3 managers · $422M totalData: SEC EDGAR 13F · 2026Q2
Manager holders · last 5 qtrsⓘ
3
2025Q2 – 2026Q2 · +1 QoQ
Total position
$422M
Combined value across tracked managers
Net move this quarter
↑ Adding
Weighted by holders' share change
HolderQ actionValue% of port.Style
EgertonNew$377M3.64%Global growth-value
MarkelHold$26M0.2%Insurance float / Long-term value
HoskingⓘTrim-18.22%$19M0.62%Contrarian value / Global diversified
What managers sayⓘ
2026-04-23Colossus (Invest Like the Best / Business Breakdowns)BullDylan Patel - The Infinite Demand for Tokens, Claude Mythos, and Supply Constraints - [Invest Like the Best, EP.469]Detail →
2025-09-30Third PointNeutralThird Point Q3 2025 Investor LetterDetail →
2023-11-22Colossus (Invest Like the Best / Business Breakdowns)NeutralEntegris: Solutions for Semiconductors - [Business Breakdowns, EP.137]Detail →
2023-07-05Colossus (Invest Like the Best / Business Breakdowns)BullApplied Materials: Sanding Atoms - [Business Breakdowns, EP.118]Detail →
2021-03-09Colossus (Invest Like the Best / Business Breakdowns)BullJosh Wolfe and Tony Thomas - The Past, Present, and Future of Defense – [Invest Like the Best, EP. 216]Detail →
2002-12-31Giverny CapitalNeutralGiverny Capital Annual Letter to Partners 2002Detail →
2001-12-31Giverny CapitalBullGiverny Capital Annual Letter to Partners 2001Detail →
Earnings Callsⓘ
Q3 2026August 20, 2026
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### Overall ConclusionThis quarter's results beat expectations, primarily driven by the surge in semiconductor equipment demand fueled by the global expansion of AI infrastructure. The company achieved its highest-ever sequential quarterly revenue growth.
### Key DataRevenue reached $9.1 billion, up 15% sequentially and 25% year-over-year; non-GAAP earnings per share were $3.50, up 41% year-over-year; semiconductor systems revenue was $7.0 billion, up 27% year-over-year.
### Business ProgressThe company launched six new products this quarter, including the Sentura Prime epitaxial system designed for high-performance DRAM and the OptiQuad CMP for advanced packaging. Advanced packaging revenue is expected to grow over 70% for the full year, with the company maintaining a leading position in this segment. Applied Global Services revenue was $1.8 billion, up 22% year-over-year, with over 37,000 chambers connected to AI software. The company opened a new manufacturing center in Singapore and plans to double quarterly system output by 2028.
### Guidance & OutlookQ4 revenue guidance is $10.25 billion, up 51% year-over-year; non-GAAP earnings per share are $4.02, up 85% year-over-year. Management raised the full-year semiconductor system growth forecast to over 30% and expects another year of strong growth in 2027.
### Risk/Highlight SignalsManagement's tone was very positive, emphasizing that customers are providing unprecedented eight-quarter rolling forecasts and 2030 long-term plans, indicating sustained strong demand. It also noted that DRAM and advanced packaging will be the main growth drivers in the second half of the year.