The net return objective to the investor is 10.0% pa through capital growth over rolling five-year periods.
Material Announcements Feb22 to Mar1st 2026.csv
Global Top 50 Technology Companies | March 2026
File
| Rank | Date | Company | Announcement Type | Key Details | Market Impact | Source URL |
|---|---|---|---|---|---|---|
| 1 | Feb-25 | Nvidia | Q4 FY26 Earnings Results | Revenue $68.1B (+73% YoY) vs $66.2B est; EPS $1.62 vs $1.53 est; Data Centre $62.3B (+75%); Q1 FY27 guidance $78B vs $72.8B est; Vera Rubin samples shipped; Jensen: 'agentic AI inflection point has arrived' | Beat on all metrics; biggest Q1 guide-up surprise of earnings season; stock -5% day-after on AI trade anxiety — fundamentals unambiguous | https://nvidianews.nvidia.com/news/nvidia-announces-financial-results-for-fourth-quarter-and-fiscal-2026 |
| 2 | Feb-25 | TSMC | Regulatory Filing + Dividend Raise | Jan 2026 revenue NT$401.26B (~$12.7B) — highest monthly revenue in company history (+37% YoY); dividend raised 28% to TWD 23/share; Q1 2026 guidance +38% YoY; 2026 capex $52-56B (+40%); CEO: 25% USD revenue CAGR through 2029; AI accelerators mid-to-high 50% CAGR | Strongest fundamental week of any Top 50 stock; record revenue + dividend raise + US$250B US investment deal = full validation of AI infrastructure thesis | https://247wallst.com/investing/2026/02/25/tsmc-raises-dividend-28-while-38-revenue-growth-reframes-the-geopolitical-risk/ |
| 3 | Feb-22 | Microsoft | Q2 FY26 Earnings + Capex Guidance | Revenue $81.3B (+17%); Azure +39%; Microsoft Cloud $51.5B (+26%); GAAP EPS $5.16 (+60%); Commercial RPO $625B (+110% YoY); Q2 capex $37B+ (~$148B annualised); CFO Hood: 'customer demand continues to exceed our supply' | Azure acceleration strongest signal of enterprise AI adoption; $148B annualised capex confirms hyperscaler arms race; RPO surge validates multi-year demand | https://www.investmentnews.com/equities/magnificent-7-earnings-meta-microsoft-and-tesla-signal-the-next-phase-of-ai-driven-markets/265042 |
| 4 | Feb-22 | Amazon | 2026 Capex Guidance Confirmed | 2026 capex up to $200B — largest single AI infrastructure commitment globally; AWS monetising capacity as fast as it can build; Trainium 3 custom AI chip on TSMC 3nm; Q4 AWS growth strong; retail segment flagged tariff risk | $200B capex sets new benchmark for hyperscaler spend; AWS supply-constrained = sustained Nvidia/TSMC demand; combined hyperscaler spend now $650-700B vs $350B in 2025 | https://www.fool.com/investing/2026/02/13/microsoft-alphabet-amazon-and-meta-platforms-just/ |
| 5 | Feb-22 | Alphabet | 2026 Capex Guidance Confirmed | 2026 capex up to $185B (+98% vs $91B in 2025); cloud revenue backlog more than doubled on Gemini demand; Apple-Gemini deal confirmed — Gemini to power Siri AI overhaul on iPhone; Google TPU v7e/v8p on TSMC 3nm | Cloud backlog doubling signals durable multi-year AI infrastructure demand; Apple-Gemini deal validates Gemini as tier-1 model; direct Nvidia/TSMC demand signal | https://www.fool.com/investing/2026/02/14/nvidia-stock-good-news-amazon-google-meta-microsof/ |
| 6 | Feb-23 | Meta Platforms | Multiyear Nvidia Deal Confirmed | Multiyear deal for Nvidia Blackwell + Vera Rubin AI processors confirmed; first major standalone deployment of Nvidia Grace CPU servers; 2026 capex up to $135B; Q4 2025 revenue $59.9B (+24%); EPS $8.88; daily active people 3.58B (+7%) | Deepest hyperscaler-Nvidia commitment confirmed; Grace CPU standalone deployment is new architecture milestone; $135B capex cements Meta as #3 AI infrastructure spender | https://www.cnbc.com/2026/02/25/nvidia-nvda-earnings-report-q4-2026.html |
