Daniel Loeb‘s Third Point is leaning further into the artificial intelligence trade, building positions in chip-equipment makers KLA Corporation (NASDAQ:KLAC), ASML Holding N.V. (NASDAQ:ASML), and Lam Research Corporation (NASDAQ:LRCX) — acquiring 11,000, 12,000, and 75,000 shares, respectively, in the first quarter.

Asked about megacap tech on a recent episode of the Invest Like the Best podcast, the Third Point founder said the “setup is great.” “Unless you are really draconian or negative and you think that somehow the AI world is going to roll over in ’31 or ’32, I think it’s the most attractive sector right now,” Loeb said. “It’s where the bulk of our capital is invested.”

KLAC: Recent Key Events

  • KLAC reported its fiscal third-quarter 2026 results, beating expectations on both revenue and earnings. The company posted revenue of $3.42 billion, compared with the $3.37 billion estimate, and adjusted earnings per share of $9.40, ahead of the $9.14 forecast.
  • It expects fiscal fourth-quarter revenue to be in the range of $3.38 billion to $3.78 billion versus estimates of $3.54 billion, according to Benzinga Pro.
  • The company also anticipates fourth-quarter adjusted earnings of $8.87 to $10.87 per share versus estimates of $9.80 per share.
  • Needham lifted its price forecast to $2,000 (Buy), Wells Fargo to $2,100 (Overweight), RBC Capital to $1,700 (Sector Perform), and Susquehanna also to $1,700 (Neutral).
  • Bernstein raised its target to $1,875 (Outperform), while TD Cowen, Jefferies, and Citi increased targets to $2,000, $2,000, and $2,064, respectively, all maintaining Buy ratings.
  • The company announced that its board of directors has approved a ten-for-one forward stock split of its common shares.

ETF Exposure: Funds With The Biggest Weighting

  • Invesco Semiconductors ETF (NYSE:PSI): 5.23% Weight
  • BBH Select Large Cap ETF (NYSE:BBHL): 6.07% Weight
  • Spear Alpha ETF (NASDAQ:SPRX): 6.93% Weight

ASML: Recent Key Events

  • ASML posted first-quarter net sales of 8.77 billion euros ($10.26 billion), up from 7.74 billion euros a year earlier and slightly above analyst estimates of $10.21 billion. GAAP earnings came in at 7.15 euros per share ($8.37), up from 6.00 euros a year earlier and ahead of the consensus estimate of $7.72.
  • ASML expects second-quarter net sales of 8.4 billion euros to 9.0 billion euros, below the analyst consensus of 9.1 billion euros, and a gross margin of 51% to 52%.
  • For full-year 2026, the company raised its net sales outlook to 36 billion euros to 40 billion euros, up from a prior range of 34 billion euros to 39 billion euros. The forecast compares with analyst expectations of 37.9 billion euros. ASML expects a full-year gross margin of 51% to 53%.
  • It plans to declare a total dividend of 7.50 euros per ordinary share for 2025, a 17% increase from 2024.
  • Also, shareholders authorized the Board to repurchase up to 10% of issued capital and separately approved cancellation of ordinary shares amounting to up to 10% of issued capital, both valid through Oct. 22, 2027, subject to Supervisory Board approval.
  • RBC Capital Markets analyst Srini Pajjuri sees strong growth potential in 2027, driven by better-than-expected EUV demand.
  • ASML CEO disclosed that AI demand will put chips in a “supply-limited market” and that the company is ramping up capacity.

ETF Exposure: Funds With The Biggest Weighting

  • Dimensional World ex US Core Equity 2 ETF (NYSE:DFAX): 0.56% Weight
  • First Trust Long/Short Equity ETF (NYSE:FTLS): 2.32% Weight
  • First Trust BuyWrite Income ETF (NASDAQ:FTHI): 2.04% Weight

LRCX: Recent Key Events

  • Lam Research reported third-quarter earnings of $1.47 per share, which beat the Street consensus estimate of $1.36. Revenue clocked in at $5.84 billion, which beat the analyst estimate of $5.78 billion.
  • The company sees fourth quarter adjusted EPS of $1.50 to $1.80, versus the $1.45 analyst estimate, and revenue of $6.2 billion to $7 billion, versus the $6.09 billion analyst estimate.
  • Several analysts raised the price forecast on the company after the earnings release.

Top ETFs Holding LRCX And Passive Flow Risk

  • GMO US Quality ETF (NYSE:QLTY): 5.35% Weight
  • YieldMax Semiconductor Portfolio Option Income ETF (NYSE:CHPY): 5.72% Weight
  • Castellan Targeted Equity ETF (NASDAQ:CTEF): 5.61% Weight

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