The net return objective to the investor is 10.0% pa through capital growth over rolling five-year periods.
IPE Top10 Material Announcement - July 27 to August 2 2026
Global Top 50 Technology Companies | August 2026
File
| Rank | Date | Company | Ticker | Announcement_Type | Summary | IPE Relevance | Market Impact | Source URL |
|---|---|---|---|---|---|---|---|---|
| 1 | 29-Jul-26 | Microsoft | MSFT | Q4 FY26 Earnings | Azure revenue grew 43% YoY; steady 2026 capex guidance of ~$175bn reassured on AI ROI | Core Infrastructure holding; capex tied to metered external cloud demand, not speculation | Stock +8-15%; crossed 200-day EMA for first time since May selloff | https://www.tradingkey.com/analysis/stocks/us-stocks/262067315-big-tech-earnings-scorecard-microsoft-amazon-apple-july-31-2026-tradingkey |
| 2 | 30-Jul-26 | Amazon | AMZN | Q2 Earnings | AWS grew 37% YoY; net income included $53.4bn one-off gain on its Anthropic stake | Illustrates hyperscaler AI-investment payoff; Anthropic exposure is IPE's next target name | Stock +8-10% on results | https://www.digitalapplied.com/blog/ai-capex-scorecard-earnings-week-july-2026 |
| 3 | 27-Jul-26 | Alphabet | GOOGL | 10-Q Filing | Q2 filing disclosed Alphabet's SpaceX stake now worth $94.1bn, roughly a 6% holding | Validates SpaceX's embedded AI-compute optionality; SpaceX is a current IPE position | Highlights scale of Big Tech's AI-adjacent equity stakes | https://www.fool.com/investing/2026/07/27/googl-stake-spacex-941-billion-anthropic-even-more/ |
| 4 | 29-Jul-26 | Meta Platforms | META | Q2 Earnings | Revenue beat at $60.8bn (+27% YoY) but FY26 capex range raised to $125-145bn | Software/application-layer name; illustrates market's punishing view of unmetered AI spend | Stock -9.6% despite the beat | https://eciks.org/16963-earnings-calendar-meta-microsoft-apple |
| 5 | 30-Jul-26 | Apple | AAPL | Q3 Earnings | Services miss and supply constraints overshadowed a revenue and EPS beat | Not an IPE holding; used as bellwether for hardware/services exposure to memory cost inflation | Stock -3-4% | https://www.tradingkey.com/analysis/stocks/us-stocks/262067315-big-tech-earnings-scorecard-microsoft-amazon-apple-july-31-2026-tradingkey |
| 6 | 29-Jul-26 | Arm Holdings | ARM | Q1 FY27 Earnings | Revenue $1.29bn (+22.4% YoY) beat, but GAAP EPS missed by 38%; margins compressed to 7% | Core IPE holding; licensing growth intact but Qualcomm trial (Q4 2026) remains an overhang | Shares volatile; still -20.65% over the week | https://247wallst.com/investing/2026/07/30/this-ai-company-could-be-the-biggest-winner-you-arent-watching/ |
| 7 | 29-Jul-26 | Qualcomm | QCOM | Q3 FY26 Earnings | Handset chip sales fell 20% YoY to $5.1bn; management reiterated diversification push | Watchlist name; illustrates continued smartphone-chip weakness across the sector | Muted stock reaction despite revenue beat | https://www.cnbc.com/2026/07/29/qualcomm-qcom-earnings-report-q3-2026-.html |
| 8 | 28-Jul-26 | Broadcom | AVGO | Supply Chain Update | Broadcom flagged TSMC capacity constraints rippling through AI networking supply chains | Core IPE holding; underscores Infrastructure > Software thesis and foundry bottleneck risk | Reinforces near-term AI hardware supply tightness | https://www.mexc.com/news/977536 |
| 9 | 30-Jul-26 | Sector-wide | AMD/MU/LRCX | Sector Rally | Chip stocks surged after strong MSFT/Arm/Lam Research results; Samsung warned memory crunch could run to 2028 | AMD is IPE's largest position; memory tightness supports pricing power for holdings | Micron +18%, Sandisk +26%, Lam Research +18% (best day since 1999) | https://www.cnbc.com/2026/07/30/chip-stock-rally-lam-research-micron-amd.html |
