash flow statement.

#company

Here's an indisputable fact about semiconductor sector leader Nvidia (NVDA). It has massive coattails. One comment from CEO Jensen Huang and his leadership team can push a lot of momentum and investor interest. We've seen it with his remarks about Taiwan Semiconductor Manufacturing (TSM) (calling it one of the "greatest companies in the history of humanity"), Meta Platforms (META) ("Nobody uses AI better than Meta"), and Nebius Group (NBIS) ("Nebius will take care of you").
Now the shine is on CrowdStrike Holdings (CRWD), the cybersecurity company known for its cloud-native platform for endpoint security. At CrowdStrike's recent Fal.Con 2026 conference in Las Vegas, Huang said that CrowdStrike is Nvidia's top security partner.
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#nebius

United Microelectronics (UMC) is a leading global semiconductor foundry founded in 1980 and headquartered in Hsinchu, Taiwan. The company specializes in advanced wafer fabrication, offering complementary metal-oxide semiconductor (CMOS) logic, mixed-signal, radiofrequency, embedded memory, high-voltage, and image sensor manufacturing services to a diverse global customer base. The company has increasingly focused on specialty semiconductor solutions spanning power management, connectivity, and advanced packaging, while expanding into silicon photonics to capture emerging demand related to artificial intelligence (AI).
UMC stock currently trades around $22, which is closer to the higher end of its 52-week range of $6.72 to $28.96, reflecting a dramatic rebound from multiyear lows earlier in the year. Shares have been volatile in recent sessions, popping on strong sales figures as investors weigh near-term margin pressures against long-term AI-driven capacity expansion plans.
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#semiconductor #united #taiwan

ASML Holding N.V. (NASDAQ:ASML) and Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) have given investors a clearer view of their next manufacturing transition. The important distinction is when each company might earn a return.
Their September 8 announcement says TSMC intends to introduce ASML's High-NA extreme ultraviolet technology into high-volume advanced-node manufacturing starting in 2030. A separate initiative targets a larger photomask pilot line in 2031 and corresponding lithography systems for advanced production in 2033.
Image: Courtesy of ASML
Those dates describe successive stages, not a single launch delayed until 2033. Initial production would use existing six-inch masks; the later transition would introduce twelve-inch masks.
For ASML, a major customer's stated adoption plan strengthens the long-term demand case. More advanced AI chips require increasingly complex manufacturing, and TSMC expects more layers to need High-NA technology as nodes progress.

#high #advanced #transition #technology

With a market cap of $77.5 billion, Motorola Solutions, Inc. (MSI) is a global technology company focused on mission-critical communications, video security, and command center software. The Chicago, Illinois-based company's products and services help public safety agencies, governments, and businesses protect people, property, and places.
Companies valued at $10 billion or more are generally classified as "large-cap" stocks, and Motorola Solutions fits this criterion perfectly. Its strengths stem from its mission-critical technology, deep customer relationships, and integrated safety and security ecosystem. Its long-standing presence in public safety, government, and enterprise markets, along with a global customer base spanning more than 100 countries, provides a strong foundation for the business.
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#safety #mission #security

Toledo, Ohio-based Welltower Inc. (WELL) is a heavyweight in healthcare real estate. With a market cap of $170.2 billion, the REIT owns and manages properties across the United States, Canada, and the United Kingdom. Its portfolio is centered on senior housing communities, outpatient medical centers, and long-term care facilities.
Companies worth $10 billion or more are generally referred to as "large-cap stocks." Welltower fits right into that category, with its market cap exceeding the threshold, reflecting its substantial size, influence, and dominance in the real estate sector. By partnering with healthcare providers and senior living operators, Welltower is positioned to capitalize on the growing demand for care as populations age.
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#estate

Dublin, Ireland-based Aon plc (AON) is a global professional services firm that helps businesses manage two critical challenges: risk and people. Valued at a market cap of $68.5 billion, the company delivers data-driven solutions to corporate, institutional, and commercial clients to reduce operational volatility and optimize workforce performance.
Companies valued at $10 billion or more are typically classified as "large-cap stocks," and AON fits the label perfectly, with its market cap exceeding this threshold, underscoring its size, influence, and dominance within the insurance brokers industry. Aon's competitive advantage lies in its global scale, proprietary data and ****** ytics, and broad risk and human capital expertise. Its presence across more than 120 countries, combined with a diversified client base, supports a strong international network and helps it serve complex, multinational clients.
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#risk #market

