The net return objective to the investor is 10.0% pa through capital growth over rolling five-year periods.
IPE Top 10 Material Announcements September 28 to October 2nd 2026
Global Top 50 Technology Companies | October 2026
File
| Rank | Company | Ticker | Country | IPE Sector Tag | Date | Category | Announcement | Market Reaction |
|---|---|---|---|---|---|---|---|---|
| 1 | Micron Technology | MU | USA | Infrastructure | 30-Sep | Earnings | Record FQ4: revenue $54.2bn (+379% YoY) beat $51.5bn; FQ1 guide $61.5bn vs $57.9bn est | ~+1.3% after hours; shares already near record ~$1,065 |
| 2 | Nvidia | NVDA | USA | Infrastructure | 28-Sep | Capital Return | Added record $150bn to buyback; $235bn total authorised through FY28 | Shares rose 2%+; largest buyback programme ever announced |
| 3 | Broadcom | AVGO | USA | Infrastructure | 1-Oct | Financing | To lend Anthropic up to $42bn in convertible notes to lease Broadcom-built TPUs | Revived 'circular financing' debate; could give Broadcom Anthropic equity |
| 4 | AMD | AMD | USA | Infrastructure | 28-Sep | M&A | Buying Fei-Fei Li's World Labs for $8.2bn in stock; Li becomes EVP and Chief Scientist | Shares fell ~4% on the day; Nvidia rose ~1.8% |
| 5 | Alphabet (Google) | GOOGL | USA | Cloud/Hyperscale | 30-Sep | Product Launch | Launched Gemini 4 Argon, its most capable model; coding and cyber-defence focus | Shares up ~2% after hours |
| 6 | SpaceX | SPCX | USA | Infrastructure | 28-Sep | Milestone | Starship reached orbit for the first time; deployed 26 Starlink V3 satellites | Engine issues cut the flight short, but V3 deployment path now proven |
| 7 | Meta Platforms | META | USA | Consumer Tech | 29-Sep | Strategic | Launched Meta Enterprise Platform for B2B AI, led by ex-MongoDB CEO CJ Desai | MongoDB fell ~25%; Muse hit 5m US downloads in 22 days (1-Oct) |
| 8 | Amazon | AMZN | USA | Cloud/Hyperscale | 2-Oct | Financing | Seeking to move ~$8bn of Nvidia GPUs into an off-balance-sheet vehicle (FT) | Hyperscalers turning to Wall St to fund ~$220bn annual capex |
| 9 | Tesla | TSLA | USA | Consumer Tech | 2-Oct | Operational Update | Q3 deliveries 486,532 (-2% YoY) vs ~462k consensus; record 13.7GWh storage | Beat on deliveries; energy storage the standout; Q3 results 21-Oct |
| 10 | Samsung Electronics | 005930.KS | South Korea | Infrastructure | 29-Sep | Investment | Samsung group investing $1bn in KKR-backed Helix Digital Infrastructure | Extends Samsung from memory chips into data-centre infrastructure |
10
Total Announcements
$39B+
Total Deal Value
7
Top 50 Global Tech Companies
6
Days Period
Global Top 50 Technology Stocks October 2026
File
| Rank | Company | Ticker | Country | Oct Market Cap | Sep Market Cap | Month Change | Sector | IPE Sector Tag | Key Business | Notable |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Nvidia | NVDA | USA | $5.649T | $5.562T | 1.60% | Semiconductors | Infrastructure | AI chips/GPUs for data centres | Held #1 as the AI-capex correction eased; in talks to anchor Anthropic's IPO |
| 2 | Apple | AAPL | USA | $4.869T | $4.669T | 4.30% | Consumer Electronics | Consumer Tech | iPhone/Mac/iPad/Services | Launched iPhone 18 Pro and first foldable (iPhone Duo) at 9-Sep event; Duo pre-orders open 16-Oct |
| 3 | Alphabet (Google) | GOOGL | USA | $4.162T | $4.140T | 0.50% | Internet Services | Cloud/Hyperscale | Search/YouTube/Google Cloud/Android | Flat month; AI-pricing-war margin concerns still capping the multiple |
