Janus Henderson’s Q3 Letter Recasts Lam Research as an AI Beneficiary, Brightens Alphabet’s Outlook
The fund credits semiconductor strength for a 9.19% gain, highlighting AI inference as a new driver of NAND demand plus Gemini-fueled momentum at Alphabet.
Overview
- Janus Henderson’s Global Technology and Innovation Fund returned 9.19% in Q3 2025 as semiconductors and hardware outpaced broader equities.
- Lam Research is identified as gaining from AI’s more compute‑intensive inference, which the letter says is boosting demand for NAND memory.
- Reported data show Lam Research posted $5.3 billion in September‑quarter revenue, with shares up 137.25% over 52 weeks and hedge‑fund holders rising to 93 from 85, according to Insider Monkey.
- Alphabet is described as shifting from a perceived AI laggard to a potential winner, driven by Gemini adoption and a U.S. settlement that permits bidding for device search placement without exclusivity.
- Reported metrics note Alphabet’s first‑ever $100 billion revenue quarter, a 59.78% 52‑week share gain, a $3.8 trillion market cap, and hedge‑fund holders increasing to 186 from 178, per Insider Monkey.