| 7 | Feb-23 | IBM | AI Disruption Event — Claude Code COBOL | Anthropic published Claude Code Modernization Playbook showing AI can automate COBOL legacy system analysis and refactoring; IBM -13.2% (worst day since 2000); ~$31-40B market cap wiped; Accenture and Cognizant also fell; Dow -820+ points; IBM down 27% for February | Largest single-day loss for IBM in 25 years; consulting revenue model structurally threatened; validates Infrastructure > Software thesis — legacy IT services repriced in real-time | https://www.cnbc.com/2026/02/23/ibm-is-the-latest-ai-casualty-shares-are-tanking-on-anthropic-cobol-threat.html |
| 8 | Feb-25 | Salesforce | Q4 FY26 Earnings Results | Revenue $11.2B (+12% YoY); non-GAAP EPS $3.81 vs $3.05 est (beat by 25%); Agentforce ARR $800M (+169% YoY); combined Agentforce + Data Cloud ARR $2.9B (+200%); current RPO $35.1B (+16%); $50B buyback announced; Anthropic stake gain $811M; 5 ServiceNow customers defected to Salesforce ITSM | 25% EPS beat largest in sector this quarter; Agentforce monetisation real but stock still -28% YTD — market awaiting scale proof before re-rating software sector | https://www.cnbc.com/2026/02/25/salesforce-crm-q4-earnings-report-2026.html |
| 9 | Feb-24 | Software Sector | SaaSpocalypse Continues — Relief Rally | Feb 3 'Black Tuesday for Software': S&P Software Index -13% in one session on OpenAI/Anthropic agent releases; IGV software ETF -30%+ YTD (worst quarterly pace since 2008); Feb 24 relief rally: Salesforce +4%; ServiceNow +2%; IGV +1-2% after Anthropic reframed Claude as 'orchestration layer' not replacement | Structural software sector repricing ongoing; analysts divided — JPMorgan: 'broken logic'; Wedbush Ives: 'most disconnected trade I've ever seen'; infrastructure layer outperforming software layer | https://www.cnbc.com/2026/02/23/stock-market-today-live-updates.html |
| 10 | Feb-25 | TSMC / Policy | US-Taiwan Tariff Carve-Out Plan Reported | FT reports US Commerce Dept preparing tariff exemptions for Amazon/Google/Microsoft on TSMC-manufactured chips; tied to $250B US-Taiwan investment deal; Taiwan tariffs cut to 15%; TSMC Arizona fabs provide strategic shield; covers Microsoft Maia 200/Google TPU/Amazon Trainium 3/Meta MTIA v3 — all on TSMC 3nm | Removes key policy overhang for hyperscaler AI infrastructure spend; de-risks TSMC-dependent chip supply chain; positive for entire IPE infrastructure thesis | https://www.trendforce.com/news/2026/02/10/news-us-reportedly-mulls-tariff-exemptions-for-amazon-google-microsoft-on-tsmc-made-chips/ |
10
Total Announcements
$39B+
Total Deal Value
7
Top 50 Global Tech Companies
6
Days Period
Global Top 50 Technology Stocks March 2026
File
| Rank | Company | Ticker | Country | Market Cap (USD) | Feb Market Cap | Month Change | Sector | Key Business | Notable |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Nvidia | NVDA | USA | $4.427T | $4.427T | ~Flat | Semiconductors | AI chips/GPUs for data centers and gaming | https://Steady at top; DeepSeek fears faded; Blackwell demand strong |
| 2 | Apple | AAPL | USA | $3.920T | $4.156T | -5.70% | Consumer Electronics | iPhone, Mac, iPad, Services | https://Slight pullback; tariff exposure concerns on China supply chain |