| 10 | 29-Jul-26 | U.S. Federal Reserve | FOMC | Rate Decision | Fed held rates at 3.50-3.75% on a 9-3 vote, the most hawkish dissent split since 1993 | Rate sensitivity gap between Infrastructure and Software names remains central to IPE positioning | Equities sold off into the decision on hawkish tone | https://www.federalreserve.gov/newsevents/pressreleases/monetary20260729a.htm |
10
Total Announcements
$39B+
Total Deal Value
7
Top 50 Global Tech Companies
6
Days Period
Global Top 50 Technology Stocks - August 2026
File
| Rank | Company | Ticker | Country | Aug Market Cap | Jul Market Cap | Month Change | Sector | Key Business | Notable | Data Status |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Nvidia | NVDA | USA | $5.215T | $4.80T | 8.60% | Semiconductors | AI chips/GPUs for data centres | Reclaimed #1 with a clean rebound off the July AI-capex scare | https://Verified (Aug live; Jul sourced) |
| 2 | Apple | AAPL | USA | $4.543T | $4.30T | 5.70% | Consumer Electronics | iPhone/Mac/iPad/Services | Recovered strongly despite this week's post-earnings volatility | https://Verified (Aug live; Jul sourced) |
| 3 | Alphabet (Google) | GOOGL | USA | $4.310T | $4.32T | -0.20% | Internet Services | Search/YouTube/Google Cloud/Android | Roughly flat; Q2 capex hike offset an 82% Cloud growth beat | https://Verified (Aug live; Jul sourced) |
| 4 | Microsoft | MSFT | USA | $3.174T | $2.83T | 12.20% | Software | Windows/Azure/Office/Gaming | Azure +43% YoY earnings beat drove the month's top mega-cap gain | https://Verified (Aug live; Jul sourced) |
| 5 | Amazon | AMZN | USA | $2.676T | $2.57T | 4.10% | E-commerce/Cloud | Online retail/AWS cloud services | AWS +37% plus a $53.4B one-off gain on its Anthropic stake | https://Verified (Aug live; Jul sourced) |
| 6 | Broadcom | AVGO | USA | $2.303T | $1.70T | 35.50% | Semiconductors | Custom AI chips/networking | Best month of the year on custom AI accelerator demand | https://Verified (Aug live; Jul sourced) |
| 7 | TSMC | TSM | Taiwan | $2.275T | $2.25T | 1.10% | Semiconductors | Chip manufacturing foundry | Announced further $100B Arizona expansion; Q2 beat | https://Verified (Aug live; Jul sourced) |
| 8 | Tesla | TSLA | USA | $1.589T | $1.51T | 5.20% | Automotive/AI | Electric vehicles/Autonomous driving | Jul baseline was carried/unverified — change is approximate | https://Aug verified (live); Jul baseline carried/unverified |
| 9 | Meta Platforms | META | USA | $1.577T | $1.65T | -4.40% | Social Media | Facebook/Instagram/WhatsApp/AI | Fell 9.6% on earnings day despite a beat, on FY26 capex raise | https://Aug verified (live); Jul baseline carried/unverified |
| 10 | Samsung Electronics | 005930.KS | South Korea | $1.548T | $950B | 62.90% | Consumer Electronics/Semi | Smartphones/Memory/HBM | Jul figure was already flagged stale — treat change with caution ⚠️ | https://Aug verified (live); Jul baseline carried/unverified |
| 11 | Micron Technology | MU | USA | $1.203T | $1.10T | 9.40% | Semiconductors | HBM/DRAM/NAND memory | Rallied on memory crunch; Samsung warns shortage runs to 2028 | https://Verified (Aug live; Jul sourced) |
| 12 | SK Hynix | 000660.KS | South Korea | $1.096T | $1.13T | -3.00% | Semiconductors | HBM/Memory chips for AI | Slight pullback after a very strong H1 2026 run | https://Verified (Aug live; Jul sourced) |