Marathon Petroleum Corporation (MPC) is a leading U.S. downstream and midstream energy company headquartered in Findlay, Ohio. Valued at a market cap of $113.5 billion, its business centers on refining crude oil into fuels, distributing petroleum products, and operating the infrastructure that moves and stores energy.
Companies valued at $10 billion or more are typically classified as "large-cap stocks," and MPC fits the label perfectly, with its market cap exceeding this threshold, underscoring its size, influence, and dominance within the oil & gas refining & marketing industry. Its market leadership stems from its large, integrated refining system, strategic midstream ***** ets, and disciplined capital allocation. Its refineries are connected through pipelines, terminals, and marine transportation, allowing the company to optimize crude sourcing, product flows, and regional demand.
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#petroleum #midstream #billion

CNBC reported that NVIDIA Corporation (NASDAQ:NVDA)'s Groq 3 LPX rack is in full production and will be deployed alongside its Vera CPUs and Rubin GPUs at neocloud Nebius later this year, Nvidia senior director Dion Harris told reporters.
The rack marks the commercialization of technology from Nvidia's $20 billion purchase of Groq's ***** ets in December, its largest deal on record. Each liquid-cooled rack packages 256 Groq chips. Nvidia said the rack can deliver 3,400 tokens per second, noting a benchmark from Artificial ***** ysis. Groq's chips are manufactured by Samsung, unlike Nvidia's own GPUs, which are made by Taiwan Semiconductor Manufacturing Co.
The $20 billion Groq deal represents a manageable financial risk for NVIDIA Corporation (NASDAQ:NVDA) relative to the strategic capabilities it could add to the company. Bernstein ***** yst Stacy Rasgon told CNBC that Nvidia is financially strong enough to absorb a deal of this size with little impact on its overall position. That gives Nvidia the flexibility to make large strategic investments while expanding into new AI chip technologies without materially straining its balance sheet.
Groq's technology extends Nvidia's dominance across the full AI compute stack rather than creating a rival product line. LPX handles low-latency inference while Nvidia's GPUs continue handling training and large-context processing. The rack can pair with Vera Rubin chips without customers changing their CUDA workflows, deepening the software lock-in that has made Nvidia hard to displace.
Execution has been fast, which matters in a market moving this quickly. Nvidia went from announcing the Groq purchase in December to full production and a named customer, Nebius, in eight months. It is a pace that shows Nvidia can absorb acquired technology and ship it rather than let it stall in integration.

#rack

Synopsys (SNPS), a leading provider of software used to design, verify, and test semiconductor chips, remains one of the most dominant players in electronic design automation (EDA). Its EDA software and semiconductor intellectual property (IP) solutions play a critical role in the development of increasingly sophisticated chips.
Moreover, the company has expanded its capabilities with its approximately $35 billion acquisition of Ansys, bringing semiconductor design and engineering simulation under one roof. However, the integration has also brought restructuring and workforce reductions.
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#Stock #synopsys

The chief executive of Robinhood (HOOD) said on Bloomberg Television late last month that states suing to shut down prediction markets are protecting their own money. "States disagree for various reasons," Vlad Tenev said. "I mean, number one is there's a huge financial incentive from collecting taxes on these state-owned operators for that to be protected."
American Gaming ****** ociation figures put state and local tax collections from sports betting at $3.71 billion in calendar 2025, up 32.4% on the year, on $16.96 billion of sportsbook revenue and $166.94 billion of handle. New York, which taxes mobile sports betting at 51%, accounts for roughly a third of the national total on its own; the state's own court filing says mobile operators generated about $2 billion in gross gaming revenue in 2024 and paid more than $1 billion in state taxes. New York and Illinois together produce close to half of everything states collect on sports betting.
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#Stock

