INDEPENDENT FINANCIAL GROUP, LLC

Let the numbers set the stage. NVIDIA ($295M, 6.6% of AUM) remains the largest position by a wide margin and the only name above 6%, but the manager cut it by $25M and 1,392 shares in Q1 — a reduction that looks deliberate rather than noise, given that NVDA had been the book's anchor for multiple consecutive quarters. Broadcom ($96M) was reduced by $18.8M (-6.5%), Palantir ($44M) by $13.5M (-7.1%), and Invesco QQQ ($107M) by $11.9M (-4.2%). These are not trims — at the dollar amounts involved, they represent a material rotation away from the crowded AI-and-growth trade. The pattern across the cuts is consistent: the names that had the largest unrealized gains coming into Q1 were the ones most heavily reduced, which is the textbook behavior of a manager taking risk off after a strong run rather than a thesis-driven exit.

The adds are where the post-AI positioning becomes visible. Taiwan Semiconductor (TSM, $30.1M) received a $6.9M increase — not a new position but a meaningful top-up that makes it the second-largest semiconductor exposure after NVIDIA. Unlike NVDA, TSM is a fab play rather than a chip designer; the manager is maintaining AI-semiconductor exposure but rotating from the highly valued designer names into the more capital-intensive manufacturing layer. Advanced Micro Devices (AMD, $15.6M) opened as a brand-new position, providing direct competition-to-NVDA exposure at a lower entry multiple. Together with Microchip Technology (MU, $28.8M), the semiconductor sleeve is being restructured rather than abandoned.