| 13 | AMD | AMD | USA | $878.77B | $320B | 174.60% | Semiconductors | PC/Server/AI processors | Jul cap was carried/unverified — change overstated, not a real 3x move ⚠️ | https://Aug verified (live); Jul baseline carried/unverified |
| 14 | ASML | ASML | Netherlands | $667.40B | $686B | -2.70% | Semiconductor Equipment | EUV lithography machines | Small pullback after breaking $700B intraday in July | https://Verified (Aug live; Jul sourced) |
| 15 | Oracle | ORCL | USA | $663.38B | $490B | 35.40% | Enterprise Software | Database/Cloud/AI data centres | Jul baseline was carried/unverified — change is approximate | https://Aug verified (live); Jul baseline carried/unverified |
| 16 | Intel | INTC | USA | $563.12B | $195B | 188.80% | Semiconductors | PC/Server processors/Foundry | Jul cap was carried/unverified — change overstated, not a real 3x move ⚠️ | https://Aug verified (live); Jul baseline carried/unverified |
| 17 | Tencent | TCEHY | China | $527.36B | $580B | -9.10% | Internet Services | WeChat/Gaming/Social media | Jul baseline was carried/unverified — change is approximate | https://Aug verified (live); Jul baseline carried/unverified |
| 18 | Cisco | CSCO | USA | $508.30B | $320B | 58.80% | Networking | Network equipment/Security | Jul baseline was carried/unverified — change likely overstated ⚠️ | https://Aug verified (live); Jul baseline carried/unverified |
| 19 | Arm Holdings | ARM | UK | $436.81B | $152B | 187.40% | Semiconductors | Chip architecture/IP licensing | Jul baseline was carried/unverified — change overstated, not a real move ⚠️ | https://Aug verified (live); Jul baseline carried/unverified |
| 20 | Lam Research | LRCX | USA | $427.70B | $510B | -16.10% | Semiconductor Equipment | Wafer fabrication equipment | Pulled back off July's post-doubling highs; still up hugely YTD | https://Verified (Aug live; Jul sourced) |
| 21 | Applied Materials | AMAT | USA | $396.92B | $475B | -16.40% | Semiconductor Equipment | Chip manufacturing equipment | Gave back some of July's WFE-cycle gains | https://Verified (Aug live; Jul sourced) |
| 22 | Netflix | NFLX | USA | $343.20B | $430B | -20.20% | Streaming | Video streaming/Original content | Jul baseline was carried/unverified — change likely overstated ⚠️ | https://Aug verified (live); Jul baseline carried/unverified |
| 23 | Palantir | PLTR | USA | $342.33B | $310B | 10.40% | Software | Data analytics/AI platforms | Recovered further after July's multiple compression | https://Verified (Aug live; Jul sourced) |
| 24 | Alibaba | BABA | China | $306.20B | $310B | -1.20% | E-commerce/Cloud | Online retail/Cloud/Qwen AI | Jul baseline was carried/unverified — change is approximate | https://Aug verified (live); Jul baseline carried/unverified |
| 25 | IBM | IBM | USA | $290.02B | $261B | 11.10% | IT Services/Software | Cloud/AI/Consulting/Mainframes | Recovering after a 20%+ single-day drop on an infra earnings miss | https://Verified (Aug live; Jul sourced) |
| 26 | Texas Instruments | TXN | USA | $281.52B | $182B | 54.70% | Semiconductors | Analog chips/Embedded processors | Jul baseline was carried/unverified — change likely overstated ⚠️ | https://Aug verified (live); Jul baseline carried/unverified |
| 27 | KLA | KLAC | USA | $276.41B | $308B | -10.30% | Semiconductor Equipment | Process control/Inspection tools | Pulled back off July's post-split re-rating highs | https://Verified (Aug live; Jul sourced) |
| 28 | Dell Technologies | DELL | USA | $272.19B | N/A | NEW | Hardware/Infrastructure | Servers/PCs/AI infrastructure hardware | New entrant since July (Jul file did not include Dell) | https://New entrant since July — not in prior file |