| 3 | Alphabet (Google) | GOOGL/GOOG | USA | $3.800T | $3.864T | -1.70% | Internet Services | Search/YouTube/Cloud/Android | https://Holding #3; Gemini momentum; advertising resilience |
| 4 | Microsoft | MSFT | USA | $3.530T | $3.576T | -1.30% | Software | Windows/Azure cloud/Office/Gaming | https://Stable; Copilot integration expanding; Azure growth steady |
| 5 | Amazon | AMZN | USA | $2.400T | $2.460T | -2.40% | E-commerce/Cloud | Online retail/AWS cloud services | https://AWS holding ground; tariff risk on retail segment |
| 6 | TSMC | TSM | Taiwan | $1.780T | $1.538T | 15.70% | Semiconductors | Chip manufacturing foundry | https://UP to #6; US$250B US investment deal Jan 2026; massive AI fab demand ⭐ |
| 7 | Meta Platforms | META | USA | $1.650T | $1.687T | -2.20% | Social Media | Facebook/Instagram/WhatsApp/VR | https://Slight pullback; AI spending commentary pressured sentiment |
| 8 | Broadcom | AVGO | USA | $1.570T | $1.820T | -13.70% | Semiconductors | Custom AI chips/networking/software | https://Pulled back from Feb highs; custom AI chip thesis intact |
| 9 | Tesla | TSLA | USA | $1.200T | $1.512T | -20.60% | Automotive/AI | Electric vehicles/Autonomous driving | https://Big pullback; Musk brand risk; EV demand softness ⚠️ |
| 10 | Tencent | 0700.HK | China | $720.00B | $709.76B | 1.40% | Internet Services | WeChat/Gaming/Social media | https://Moved up to #10 as Tesla pulled back; China domestic strength |
| 11 | Samsung Electronics | 005930.KS | South Korea | $460.00B | $492.45B | -6.60% | Consumer Electronics/Semi | Smartphones/Memory chips/Displays | https://Memory chip pricing softened slightly; AI HBM demand still strong |
| 12 | Alibaba | BABA | China | $420.00B | $377.72B | 11.20% | E-commerce/Cloud | Online retail/Alipay/Cloud | https://UP; China recovery narrative + Qwen AI model strength ⭐ |
| 13 | Oracle | ORCL | USA | $420.00B | $616.81B | -31.90% | Enterprise Software | Database/Cloud/ERP software | https://Major correction ⚠️ Missed cloud guidance; Stargate hype faded |
| 14 | ASML | ASML | Netherlands | $415.00B | $431.16B | -3.80% | Semiconductor Equipment | Lithography machines for chipmaking | https://Slight pullback; EUV monopoly intact; job cuts announced Jan 2026 |
| 15 | Netflix | NFLX | USA | $410.00B | $431.82B | -5.00% | Streaming | Video streaming/Original content | https://Minor pullback; subscriber growth momentum continues |
| 16 | Palantir | PLTR | USA | $380.00B | $427.77B | -11.20% | Software | Data analytics/AI platforms | https://Pulled back from highs ⚠️; still massive run from #35; AI platform thesis intact |
| 17 | AMD | AMD | USA | $300.00B | $355.01B | -15.50% | Semiconductors | PC/Server/AI processors | https://Semi selloff hit AMD hard; MI300X still winning data center share ⚠️ |
| 18 | SAP | SAP | Germany | $295.00B | $289.70B | 1.80% | Enterprise Software | ERP/Business software | https://Resilient; European tech outperforming; cloud ERP transition |
| 19 | Cisco | CSCO | USA | $290.00B | $306.50B | -5.40% | Networking | Network equipment/Security | https://Slight pullback; enterprise networking demand solid |
| 20 | IBM | IBM | USA | $285.00B | $288.73B | -1.30% | IT Services/Software | Cloud/AI/Consulting/Mainframes | https://Stable; AI consulting revenue building; mainframe cycle continuing |
| 21 | Salesforce | CRM | USA | $255.00B | $250.12B | 2.00% | Enterprise Software | CRM/Cloud applications | https://Agentforce AI product gaining traction; slight uptick |