| 4 | Microsoft | MSFT | USA | $3.842T | $3.710T | 3.60% | Software | Cloud/Hyperscale | Windows/Azure/Office/Gaming | Steady gain; Azure demand narrative intact despite AI token-price deflation debate |
| 5 | Amazon | AMZN | USA | $2.712T | $2.790T | -2.80% | E-commerce/Cloud | Cloud/Hyperscale | Online retail/AWS cloud services | Slight pullback; AWS secured rights to buy up to $60bn of Qualcomm AI chips |
| 6 | TSMC | TSM | Taiwan | $2.452T | $2.220T | 10.50% | Semiconductors | Infrastructure | Chip manufacturing foundry | Strong rebound; record August revenue (+53% YoY) confirmed leading-edge AI demand |
| 7 | SpaceX | SPCX | USA | $2.094T | n/a | NEW | Aerospace/Satellite/AI | Infrastructure | Launch/Starlink satellite internet/xAI | Methodology add: listed Jun-26 (record $75bn IPO); owns xAI/Grok/X. Not in Sep file |
| 8 | Meta Platforms | META | USA | $1.854T | $1.570T | 18.10% | Social Media | Consumer Tech | Facebook/Instagram/WhatsApp/AI | Standout mega-cap gainer after launching Muse, its cross-app personal AI agent |
| 9 | Broadcom | AVGO | USA | $1.695T | $1.700T | -0.30% | Semiconductors | Infrastructure | Custom AI chips/networking | Flat after September's post-Q3 'sell the fact' drop |
| 10 | Tesla | TSLA | USA | $1.463T | $1.400T | 4.50% | Automotive/AI | Consumer Tech | Electric vehicles/Autonomous driving | Modest recovery after September's robotaxi-competition sell-off |
| 11 | Samsung Electronics | 005930.KS | South Korea | $1.346T | $1.298T | 3.70% | Consumer Electronics/Semi | Infrastructure | Smartphones/Memory/HBM | Modest gain as memory pricing stayed firm |
| 12 | Micron Technology | MU | USA | $1.213T | $1.150T | 5.50% | Semiconductors | Infrastructure | HBM/DRAM/NAND memory | Record FQ4 (30-Sep): revenue $54.2bn vs $11.3bn a year earlier; guided to a stronger FY27 |
| 13 | AMD | AMD | USA | $1.034T | $779.62B | 32.60% | Semiconductors | Infrastructure | PC/Server/AI processors | Crossed the $1 trillion milestone; one of the month's biggest mega-cap gainers |
| 14 | SK Hynix | 000660.KS | South Korea | $971.13B | $1.260T | -22.90% | Semiconductors | Infrastructure | HBM/Memory chips for AI | Sharp pullback after its HBM-led run; reported Intel Ohio fab partnership talks |
| 15 | ASML | ASML | Netherlands | $717.23B | $658.69B | 8.90% | Semiconductor Equipment | Infrastructure | EUV lithography machines | Rebounded; Intel Foundry and ASML passed 1m wafers on High-NA EUV |
| 16 | Intel | INTC | USA | $630.79B | $484.58B | 30.20% | Semiconductors | Infrastructure | PC/Server processors/Foundry | Big gain on CPU price hikes, High-NA EUV milestone and reported SK Hynix fab talks |
| 17 | CXMT (ChangXin Memory) | 688825.SS | China | $579.21B | n/a | NEW | Semiconductors | Infrastructure | DRAM memory manufacturing | Methodology add: listed Shanghai STAR 27-Jul-26; China's largest DRAM maker. Not in Sep file |
| 18 | Tencent | TCEHY | China | $479.74B | $511.26B | -6.20% | Internet Services | Consumer Tech | WeChat/Gaming/Social media | Pulled back in line with Chinese tech broadly |
| 19 | Palantir | PLTR | USA | $453.57B | $418.93B | 8.30% | Software | AI Platforms | Data analytics/AI platforms | Extended its recovery |
| 20 | Cisco | CSCO | USA | $442.35B | $430.53B | 2.70% | Networking | Infrastructure | Network equipment/Security | Modest gain |
| 21 | Lam Research | LRCX | USA | $434.85B | $384.97B | 13.00% | Semiconductor Equipment | Infrastructure | Wafer fabrication equipment | Rebounded with the chip-equipment group |
