T Rowe Price Investment Management 13F Portfolio

The most revealing buy is the massive move in Alphabet’s non‑voting line. GOOG explodes to a 1.13% position after a +21393.0% share increase and a roughly $1.71B capital add, effectively re-underwriting the name as a core compounder rather than a sidecar to GOOGL.

They also opened two sizable new positions that speak directly to the AI and digitization backbone theme:

• Teradyne (TER) arrives as a new 0.56% position worth about $858.4M, a pure bet on test equipment leverage as chip complexity and AI content rise.
• Datadog (DDOG) debuts at 0.53% and roughly $806.9M, a clear statement that observability and cloud data monitoring are structural, not cyclical.

Around those pillars, they scale several key enablers:

• Broadcom (AVGO) gets a +23.0% share boost and about $553.3M more capital, reinforcing conviction in semis and networking as system-level beneficiaries of AI workloads.
• Micron (MU) is up +76.3% in shares with an estimated $551.2M add, a direct bet that memory is moving from cyclical to strategic as AI and data intensity compound.
• Danaher (DHR), Veralto (VLTO), and Lockheed Martin (LMT) see large percentage adds, signaling renewed faith in life‑science tools, water/analytics, and defense budgets as durable cash‑flow compounding engines.
• Mastercard (MA), Visa (V), and MSCI all enjoy 30–65% share increases and hundreds of millions of new capital, upgrading the payments and index oligopolies to true core holdings rather than satellites.

On the sell side, the pattern is blunt: harvest the biggest winners and free capital for less‑celebrated but more leveraged expressions of the same themes. Apple, AMD, Amazon, and Meta are each cut hard even though they remain profitable relative to cost.

The heaviest trims cluster around megacap tech and high‑multiple semis:

• Apple (AAPL) is down -52.1% in shares, freeing an estimated $2.36B; AMD is cut -48.8%, releasing about $2.12B, both after triple‑digit gains versus their average buy.
• Amazon (AMZN) sees a -33.5% reduction and roughly $1.99B pulled out, while Microsoft (MSFT) and Meta are trimmed by -17.1% and -31.8%, respectively, together freeing over $1.9B.
• Lattice (LSCC) and MACOM (MTSI) both suffer >-36% cuts after big gains, indicating a view that the market is now paying generously for niche semis exposure.

Outside pure tech, there’s pruning where prior defensives have done their job. NiSource (NI) is slashed -40.1% despite being up against cost, and Starbucks (SBUX) is nearly halved at -44.6%. They selectively lighten lab tools (RVTY, WAT, Agilent, Mettler, Keysight) and a few healthcare names (Elanco, ULS) — not an abandonment, but a swap from stretched incumbents into fresher risk/reward in biotech and tools like Danaher.

Beneath the stock picks, there’s a clear sector-level story: technology is still the spine but no longer the whole body. Tech falls to 41.13% from 46.53% as they rotate from platform megacaps into infrastructure, memory, and cloud tooling.

Three blocs take that freed-up risk budget:

• Industrials climb to 16.59% from 13.98%, driven by big adds in Danaher, Veralto, Teradyne, Ingersoll Rand, and Lockheed Martin — essentially lab tools, process equipment, and defense hardware.
• Health care edges up to 11.87% from 10.63%, but the internal mix leans toward high‑optionality biotech (Cytokinetics, Kymera, Vaxcyte, Dyne) layered on top of distributors like Cencora.
• Real‑estate‑labelled holdings (really financial infrastructure) rise to 5.41% from 3.52% as Mastercard, Visa, and MSCI are scaled.

At the same time, classic defensives are being deliberately thickened. Utilities step up to 9.18% from 8.29%, with CenterPoint, Ameren, and PPL all meaningfully increased, offsetting a NiSource cut. Consumer staples (Keurig Dr Pepper) and more stable discretionary like Yum Brands and US Foods also grow, helping stabilize a portfolio that still leans heavily into AI, cloud, and biotech volatility.

Taken together, the 2026‑Q2 book looks like the second phase of an AI and digitization trade. The managers are explicitly shifting from headline beneficiaries into the infrastructure, rails, and tools that monetize the trend more quietly.

Alphabet, Datadog, Broadcom, Micron, Teradyne, and Arista sketch a multi‑layered stack: advertising and cloud at the top, observability and SaaS in the middle, and semis, networking, and test equipment underneath. Adding Lockheed, Danaher, Veralto, and the life‑science tools basket brings in government and healthcare budgets that rhyme with, but don’t depend entirely on, the AI cycle.

On the risk side, the portfolio is less hostage to any single megacap than it was a quarter ago. Utilities, consumer defensives, and payments rails now matter more to outcomes, giving them room to keep backing volatile biotech and high‑growth software. If this quarter is a guide, expect future moves to keep expressing secular themes — AI, data intensity, defense, healthcare complexity — through a broader mix of enablers and toll collectors rather than just the marquee platforms.