| 29 | Sandisk | SNDK | USA | $270.68B | N/A | NEW | Semiconductors | NAND flash/storage memory | New entrant since July; fell 16% this week on China competition | https://New entrant since July — not in prior file |
| 30 | Marvell Technology | MRVL | USA | $267.73B | $270B | -0.80% | Semiconductors | Custom AI silicon/Networking | Broadly flat vs July's carried figure | https://Aug verified (live); Jul baseline carried/unverified |
| 31 | Kioxia Holdings | 285A.T | Japan | $266.42B | N/A | NEW | Semiconductors | NAND flash memory manufacturing | New entrant since July; part of the memory-sector rally | https://New entrant since July — not in prior file |
| 32 | Qualcomm | QCOM | USA | $263.75B | $130B | 102.90% | Semiconductors | Mobile processors/5G/Licensing | Jul baseline was carried/unverified — change overstated ⚠️ | https://Aug verified (live); Jul baseline carried/unverified |
| 33 | MediaTek | 2454.TW | Taiwan | $230.55B | N/A | NEW | Semiconductors | Mobile/consumer SoC chips | New entrant since July | https://New entrant since July — not in prior file |
| 34 | Palo Alto Networks | PANW | USA | $226.98B | $140B | 62.10% | Cybersecurity | Network security/Cloud security | Jul baseline was carried/unverified — change likely overstated ⚠️ | https://Aug verified (live); Jul baseline carried/unverified |
| 35 | Arista Networks | ANET | USA | $221.67B | $175B | 26.70% | Networking | Data centre networking/Cloud | Jul baseline was carried/unverified — change likely overstated ⚠️ | https://Aug verified (live); Jul baseline carried/unverified |
| 36 | SAP | SAP | Germany | $213.16B | $225B | -5.30% | Enterprise Software | ERP/Business software | Jul baseline was carried/unverified — change is approximate | https://Aug verified (live); Jul baseline carried/unverified |
| 37 | Analog Devices | ADI | USA | $212.70B | $163B | 30.50% | Semiconductors | Analog/Mixed-signal chips | Jul baseline was carried/unverified — change likely overstated ⚠️ | https://Aug verified (live); Jul baseline carried/unverified |
| 38 | Seagate Technology | STX | Ireland | $209.64B | N/A | NEW | Semiconductors | HDD/data storage for data centres | New entrant since July; riding the storage/memory rally | https://New entrant since July — not in prior file |
| 39 | Delta Electronics | 2308.TW | Taiwan | $202.66B | $113B | 79.30% | Industrial Tech | Data centre power components | Jul baseline was carried/unverified — change likely overstated ⚠️ | https://Aug verified (live); Jul baseline carried/unverified |
| 40 | AppLovin | APP | USA | $191.39B | $172B | 11.30% | Software | AI-driven mobile ad tech platform | Jul baseline was carried/unverified — change is approximate | https://Aug verified (live); Jul baseline carried/unverified |
| 41 | CrowdStrike | CRWD | USA | $191.03B | $112B | 70.60% | Cybersecurity | Endpoint security/Threat intel | Jul baseline was carried/unverified — change likely overstated ⚠️ | https://Aug verified (live); Jul baseline carried/unverified |
| 42 | Schneider Electric | SU.PA | France | $185.14B | $170B | 8.90% | Industrial Tech | Energy management/Automation | Jul baseline was carried/unverified — change is approximate | https://Aug verified (live); Jul baseline carried/unverified |
| 43 | Tokyo Electron | 8035.T | Japan | $173.90B | $125B | 39.10% | Semiconductor Equipment | Coater/developer/etch tools | Jul baseline was carried/unverified — change likely overstated ⚠️ | https://Aug verified (live); Jul baseline carried/unverified |