| 22 | Oracle | ORCL | USA | $431.38B | $457.36B | -5.70% | Enterprise Software | Cloud/Hyperscale | Database/Cloud/AI data centres | Q1 FY27 beat (RPO $664bn) offset by 24-Sep force majeure notice on $165bn Project Jupiter |
| 23 | Applied Materials | AMAT | USA | $428.57B | $360.86B | 18.80% | Semiconductor Equipment | Infrastructure | Chip manufacturing equipment | Strong rebound with the chip-equipment group |
| 24 | Dell Technologies | DELL | USA | $357.65B | $338.67B | 5.60% | Hardware/Infrastructure | Infrastructure | Servers/PCs/AI infrastructure hardware | Extended gains on AI-server demand; RBC initiated at Outperform |
| 25 | Palo Alto Networks | PANW | USA | $329.85B | $271.61B | 21.40% | Cybersecurity | Software/SaaS | Network security/Cloud security | Strong gain; cybersecurity bid as AI-agent security risks rise |
| 26 | Arm Holdings | ARM | UK | $328.39B | $269.23B | 22.00% | Semiconductors | Infrastructure | Chip architecture/IP licensing | Strong rebound after September's sharp de-rating |
| 27 | Netflix | NFLX | USA | $279.23B | $325.83B | -14.30% | Streaming | Consumer Tech | Video streaming/Original content | Notable decline amid pressure on growth/media names; Q3 results due ~20-Oct |
| 28 | CrowdStrike | CRWD | USA | $276.50B | $218.20B | 26.70% | Cybersecurity | Software/SaaS | Endpoint security/Threat intel | Strong gain; extended its earnings-beat rally |
| 29 | KLA | KLAC | USA | $269.99B | $242.50B | 11.30% | Semiconductor Equipment | Infrastructure | Process control/Inspection tools | Rebounded with the chip-equipment group |
| 30 | Texas Instruments | TXN | USA | $268.31B | $236.02B | 13.70% | Semiconductors | Infrastructure | Analog chips/Embedded processors | Rebounded with the broader semiconductor group |
| 31 | Alibaba | BABA | China | $263.32B | $281.47B | -6.40% | E-commerce/Cloud | Cloud/Hyperscale | Online retail/Cloud/Qwen AI | Pulled back in line with Chinese tech broadly |
| 32 | Arista Networks | ANET | USA | $261.51B | $244.40B | 7.00% | Networking | Infrastructure | Data centre networking/Cloud | Gained on continued AI data-centre networking demand |
| 33 | Sandisk | SNDK | USA | $251.83B | $254.77B | -1.20% | Semiconductors | Infrastructure | NAND flash/storage memory | Roughly flat |
| 34 | MediaTek | 2454.TW | Taiwan | $248.38B | $223.14B | 11.30% | Semiconductors | Infrastructure | Mobile/consumer SoC chips | Rebounded; Nvidia's $3.5bn strategic investment in focus |
| 35 | Marvell Technology | MRVL | USA | $244.70B | $200.91B | 21.80% | Semiconductors | Infrastructure | Custom AI silicon/Networking | Strong rebound after September's outlook-driven slide |
| 36 | SAP | SAP | Germany | $240.73B | $248.28B | -3.00% | Enterprise Software | Software/SaaS | ERP/Business software | Slight pullback with enterprise software |
| 37 | IBM | IBM | USA | $209.75B | $221.30B | -5.20% | IT Services/Software | Infrastructure | Cloud/AI/Consulting/Mainframes | Further modest decline |
| 38 | Analog Devices | ADI | USA | $202.13B | $175.53B | 15.20% | Semiconductors | Infrastructure | Analog/Mixed-signal chips | Rebounded with the broader semiconductor group |
| 39 | Qualcomm | QCOM | USA | $197.45B | $180.22B | 9.60% | Semiconductors | Infrastructure | Mobile processors/5G/Licensing | Gained on Amazon AI-chip deal (AWS right to buy up to $60bn) |
| 40 | Kioxia Holdings | 285A.T | Japan | $195.34B | $190.88B | 2.30% | Semiconductors | Infrastructure | NAND flash memory manufacturing | Roughly flat after August's memory spike unwound |