SK hynix (SKHY) stock was among the hottest stories in the chip sector this year. The South Korean memory maker pulled off a record-breaking listing in the United States this summer, and the proceeds were massive.
Valued at a market cap of almost $900 billion, the Korea-based chipmaker has surged 1,400% over the last five years. However, it is also down over 40% from all-time highs.
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#states #korea

The iShares Expanded Tech-Software Sector ETF (IGV) recently triggered a rare technical "Thrust" signal following a dramatic 24.5% rally over a five-week span.
According to historical data highlighted by research firm All Star Charts, this specific momentum signal, which is defined by an extraordinary five-week rate of change, has appeared only three other times in the ETF's history: 2002, 2009, and 2020.
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#week #Tech #sector #according

Alphabet (GOOGL) is the parent company of Google and one of the world's largest technology conglomerates. Headquartered in Mountain View, California, Alphabet operates through three primary segments: Google Services, encompassing Search, YouTube, Android, and Chrome; Google Cloud, its rapidly scaling enterprise infrastructure business; and Other Bets, which includes the Waymo autonomous vehicle unit.
Under CEO Sundar Pichai, Alphabet has aggressively expanded its artificial intelligence (AI) capabilities through Gemini models, custom Tensor Processing Units (TPUs), and AI-powered search features, positioning itself at the forefront of the generative AI race. With dominant digital advertising market share and accelerating cloud growth, the company remains a global technology bellwether.
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#alphabet #technology #googl

It is one of the most frustrating puzzles for market participants — and it is happening right now. Stocks feel sluggish, choppy, and unable to make decisive upside progress. Even more significantly, many market leaders are gyrating in price regularly.
Here's the Invesco QQQ Trust (QQQ) over the past two months. While the market's main fear gauge, the CBOE Volatility Index ($VIX) is tied to the S&P 500 Index ($SPX), QQQ and SPY are more in sync now than ever. So this level of volatility in QQQ should translate to the VIX, at least a little.
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#volatility #trust

Micron Technology (MU) is facing an unusual problem after one of the strongest stretches in the company's history. Workers in Taiwan are threatening to strike over Micron's bonus structure, with two unions representing roughly 10,000 employees at the company's Taoyuan and Taichung facilities pushing for changes. More than 80% of participating union members backed strike action in an August survey, although a formal strike has not yet been authorized.
The timing is awkward for Micron. Its Taiwan operations are central to its memory manufacturing network just as artificial intelligence (AI) demand has pushed DRAM and high-bandwidth memory (HBM) into an extraordinary upcycle.
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#memory #taichung

Adobe (ADBE) shareholders should circle Thursday, Sept. 10, on their calendars. The company will release its third-quarter fiscal 2026 results after the market closes that day, followed by a conference call with investors from 2 p.m. to 3 p.m. Pacific Time. This report arrives at a pivotal moment for one of the software industry's most closely watched names.
Adobe heads into the report with considerable operational momentum. In fiscal Q2, Adobe generated record revenue of $6.62 billion, up 13% year-over-year (YOY). Just as notably, Adobe's AI-first annual recurring revenue (ARR) more than tripled YOY to exceed $500 million, offering an increasingly tangible sign that its investments in AI products are beginning to produce meaningful recurring revenue.
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#recurring #adbe #thursday

Like every year, Apple (AAPL) has officially scheduled its next product launch event for Sept. 9, naming it "Surprise and Shine." While the company hasn't officially disclosed exactly what it will unveil, the tagline is enough to create curiosity. According to reports, besides the new iPhone 18 Pro and iPhone 18 Pro Max, Apple's first foldable iPhone is rumored to be the main attraction.
Apple has struggled to keep pace with rivals in the artificial intelligence (AI) race. While the surprise may not be any hidden product, investors await to see any major upgrades to Apple's products under the leadership of new CEO John Ternus. Apple stock has had a strong run this year, climbing almost 21% year-to-date (YTD), outperforming the broader market. Let's find out whether it is a good time to buy AAPL stock before the event.
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#Stock #iphone #like

