CloudAlpha Capital Management Limited/Hong Kong

Where did the freed-up capital go? Two brand-new positions arrived at meaningful size: Microsoft (974,510 shares, 12.3% of the book) and an S&P 500 index fund via State Street (650,000 shares, 14.4%). Those two alone account for more than a quarter of the current portfolio — a defensive anchor that didn't exist three months ago. Alongside them, the manager built a genuine semiconductor-recovery thesis: shares of the iShares Semiconductor ETF jumped 121% to a 5.8% weighting, Taiwan Semiconductor's share count climbed more than 18-fold to a still-small 1.5% sleeve, Lattice Semiconductor's share count more than doubled, and Circle Internet Group grew 75% to a 3.9% weighting.

The flip side of that build is a clean sweep of the prior quarter's chip-equipment and enterprise-hardware bets. ASML Holding, Applied Materials, Lam Research, Broadcom, Dell, Oracle, HP, and Nebius Group were all fully exited — combined, those eight positions represented more than $500 million of the prior book. It reads less like a retreat from technology than a redirection within it: away from the equipment makers and enterprise vendors that led the last upcycle, toward the chipmakers themselves and the index wrapper that captures the theme without single-name risk.