| 41 | Shopify | SHOP | Canada | $194.78B | $186.68B | 4.30% | E-commerce | Software/SaaS | E-commerce platform for merchants | Modest gain |
| 42 | Salesforce | CRM | USA | $193.14B | $213.35B | -9.50% | Enterprise Software | Software/SaaS | CRM/Cloud applications | Fell as OpenAI's GPT-6 Astra revived AI-disruption fears for SaaS |
| 43 | Seagate Technology | STX | Ireland | $193.05B | $192.48B | 0.30% | Semiconductors | Infrastructure | HDD/data storage for data centres | Flat over the month despite a sharp late bounce |
| 44 | Schneider Electric | SU.PA | France | $192.14B | $188.03B | 2.20% | Industrial Tech | Industrial Tech | Energy management/Automation | Roughly flat |
| 45 | Advantest | 6857.T | Japan | $176.70B | $153.07B | 15.40% | Semiconductor Equipment | Infrastructure | Semiconductor/AI chip test equipment | Strong gain on the chip-equipment rebound; Sep entrant holds its place |
| 46 | Tokyo Electron | 8035.T | Japan | $174.14B | $155.31B | 12.10% | Semiconductor Equipment | Infrastructure | Coater/developer/etch tools | Rebounded with the chip-equipment group |
| 47 | Delta Electronics | 2308.TW | Taiwan | $153.83B | $147.92B | 4.00% | Industrial Tech | Industrial Tech | Data centre power components | Modest gain |
| 48 | Sony | SONY | Japan | $139.23B | $143.48B | -3.00% | Consumer Electronics | Consumer Tech | PlayStation/Cameras/Entertainment | Slight pullback |
| 49 | Uber | UBER | USA | $139.11B | $154.74B | -10.10% | Transportation Tech | Consumer Tech | Ride-hailing/Food delivery | Declined after 10% workforce cut to fund autonomous-vehicle push |
| 50 | ServiceNow | NOW | USA | $138.93B | $146.04B | -4.90% | Software | Software/SaaS | Enterprise workflow/AI agent platform | Holds #50 by a hair (Fortinet #51 ~$6bn behind); SaaS pressure persists |
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 | September -> October 2026
NEW ENTRANTS - Stocks that entered the Top 50 in October 2026
| Company | Ticker | Oct Market Cap | Country | IPE Sector Tag | Notes |
|---|---|---|---|---|---|
| SpaceX | SPCX | $2.094T | USA | Infrastructure | Enters at #7. Listed on Nasdaq Jun-26 in a record $75bn IPO; owns xAI/Grok/X and Starlink. Methodology add - has qualified on size since listing but was not in prior files |
| CXMT (ChangXin Memory) | 688825.SS | $579.21B | China | Infrastructure | Enters at #17. China's largest DRAM maker; listed on Shanghai STAR 27-Jul-26 and rose ~466% on debut. Methodology add - has qualified since listing but was not in prior files |
EXITS - Stocks that dropped out of the Top 50 in October 2026
| Company | Ticker | Sep Market Cap | Country | Notes | |
|---|---|---|---|---|---|
| Booking Holdings | BKNG | $145.23B | USA | Falls to ~#55 at $123.22B (-15.2%); pushed out by the SpaceX and CXMT additions after re-entering only last month | |
| PDD Holdings | PDD | $117.02B | China | Falls to ~#58 at $107.29B (-8.3%); Chinese tech weakness plus the two new mega-cap additions |
NEXT IN LINE - Closest to the Top 50
| Company | Ticker | Oct Market Cap | Country | Notes | |
|---|---|---|---|---|---|
| Fortinet | FTNT | $132.76B | USA | #51 - ~$6bn behind ServiceNow at #50 | |
| Cloudflare | NET | $124.29B | USA | #52 | |
| ASE Group | ASX | $123.54B | Taiwan | #53 - chip packaging/test; Infrastructure |
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 |
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