CrowdStrike (CRWD) looks like one of the strongest growth stories in cybersecurity right now. It had a lot to prove in the fiscal second-quarter earnings. The company delivered on all three numbers that I flagged ahead of the Q2 print, and in some cases it did much better than expected. And the stock's massive 90% gains so far this year reflect that outstanding performance.
With a market cap of $220 billion, CrowdStrike is a cloud-based cybersecurity company best known for its Falcon platform. The company helps businesses protect endpoints, cloud workloads, identities, and other parts of their technology infrastructure from cyber threats.
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#Stock #company #Cybersecurity

Costco (COST) shoppers kept spending through the last weeks of summer, and the numbers back it up. The warehouse giant posted another month of strong sales growth, giving investors plenty of reasons to watch Costco stock heading into Q4 2026.
The retailer's August results, covering the four weeks from Aug. 3 through Aug. 30, showed broad strength across regions and categories. Gas prices played a big role in the headline number, but even without that boost, Costco's core business kept growing at a healthy clip.
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#kept #cost

By Ben Blanchard and Wen-Yee Lee
TAIPEI, Sept 7 (Reuters) - Taiwan flexed its chip diplomacy muscles at a major trade show last week, portraying itself as a democratic and reliable supplier for the AI revolution, while signalling ‌a willingness to share the benefits of its semiconductor prowess with like-minded partners.
Home to companies like TSMC whose ‌chips power AI applications, diplomatically isolated Taiwan has long sought to leverage its tech prowess to garner international support, something Beijing routinely seeks to block saying the island is merely one of its provinces.
But Taiwan also faces pressure from the United States, its most important international backer and arms supplier, to shift more chip manufacturing there. That comes as TSMC is investing $265 billion in factories in the state of Arizona.
President Lai Ching-te, who, unusually, spoke at two separate events on the same day at the SEMICON Taiwan trade show, said Taiwanese companies were ‌expanding globally to "let resilience create shared prosperity", and ⁠that the island's chip strength was based on democracy and rule of law.

#chip #show #international

Semiconductor industry leader Nvidia Corporation (NVDA) has expanded its collaboration with Taiwanese fabless semiconductor company MediaTek to co-develop next-gen AI computing platforms.
The centerpiece of this expanded partnership is MediaTek's adoption of Nvidia's NVLink Fusion interconnect. This lets MediaTek's customers design custom AI accelerators (XPUs) that plug into Nvidia's rack-scale AI factories. To show its commitment, Nvidia has also invested $3.5 billion in convertible bonds issued by MediaTek, giving the company the capital needed to develop these NVLink-supported chips.
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#time #semiconductor #expanded #company

SEOUL, South Korea (AP) — A group of Chinese artists is boycotting a major art exhibition in South Korea over the organizers' plans to use the name "Taiwan Pavilion" for an exhibition of works by Taiwanese artists.
China considers self-governing Taiwan to be part of its territory and rejects the island's claim to sovereignty. Beijing generally refers to Taiwan as "China's Taiwan region."
China's Foreign Ministry on Thursday criticized the South Korean organizers of the biennial Gwangju Biennale, one of Asia's most prominent art exhibitions, saying the organizers have "stubbornly clung to the wrongful practice, allowing China's Taiwan region to participate under a designation that is completely incompatible with its status."
Spokesperson Guo Jiakun said China hopes the South Korean government will uphold its political commitment to the "one China" principle through concrete action.
The Chinese artists said the same day that they were withdrawing from the festival, which opens Saturday and runs through mid-November.