| 44 | Salesforce | CRM | USA | $156.62B | $200B | -21.70% | Enterprise Software | CRM/Cloud applications | Jul baseline was carried/unverified — change is approximate | https://Aug verified (live); Jul baseline carried/unverified |
| 45 | Shopify | SHOP | Canada | $147.50B | $178B | -17.10% | E-commerce | E-commerce platform for merchants | Jul baseline was carried/unverified — change is approximate | https://Aug verified (live); Jul baseline carried/unverified |
| 46 | Uber | UBER | USA | $144.10B | $160B | -9.90% | Transportation Tech | Ride-hailing/Food delivery | Jul baseline was carried/unverified — change is approximate | https://Aug verified (live); Jul baseline carried/unverified |
| 47 | Foxconn (Hon Hai) | 2317.TW | Taiwan | $137.76B | N/A | NEW | Hardware/Manufacturing | Electronics contract manufacturing | New entrant since July; key Apple/AI-server assembler | https://New entrant since July — not in prior file |
| 48 | Delta Electronics (TH) | DELTA.BK | Thailand | $135.25B | $104B | 30.00% | Industrial Tech | Data centre power infrastructure | Jul baseline was carried/unverified — change is approximate | https://Aug verified (live); Jul baseline carried/unverified |
| 49 | Infineon | IFX.DE | Germany | $132.75B | N/A | NEW | Semiconductors | Power semiconductors/Automotive chips | New entrant since July | https://New entrant since July — not in prior file |
| 50 | Sony | SONY | Japan | $131.60B | $128B | 2.80% | Consumer Electronics | PlayStation/Cameras/Entertainment | Jul baseline was carried/unverified — change is approximate | https://Aug verified (live); Jul baseline carried/unverified |
The watch list is for informational purposes only and that does not actually represent the actual assets of the Fund
File
IPE Global Top 50 - Monthly Movers | July -> August 2026
NEW ENTRANTS - Stocks that entered the Top 50 in August 2026
| Company | Ticker | Aug Market Cap | Country | IPE Sector Tag | Notes |
|---|---|---|---|---|---|
| Dell Technologies | DELL | $272.19B | USA | Infrastructure | AI server/PC infrastructure hardware; back on the memory/AI infra rally |
| Sandisk | SNDK | $270.68B | USA | Infrastructure | NAND flash/storage; volatile week (-16%) on China competition fears |
| Kioxia Holdings | 285A.T | $266.42B | Japan | Infrastructure | NAND flash memory; part of the broader memory-sector rally |
| MediaTek | 2454.TW | $230.55B | Taiwan | Infrastructure | Mobile/consumer SoC chips |
| Seagate Technology | STX | $209.64B | Ireland | Infrastructure | HDD/data storage riding the storage/memory infrastructure rally |
| Foxconn (Hon Hai) | 2317.TW | $137.76B | Taiwan | Industrial Tech | Key Apple/AI-server contract assembler |
| Infineon | IFX.DE | $132.75B | Germany | Infrastructure | Power semiconductors/automotive chips |
EXITS - Stocks that dropped out of the Top 50 in August 2026
| Company | Ticker | Jul Market Cap | Country | Notes | |
|---|---|---|---|---|---|
| Booking Holdings | BKNG | $152B | USA | Travel tech; dropped out on relative underperformance | |
| PDD Holdings | PDD | $143B | China | Chinese e-commerce; dropped out on relative underperformance | |
| ServiceNow | NOW | $135B | USA | Software/SaaS; dropped out - continues to face SaaSpocalypse pressure | |
| Intuit | INTU | $133B | USA | Software/SaaS; dropped out on relative underperformance | |
| Adobe | ADBE | $123B | USA | Software/SaaS; dropped out - creative software growth concerns persist | |
| Advantest | 6857.T | $122B | Japan | AI chip test equipment; dropped out on relative underperformance | |
| Spotify | SPOT | $118B | Sweden | Streaming; dropped out on relative underperformance |
