Applied Materials INC

• Wedgewood Partners Are Hyperscalers Still Magnificent? ↗ Wedgewood Partners increased Alphabet, Amazon, Meta Platforms and Microsoft, arguing that their AI infrastructure spending is supported by high-return core businesses and investments that hedge DRAM cost inflation. The firm initiated Hermès, citing its artisan-led supply constraints, durable brand equity and pricing power, while trimming several large technology positions to maintain concentration limits. Second Quarter 2026 +9.4% HRMS AMZN $2.8TGOOGL $4.2TMETA $1.4T

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