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The era of blind Magnificent 7 devotion has officially hit a wall. As we cross into early 2026, the markets are paralyzed by a brutal software selloff driven by fears that agentic AI is rapidly cannibalizing traditional software seats. We are witnessing a violent rotation, a fundamental rebalancing where the growth at any cost narrative is being replaced by a cold hard focus on value and AI infrastructure.
In this climate of fear, one man's moves are sending shock waves through the street. David Ter. David Ter is not just another hedge fund manager. He is the contrarian king who famously made $7 billion for his investors in 2009 by buying distressed bank stocks when the world thought they were going to zero.
With a net worth exceeding $20 billion, Ter's investment philosophy is defined by finding value in distress and maintaining an unemotional datadriven grip on the macroeconomic landscape. When Ter moves, he moves big, and his Q4 2025 filings reveal a massive reshuffleling of his 6.8 billion portfolio.
The numbers tell a story of aggressive defense. Ter completely exited nine positions, including fintech giant Block and a slew of regional banks like Zans and Keycorp. More significantly, he aggressively trimmed the heavy hitters that fueled the last rally. Ter slashed his Nvidia stake by 10.53%, trimmed Amazon by 12.82% and cut AMD by a staggering 65.79%.
Even Uber wasn't safe, seeing a 23.14% reduction. But ter isn't just fleeing to cash. He is moving down the stack into the hardware and infrastructure that powers the AI revolution. Let's begin with the powerhouse that is anchoring this portfolio shift. Micron technology, ticker symbol MU. While the broader software sector is reeling, Micron is standing tall as a primary beneficiary of the great rotation into AI infrastructure.
David Ter effectively tripled his bet in Q4 2025, increasing his position by a massive 200% to a total of 1.5 million shares. This isn't speculative. It's a move into a company that has evolved from a cyclical memory play into the very oxygen of the AI revolution. The core of this bullish thesis lies in a serious fundamental shift in Micron's business model.
We are currently in a supply constrained environment where aggregate demand for DRAM and NAND is far outstripping the industry's ability to produce. Management is rotating their output toward high margin segments like high bandwidth memory and data centers. This strategic mix shift is expected to propel gross margins to a staggering 68% in the second quarter of 2026, up from 56.8% just months prior.
Beyond the DRAM story, a massive catalyst is brewing in storage. As AI workloads scale, data center architectures are moving SSDs closer to the GPU for speed, creating a new market for Micron's higherformance NAND solutions. Their data center NAND revenue has already cleared the $1 billion per quarter mark.
And with their new 9,650 SSDs entering mass production, this segment is accelerating faster than DRAM. Financially, Micron is a fortress. Despite the rally, it trades at a forward PE of just 12.2 times, a nearly 48% discount compared to the typical IT sector median. With Chips Act incentives and a clean balance sheet, Micron is positioned for a massive wave of shareholder returns by 2027.
Moving from the memory chips themselves to the complex machines that build them, our second stock is Lamb Research, ticker symbol LRCX. David Ter is high conviction here, having increased his position by nearly 15% in Q4 2025 to 425,000 shares. While the market shows fear towards software, TER is moving upstream to the picks and shovels providers like Lamb, whose customers include industry giants like TSMC, Intel, and Micron.
Lamb is currently operating in the fast fast lane, having just delivered record-breaking results for the second quarter of the 2025 to 2026 fiscal year. Revenue surged 22.1% year-over-year to 5.34 billion, while earnings per share jumped a staggering 37%. What makes this particularly compelling is that Lamb is already hitting financial targets.
Specifically, its 34.1% operating margin that were originally set for 2028. Management has signaled that they will likely upwardly revise their long-term model because AIdriven demand is materializing much faster than anticipated. Looking ahead, the catalysts are big immense lamb is a key enabler for the transition to gate all-around transistors and HBM4 which requires the extreme precision of their next generation Accara etch system.
The company projects 2026 wafer fabrication equipment spending to reach approximately $135 billion, a massive jump from the previous year. Furthermore, as AI inference scales, a massive new market for high-capacity NAND storage is emerging, placing Lamb's industry-leading installed base of over 100,000 chambers in a prime position to outperform.
With a disciplined capital allocation strategy that returned 85% of free cash flow to shareholders last year, Lamb Research offers elite execution in the multi-year AI buildout. Transitioning from the hardware layer to the application of super intelligence, our third stock is the social media titan Meta Platforms, ticker META.
David Ter made a definitive statement in Q4 2025 by increasing his stake in Meta by over 62%. Bringing his total holdings to 600,000 shares. While some are wary of the software sell-off, the smart money recognizes Meta as a high-performance compounding engine currently trading at a compelling GARP growth at a reasonable price valuation.
The core debate surrounding Meta right now is its massive AI capex outlay. For fiscal year 2026, the company has guided for capital expenditures in the range of 115 to 135 billion, a massive 73% increase over 2025 levels. Skeptics point to the lack of a cloud business to justify this spend, but the data reveals the investment is bearing fruit.
AI integration drove an acceleration in ad impression growth across every geographic market in Q4 2025. Financially, the company remains a juggernaut, generating $14 billion in free cash flow in Q4 alone. Meta is also making an existential push to become a true platform company by owning the hardware distribution layer, specifically through AI powered smart glasses.
CEO Mark Zuckerberg aims to finally extricate the company from Apple's ecosystem. While the reality lab segment still faces a $6 billion quarterly operating loss, the strategic necessity of owning the AI device future is what drives Ter's conviction. Trading at a forward PE of approximately 21.3 times, a discount to Google's 26.3 times, Meta offers a deeply discounted entry point into one of the world's most effective advertising businesses as it scales toward super intelligence.
David Ter's Q4 moves reveal a clear playbook. Sell the overextended software winners and rotate aggressively into the infrastructure and high conviction platforms powering the next phase of the AI revolution. By tripling down on Micron, expanding into LAM research and significantly increasing his exposure to Meta, Ter is positioning for a market where picks, shovels, and hardware are the ultimate winners.
In a market defined by fear and rapid rotation, following the strong money means looking past the short-term noise and focusing on the structural shifts in global compute. These three stocks aren't just holdings. They are the foundation of Ter's vision for 2026 and beyond.
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