IPE Top 20 Revenue Growth Q2 2026
File
| Rank | Company | Ticker | Sector | Revenue Growth YoY % | Reported Revenue | Fiscal Period | Notes |
|---|---|---|---|---|---|---|---|
| 1 | Micron Technology | MU | Infrastructure | 346% | $41.46B | FQ3 FY26 (ended 28-May-26) | 5th straight record quarter; DRAM/NAND/HBM demand far outstrips supply |
| 2 | SK Hynix | 000660.KS | Infrastructure | 198% | W52.6T (~$34.5B) | Q1 CY26 (ended 31-Mar-26) | HBM #1 share; official Q2 print due late July, not yet reported |
| 3 | Dell Technologies | DELL | Infrastructure | 88% | $43.8B | FQ1 FY27 (ended ~May-26) | AI server backlog $51.3B; FY27 AI server revenue guide raised to $60B |
| 4 | Nvidia | NVDA | Infrastructure | 85% | $81.6B | FQ1 FY27 (ended 26-Apr-26) | Data Center revenue +92% YoY to $75.2B within this total |
| 5 | Palantir | PLTR | AI Platforms | 85% | $1.633B | Q1 CY26 (ended 31-Mar-26) | US revenue +104% YoY; 11th straight quarter of accelerating growth |
| 6 | Samsung Electronics | 005930.KS | Infrastructure | 69% | W133.9T (~$91B) | Q1 CY26 (ended 31-Mar-26) | Semiconductor (DS) division revenue +225% YoY within this total |
| 7 | Broadcom | AVGO | Infrastructure | 48% | $22.187B | FQ2 FY26 (ended 3-May-26) | AI semiconductor revenue +143% YoY to $10.8B within this total |
| 8 | TSMC | TSM | Infrastructure | 41% | $35.9B | Q1 CY26 (ended 31-Mar-26) | HPC/AI now 61% of revenue; Q2 CY26 print due 16-Jul, not yet reported |
| 9 | Meta Platforms | META | Consumer Tech | 33% | $56.31B | Q1 CY26 (ended 31-Mar-26) | Fastest growth since 2021; FY26 capex raised to $125–145B |
| 10 | Marvell Technology | MRVL | Infrastructure | 28% | $2.418B | FQ1 FY27 (ended ~May-26) | Custom AI silicon bookings raising FY27/FY28 outlook further |
| 11 | Lam Research | LRCX | Infrastructure | 24% | $5.841B | FQ3 FY26 (ended 29-Mar-26) | Customer Support Business Group crossed $2B/qtr for first time |
| 12 | Alphabet (Google) | GOOGL | Cloud/Hyperscale | 22% | $109.9B | Q1 CY26 (ended 31-Mar-26) | Google Cloud +63% YoY to $20B within this total |
| 13 | Oracle | ORCL | Cloud/Hyperscale | 21% | $19.2B | FQ4 FY26 (ended May-26) | Cloud revenue +47% YoY within total; RPO reached $638B |
| 14 | Microsoft | MSFT | Cloud/Hyperscale | 18% | $82.9B | FQ3 FY26 (ended 31-Mar-26) | Azure +40% YoY within total; Microsoft Cloud revenue +29% YoY |
| 15 | Amazon | AMZN | Cloud/Hyperscale | 17% | $181.5B | Q1 CY26 (ended 31-Mar-26) | AWS +28% YoY, fastest AWS growth rate in 3+ years |
| 16 | Apple | AAPL | Consumer Tech | 17% | $111.2B | FQ2 FY26 (ended 28-Mar-26) | iPhone revenue +22% YoY to $57B; Services +16% YoY |
| 17 | ASML | ASML | Infrastructure | 13% | €8.8B | Q1 CY26 (ended 31-Mar-26) | FY26 guidance raised to €36–40B; Q2 CY26 print due mid-July |
| 18 | Cisco | CSCO | Infrastructure | 12% | $15.8B | FQ3 FY26 | AI infra orders from hyperscalers $5.3B YTD; FY26 guide raised to $9B |
| 19 | Applied Materials | AMAT | Infrastructure | 11% | $7.91B | FQ2 FY26 (ended 26-Apr-26) | DRAM revenue +18% YoY; semi equipment biz guided +30% for CY26 |
While technology and the innovation that surrounds new technologies has been the flavor of recent years, it has been an area of vast opportunity for decades.
Now, with the world having entered the digital age, digital transformation across all industries is of paramount focus for all boards and CEOs.
This is producing unprecedented opportunities for investors through identifying both successful disruptors and industries where there is significant disruption to traditional means of conducting commercial activities.