| 22 | Micron Technology | MU | USA | $240.00B | $261.70B | -8.30% | Semiconductors | Memory chips (DRAM/NAND) | https://HBM demand intact but near-term DRAM pricing concerns ⚠️ |
| 23 | SK Hynix | 000660.KS | South Korea | $235.00B | $255.19B | -7.90% | Semiconductors | Memory chips for AI/mobile | https://High-bandwidth memory leader; slight pullback with semi sector |
| 24 | Applied Materials | AMAT | USA | $195.00B | $214.59B | -9.10% | Semiconductor Equipment | Chip manufacturing equipment | https://Semi equipment pullback; AI fab buildout still driving orders |
| 25 | AppLovin | APP | USA | $190.00B | $230.10B | -17.40% | Software | Mobile advertising platform | https://Big pullback from highs ⚠️; still major outperformer vs Jan; ad platform intact |
| 26 | Shopify | SHOP | Canada | $195.00B | $208.93B | -6.70% | E-commerce | E-commerce platform for merchants | https://Slight pullback; SMB growth platform thesis intact |
| 27 | Lam Research | LRCX | USA | $185.00B | $199.99B | -7.50% | Semiconductor Equipment | Wafer fabrication equipment | https://Semi equipment cycle pullback; AI-driven capex still supports outlook |
| 28 | Uber | UBER | USA | $190.00B | $192.63B | -1.40% | Transportation Tech | Ride-hailing/Food delivery | https://Steady; autonomous vehicle partnerships evolving |
| 29 | QUALCOMM | QCOM | USA | $185.00B | $189.99B | -2.60% | Semiconductors | Mobile processors/5G/Licensing | https://Stable; smartphone recovery on track; PC chip diversification |
| 30 | Intel | INTC | USA | $195.00B | $200.60B | -2.80% | Semiconductors | PC/Server processors/Foundry | https://Recovery progressing; new CEO execution watched closely |
| 31 | Intuit | INTU | USA | $180.00B | $186.75B | -3.60% | Software | TurboTax/QuickBooks/Credit Karma | https://Tax season tailwind; financial software steady |
| 32 | ServiceNow | NOW | USA | $172.00B | $179.14B | -4.00% | Software | IT service management/Workflow | https://Enterprise AI workflow demand solid; slight pullback |
| 33 | Arista Networks | ANET | USA | $168.00B | $161.25B | 4.20% | Networking | Data center networking/Cloud | https://UP; AI data center networking spending still accelerating ⭐ |
| 34 | Texas Instruments | TXN | USA | $165.00B | $167.44B | -1.50% | Semiconductors | Analog chips/Embedded processors | https://Industrial semi bottoming; dividend yield attracting value investors |
| 35 | KLA | KLAC | USA | $158.00B | $160.29B | -1.40% | Semiconductor Equipment | Process control/Inspection | https://Steady; process yield tools critical for advanced nodes |
| 36 | Sony | SONY | Japan | $162.00B | $168.87B | -4.10% | Consumer Electronics | PlayStation/Cameras/Entertainment | https://PS5 cycle mature; gaming still solid; slight pullback |
| 37 | Schneider Electric | SU.PA | France | $158.00B | $154.38B | 2.30% | Industrial Tech | Energy management/Automation | https://UP; data center power infrastructure thesis strengthening ⭐ |
| 38 | Arm Holdings | ARM | UK | $145.00B | $150.53B | -3.70% | Semiconductors | Chip architecture/IP licensing | https://Pulled back slightly; royalty model still benefiting from AI chip proliferation |
| 39 | Palo Alto Networks | PANW | USA | $145.00B | $138.27B | 4.90% | Cybersecurity | Network security/Cloud security | https://UP; cybersecurity spend resilient in uncertain macro ⭐ |
| 40 | Adobe | ADBE | USA | $142.00B | $147.80B | -3.90% | Software | Creative Cloud/Acrobat/Marketing | https://AI Firefly integration gaining traction; slight pullback |