#korean

On August 18, Himax Technologies (NASDAQ:HIMX) said its WiseEye palm vein biometric technology now powers the WAFERLOCK L322, a smart lock built by Taiwan-based WAFERLOCK Corporation that just went on sale. Instead of scanning a fingerprint or a face, the lock reads the vein pattern under a user's palm, a method Himax says still works when hands are wet, dirty, or full of groceries. The announcement lands less than two weeks after Himax posted a second quarter that beat its own guidance on revenue, margin, and profit, giving the palm vein rollout a stronger financial backdrop than it might otherwise have had.
The WAFERLOCK deal shows what Himax has been building toward with WiseEye, an ultralow-power AI platform that pairs an image sensor and processor to capture, match, and verify a palm vein image directly on the device, without sending anything to the cloud. That matters for a smart lock, where sending biometric data offsite would be a hard sell to homeowners. The L322 pairs palm vein recognition with RFID cards, PIN codes, mechanical keys, and compatibility with EasyCard, iPASS, and MIFARE, so the biometric layer sits on top of access methods people already use.
Himax said the underlying palm vein modules earned TÜV Rheinland verification during the quarter, validating their recognition accuracy, response speed, and liveness detection, and that the technology also complies with GDPR, one of the world's strictest privacy standards. Design-in activity is already spreading beyond locks into workforce management, computer monitors, and smart office equipment.
Automotive remains the larger story sitting underneath it. Automotive display drivers, timing controllers, and touch controllers made up well over half of Himax's revenue in the quarter ended June 30, and the company expects full-year 2026 automotive IC sales to grow by double digits from a year earlier as automakers pack more, larger, and higher-resolution screens into vehicle interiors.
Alongside that base, Himax pointed to two newer bets: a leading global brand launched smart glasses powered by WiseEye during the quarter, and the company's co-packaged optics products entered engineering production ramps in the third quarter, with 2027 shipments expected to significantly exceed 2026. Neither business moves the revenue needle yet, but together they give Himax more than one lever to pull.

#himax #wiseeye #waferlock #lock

Billionaire David Tepper used the second quarter to make a striking trade within the AI hardware chain. Appaloosa Management cut its Micron Technology, Inc. (NASDAQ:MU) share count by 41.4%, while increasing Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) for a sixth consecutive quarter. The filing does not disclose Tepper's rationale. The positions instead contrast a cyclical HBM supplier with a diversified advanced foundry serving nearly every major chip designer. That makes the comparison about earnings durability as much as exposure to total AI demand.
Charles Knowles / Shutterstock.com
Micron Technology, Inc. (NASDAQ:MU) has a powerful rebuttal. It reported record fiscal third-quarter results as high-bandwidth memory became critical to AI accelerators. HBM requires more capacity and technical sophistication than conventional memory, potentially supporting stronger pricing and margins. If supply remains disciplined while demand expands, Micron's cycle may be structurally better than the old commodity pattern. The bear case is its planned capital spending of more than $25 billion and the possibility that today's shortages invite too much future supply.
Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) offers a broader toll-road thesis. Its second-quarter gross margin reached 67.7%, and the ongoing 2-nanometer ramp can deepen its lead in advanced manufacturing. It benefits whether customers favor Nvidia, AMD, custom accelerators, or other designs. However, that dominance brings enormous fabrication costs, customer concentration, geopolitical exposure, and the difficulty of maintaining exceptional margins while new capacity comes online.
The two holdings do not necessarily predict weaker AI demand. They simply provide two different ways to monetize it. Micron has greater operating leverage if HBM prices stay tight, but Taiwan Semiconductor has more diversified exposure across the entire computing stack. The first offers a sharper cyclical upside; the second offers a more durable platform with risks investors cannot ignore. That tradeoff explains why reducing one position need not invalidate its thesis.

#quarter #semiconductor

Artisan Partners, an investment management company, released its second-quarter 2026 investor commentary for the "Artisan Global Opportunities Strategy". The letter can be downloaded here. Global equities rebounded sharply during the quarter, with the MSCI ACWI Index returning 15.3% as resilient economic growth, strong corporate earnings, and continued enthusiasm around artificial intelligence supported markets despite persistent inflation, higher bond yields, and geopolitical uncertainty. The portfolio reported strong absolute returns of 12.65% (net) but underperformed the benchmark, mainly because of its underweight exposure to information technology and overweight position in health care. Strong stock selection in technology and energy partially offset these headwinds. The fund continues to see attractive long-term opportunities across AI infrastructure, health care and consumer internet, while remaining disciplined on valuation as several AI-related stocks have appreciated sharply. Management remains focused on durable franchises with identifiable profit cycles and attractive long-term earnings potential. Also, check the Strategy's top five holdings to see its best picks in 2026.
In its second-quarter 2026 investor letter, Artisan Global Opportunities Fund highlighted Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) as a notable contributor to performance. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is the world's leading contract chip manufacturer, producing advanced semiconductors for major global technology companies. On September 1, 2026, Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) closed at $414.00 per share. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) fell 0.07% over the past month, while its shares gained 78.80% over the past 52 weeks. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) has a market capitalization of $2 Trillion.
Artisan Global Opportunities Fund stated the following regarding Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) in its Q2 2026 investor letter:
"Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is the global leader in advanced semiconductor manufacturing, with strong pricing power supported by AI-driven demand. Recent results exceeded expectations with revenue growing 41% and gross margins expanding to 66%. Given TSMC's leading position and the continued supply constraints for the most advanced semiconductor manufacturing capacity, we expect demand and earnings momentum to remain robust. We also believe the company's bottleneck position in the AI supply chain, recent price increases and still reasonable valuation support an attractive long-term profit cycle."

