Polymer Capital Management (HK) LTD

The VanEck Semiconductor ETF (SMH) is the headline. Position size moved from 169,700 shares worth $61 million (8.7 percent of the December book) to 809,200 shares worth $310 million (26.8 percent of the March book). That is not a position that is being run as a sector-neutral benchmark rider; it is being sized as a conditional directional bet inside a framework that still uses the ETF structure for convenience. The companion increases reinforce it: NVIDIA nearly doubled from $45 million to $75 million, the Invesco QQQ ETF (a broad-tech index wrapper) was initiated at $127 million, AMD was increased from $5.2 million to $8.7 million, and Micron Technology — which had been absent in December — arrived at $10 million as a single-name DRAM-cycle complement to the SMH exposure.

Palo Alto Networks at $12 million is a disclosure worth pausing on. The cybersecurity sector is not the same bet as semiconductor equipment or AI training clusters, but it shares the same customer set and therefore the same budget-cycle sensitivity. Adding Palo Alto in the same quarter that SMH quintupled is consistent with a manager who views enterprise IT spending as the long-tail driver of this book's core thesis, not just the semiconductor hardware build-out. Corning's new $10 million position adds a fiber-and-optics subplot — explicitly the cabling layer inside data-center build — that sits at the intersection of the AI-infrastructure thesis and a separate optical-networking call.