| 41 | PDD Holdings (Pinduoduo) | PDD | China | $155.00B | $167.29B | -7.40% | E-commerce | Chinese e-commerce/Temu | https://Temu under regulatory scrutiny in some markets; pulled back |
| 42 | Analog Devices | ADI | USA | $135.00B | $138.40B | -2.50% | Semiconductors | Analog/Mixed-signal chips | https://Industrial/automotive semi stable; defensive positioning |
| 43 | CrowdStrike | CRWD | USA | $133.00B | $131.91B | 0.80% | Cybersecurity | Endpoint security/Threat intelligence | https://Steady recovery post-2024 outage; cloud security demand intact |
| 44 | Xiaomi | XIACF | China | $135.00B | $142.92B | -5.50% | Consumer Electronics | Smartphones/IoT devices | https://EV launch progress; slight pullback |
| 45 | Booking Holdings | BKNG | USA | $162.00B | $166.77B | -2.90% | Travel Tech | Online travel booking (Booking.com) | https://Travel demand resilient; slight pullback |
| 46 | Robinhood | HOOD | USA | $110.00B | $118.44B | -7.10% | Financial Tech | Trading platform/Crypto | https://Crypto winter concerns pulling back ⚠️ |
| 47 | Spotify | SPOT | Sweden | $120.00B | $116.95B | 2.60% | Streaming | Music streaming/Podcasts | https://UP; podcast monetisation strengthening; subscriber growth ⭐ |
| 48 | MercadoLibre | MELI | Argentina | $108.00B | $109.15B | -1.10% | E-commerce/Fintech | Latin American marketplace/Payments | https://LatAm e-commerce steady; fintech penetration continuing |
| 49 | Automatic Data Processing | ADP | USA | $105.00B | $106.14B | -1.10% | Software | Payroll/HR management | https://Defensive HR software; steady in uncertain macro |
| 50 | Foxconn (Hon Hai) | 2317.TW | Taiwan | $100.00B | $102.95B | -2.90% | Manufacturing | Contract electronics manufacturing | https://AI server manufacturing growing; slight pullback |
| Key Themes - March 2026 | |||||||||
| TSMC THE STANDOUT MOVER | |||||||||
| TSMC: +15.7% ($1.538T → $1.780T) - US$250B US investment deal sealed; massive AI chip manufacturing demand; now ranked #6 globally ⭐⭐ | |||||||||
| TESLA SHARP CORRECTION | |||||||||
| Tesla: -20.6% ($1.512T → $1.200T) - Musk brand/political exposure; EV demand softness; robotaxi timeline uncertainty ⚠️ | |||||||||
| ORACLE MAJOR CORRECTION | |||||||||
| Oracle: -31.9% ($616B → $420B) - Cloud growth missed guidance; Stargate hype faded from Jan highs; biggest loser in Top 15 ⚠️ | |||||||||
| BROADCOM PULLBACK | |||||||||
| Broadcom: -13.7% ($1.820T → $1.570T) - Pulled back from Feb highs; custom AI chip design wins intact; medium-term thesis unchanged | |||||||||
| ALIBABA RECOVERY CONTINUES | |||||||||
| Alibaba: +11.2% ($377B → $420B) - China AI (Qwen model) + domestic consumption recovery; moved up to #12 ⭐ | |||||||||
| CYBERSECURITY RESILIENT | |||||||||
| Palo Alto +4.9%; CrowdStrike +0.8% - Security spend proving defensive in uncertain macro; IPE Infrastructure thesis validated | |||||||||
| SEMICONDUCTOR EQUIPMENT UNDER PRESSURE | |||||||||
| Applied Materials -9.1%; Lam Research -7.5%; KLA -1.4% - Semi equipment pulled back with broader chip sector; AI fab buildout medium-term still strong | |||||||||
| APPLOVIN CORRECTION | |||||||||
| AppLovin: -17.4% ($230B → $190B) - Pulled back sharply from Feb highs; still a massive run from Jan; mobile ad platform thesis intact |
The watch list is for informational purposes only and that does not actually represent the actual assets of the Fund
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.