#global

Artisan Partners, an investment management company, released its second-quarter 2026 investor commentary for the "Artisan Global Opportunities Strategy". The letter can be downloaded here. Global equities rebounded sharply during the quarter, with the MSCI ACWI Index returning 15.3% as resilient economic growth, strong corporate earnings, and continued enthusiasm around artificial intelligence supported markets despite persistent inflation, higher bond yields, and geopolitical uncertainty. The portfolio reported strong absolute returns of 12.65% (net) but underperformed the benchmark, mainly because of its underweight exposure to information technology and overweight position in health care. Strong stock selection in technology and energy partially offset these headwinds. The fund continues to see attractive long-term opportunities across AI infrastructure, health care and consumer internet, while remaining disciplined on valuation as several AI-related stocks have appreciated sharply. Management remains focused on durable franchises with identifiable profit cycles and attractive long-term earnings potential. Also, check the Strategy's top five holdings to see its best picks in 2026.
In its second-quarter 2026 investor letter, Artisan Global Opportunities Strategy highlighted Lam Research Corporation (NASDAQ:LRCX), a leading semiconductor equipment company that supplies semiconductor processing equipment. Lam Research Corporation (NASDAQ:LRCX) accounted for 2.5% portfolio and contributed positively to the strategy's performance this quarter. On September 1, 2026, Lam Research Corporation (NASDAQ:LRCX) closed at $290.20 per share. Over the past month, Lam Research Corporation (NASDAQ:LRCX) declined 5.60%, but its shares are up 196.91% over the past year. Lam Research Corporation (NASDAQ:LRCX) has a market capitalization of $363.13 billion.
Artisan Global Opportunities Strategy stated the following regarding Lam Research Corporation (NASDAQ:LRCX) in its Q2 2026 investor letter:
"Our top contributors in Q2 were AMD, Lam Research Corporation (NASDAQ:LRCX) and Taiwan Semiconductor Manufacturing (TSMC). Lam is a leading supplier of semiconductor manufacturing equipment, with dominant positions in etching and deposition. The company delivered results that exceeded elevated expectations, with margins remaining above anticipated levels and guidance pointing to continued momentum. In response to rising semiconductor capital spending, particularly in memory, management increased its outlook for 2026 wafer fabrication equipment spending to approximately $140 billion, representing roughly 27% year-over-year growth. Given the stock's recent appreciation and valuation approaching the upper end of our target range, we trimmed the position to manage risk and position size."

