News Summary
NeutralMKS delivered a strong Q2 2026 beat with $1.25B revenue (+28% YoY) and raised H2 guidance implying 50%+ semiconductor YoY growth, driven by broad AI-related demand across deposition, etch, and photonics. However, the stock has declined 31% from its 52-week high amid valuation concerns (P/E >48), significant insider selling with no insider buying, and sector-wide weakness tied to AI spending skepticism and tariff concerns.
Red flags
- •Stock down 31% from 52-week high despite strong earnings beat and raised guidance
- •Stretched valuation (trailing P/E above 48) with analyst consensus price targets 25% above current price, suggesting limited upside
- •Significant insider selling reported with no insider buying in recent quarters—potential signal of management confidence concerns
- •Trading below 50-day moving average; broader sector weakness driven by investor caution on AI spending sustainability and tariff headwinds
Funds Buying (3)
| Fund | Manager | Shares Held | ∆ Shares | Position Value | % of Fund | QoQ | Status |
|---|---|---|---|---|---|---|---|
| Point72 | Steve Cohen | 2.0M | +2.0M | $888M | 1.4% | — | NEW |
| Sachem Head Capital | Scott Ferguson | 813K | +813K | $361M | 7.5% | — | NEW |
| Glenview Capital | Larry Robbins | 99K | +99K | $44M | 0.9% | — | NEW |
Shares Held and Position Value reflect total quarter-end holdings. ∆ Shares is the change from the prior quarter. % of Fund is the position's share of the fund's reported equity portfolio — it drives the size weighting in the conviction score.
Portfolio Context
Where MKSI ranks in each buying fund's book, and the positions immediately around it. What a holding sits next to often says more about the thesis than the position size does.
position #4 of this fund's book
- 1CREDO TECHNOLOGY GROUP HOLDI$1,673M
- 2ASML HLDG NV$1,103M
- 3AMAZON COM INC$1,061M
- 4MKS INC.$888M
- 5ARISTA NETWORKS INC$873M
- 6SEAGATE TECHNOLOGY HLDNGS PL$794M
- 7ADVANCED MICRO DEVICES INC$772M
position #5 of this fund's book
- 2Seagate Technology Hldngs PL$455M
- 3Primo Brands Corporation$435M
- 4Performance Food Group Co$374M
- 5MKS INC.$361M
- 6Dicks Sporting Goods Inc$338M
- 7Carvana Co$295M
- 8Sotera Health Co$276M
position #27 of this fund's book
- 24CISCO SYS INC$49M
- 25ELEMENT SOLUTIONS INC$47M
- 26APPLIED MATLS INC$47M
- 27MKS INC.$44M
- 28SIX FLAGS ENTERTAINMENT CORP$43M
- 29STMICROELECTRONICS N V$42M
- 30ABBVIE INC$37M
Values are quarter-end position sizes. Shown only for funds where MKSI ranks inside their 40 largest equity positions — below that, neighbouring names carry no signal. Adjacency is an inference about a fund's reasoning, not a disclosure of it.
Insider Activity
Beneficial Ownership (13D/13G)
| Filer | Form | Shares | % of Class | Filed | Src |
|---|---|---|---|---|---|
| Victory Capital Management, Inc. | SC 13G/A | 605K | 0.9% | 2026-07-24 | ↗ |
| JPMORGAN CHASE & CO | SC 13G | 3.4M | 5.0% | 2026-07-16 | ↗ |
| FMR LLC | SC 13G/A | 2.2M | 3.3% | 2026-05-06 | ↗ |
| Vanguard Capital Management | SC 13G | 3.5M | 5.2% | 2026-04-30 | ↗ |
| Vanguard Portfolio Management | SC 13G | 3.7M | 5.5% | 2026-04-29 | ↗ |
SC 13D = active intent to influence control (10-day filing deadline after crossing 5%). SC 13G = passive accumulation, no intent to influence control.