#corporation #lrcx #semiconductor #strategy

Baron Capital, an investment management company, released its second-quarter 2026 investor letter for its "Baron Fifth Avenue Growth Fund". The letter can be downloaded here. The fund achieved a strong quarter, gaining 24.6% (Institutional Shares), outperforming the Russell 1000 Growth Index (16.7%) and the S&P 500 (15.2%). Year to date, it's up 11.7%, surpassing its benchmarks. The first half of 2026 mirrored the previous year, with a 10.4% drawdown in Q1 due to geopolitical tensions, similar to last year's tariff-related decline. However, the fund rebounded with a 24.6% gain in Q2 after a cease-fire and declining oil prices. Stock selection drove the outperformance, contributing 940bps, while sector allocation detracted 152bps. In a volatile market, the firm remains focused on identifying high-quality, competitively advantaged companies and is optimistic about long-term prospects, investing when prices align with intrinsic values. Also, check the fund's top five holdings to see its best picks in 2026.
In its second-quarter 2026 investor letter, Baron Fifth Avenue Growth Fund highlighted Coupang, Inc. (NYSE:CPNG). Coupang, Inc. (NYSE:CPNG), a Korean technology and e-commerce platform that operates through Product Commerce and Developing Offerings segments, detracted from the fund's performance this quarter. On August 31, 2026, Coupang, Inc. (NYSE:CPNG) closed at $16.06 per share. Over the past month, Coupang, Inc. (NYSE:CPNG) declined 4.29%, and its shares are down 43.47% over the past year. Coupang, Inc. (NYSE:CPNG) has a market capitalization of $28.87 billion, and its stock has traded within a 52-week range of $14.92 to $34.08.
Baron Fifth Avenue Growth Fund stated the following regarding Coupang, Inc. (NYSE:CPNG) in its Q2 2026 investor letter:
"Coupang, Inc. (NYSE:CPNG), Korea's largest e-commerce platform, detracted from performance with shares down 7.7%. The stock came under pressure following first-quarter results, where in-line revenue was overshadowed by softer second-quarter guidance as capacity and supply chain investments made ahead of Coupang's 2025 data breach weighed on margins while customer volumes recovered. Sentiment was further weighed down by a record KRW 624.7 billion (about US $430 million) privacy fine stemming from an investigation into the breach, while a rotation of fast money into AI and semiconductor names added to the weakness. Despite these headwinds, our conviction remains intact. We view the margin pressure as temporary, and the fine removes a key overhang and reinforces our belief that the breach does not reflect a structural loss of market share. By the end of April, Coupang recovered roughly 80% of the post-breach decline in WOW Membership (its paid subscription program), with returning members resuming prior spending levels. We continue to view Coupang as a competitively advantaged e-commerce business gaining share in its core market while scaling Taiwan operations."

#fund #baron

Baron Capital, an investment management company, released its second-quarter 2026 investor letter for its "Baron Fifth Avenue Growth Fund". The letter can be downloaded here. The fund achieved a strong quarter, gaining 24.6% (Institutional Shares), outperforming the Russell 1000 Growth Index (16.7%) and the S&P 500 (15.2%). Year to date, it's up 11.7%, surpassing its benchmarks. The first half of 2026 mirrored the previous year, with a 10.4% drawdown in Q1 due to geopolitical tensions, similar to last year's tariff-related decline. However, the fund rebounded with a 24.6% gain in Q2 after a cease-fire and declining oil prices. Stock selection drove the outperformance, contributing 940bps, while sector allocation detracted 152bps. In a volatile market, the firm remains focused on identifying high-quality, competitively advantaged companies and is optimistic about long-term prospects, investing when prices align with intrinsic values. Also, check the fund's top five holdings to see its best picks in 2026.
In its second-quarter 2026 investor letter, Baron Fifth Avenue Growth Fund highlighted Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) as a notable contributor to performance. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is the world's leading contract chip manufacturer, producing advanced semiconductors for major global technology companies. On August 31, 2026, Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) closed at $415.32 per share. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) fell 0.44% over the past month, while its shares gained 81.85% over the past 52 weeks. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) has a market capitalization of $1.97 Trillion.
Baron Fifth Avenue Growth Fund stated the following regarding Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) in its Q2 2026 investor letter:
"Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is the world's largest contract chipmaker and the leading manufacturer of advanced logic semiconductors used in modern AI accelerators. Shares rose 41.6% during the quarter as the company continues to report stellar financial results underpinned by AI demand with revenue growth of 35% year-on-year and EPS growth of 58%, with 66% gross margins and 58% operating margins. High-performance computing now represents the majority of TSMC's business. AI demand is consuming so much leading-edge capacity that smartphone and PC production is increasingly shifting to older technology nodes, reversing a dynamic that defined the foundry industry for much of the past decade. Management also raised its full-year outlook and increased capital spending to support demand that remains well above available supply. We retain long term conviction in TSMC and view its leading-edge manufacturing monopoly, pricing power, and technology roadmap as durable advantages that support a long duration of growth."

#baron