On February 17, 2026, Seldon Capital disclosed in an SEC filing that it sold 183,242 shares of ACM Research (ACMR 4.13%), an estimated $6.83 million transaction based on quarterly average pricing.
What happened
According to a February 17, 2026, SEC filing, Seldon Capital sold 183,242 shares of ACM Research (ACMR 4.13%) during the fourth quarter. The estimated value of this sale is $6.83 million, calculated using the average closing price for the period. The fund’s quarter-end holding was 10,000 shares, with the position’s value decreasing by $7.17 million over the reporting period due to both stock sales and market price changes.
What else to know
- ACM Research now accounts for 0.14% of Seldon Capital’s 13F reportable assets, down from 2.66% in the prior quarter.
- Top holdings after the filing:
- NYSEMKT:VT: $30.06 million (10.4% of AUM)
- NYSE:CLS: $27.68 million (9.6% of AUM)
- NASDAQ:TLN: $26.56 million (9.2% of AUM)
- NYSE:SQM: $15.18 million (5.3% of AUM)
- NYSEMKT:VTI: $14.68 million (5.1% of AUM)
- As of February 17, 2026, shares of ACM Research were priced at $65.18, up 170.7% over the past year and vastly outperforming the S&P 500 by 162.18 percentage points.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close February 17, 2026) | $65.18 |
| Market capitalization | $4.17 billion |
| Revenue (TTM) | $880.35 million |
| Net income (TTM) | $117.11 million |
Company snapshot
- ACM Research develops and sells single-wafer wet cleaning and electro-chemical plating equipment for semiconductor manufacturing, marketed under the Ultra C brand.
- The company generates revenue primarily through direct sales and third-party representatives, focusing on advanced cleaning and plating solutions for integrated chip fabrication.
- It serves global semiconductor manufacturers seeking advanced process nodes and improved wafer yields.
ACM Research is a technology company specializing in semiconductor process equipment, with a focus on wet cleaning and plating systems that enable higher yields and advanced chip manufacturing. The company leverages proprietary technologies, such as space alternated phase shift and Tahoe technology, to deliver differentiated solutions for leading-edge wafer fabrication. Its global customer base and innovation-driven approach position it as a key supplier in the competitive semiconductor equipment sector.
What this transaction means for investors
Big winners often test discipline more than laggards. And that might be the case here. When a stock surges more than 170% in a year, trimming becomes a reasonable portfolio decision, not a verdict on the business.
Late last month, ACM Research tightened its 2025 revenue outlook to $885 million to $900 million and projected 2026 revenue of $1.08 billion to $1.175 billion, pointing to continued growth driven by newer tools and share gains. Management cited stable wafer fab equipment spending and incremental contribution from SPM, Tahoe, and furnace products.
With this move, Seldon’s stake has been reduced from 2.66% of reportable assets to just 0.14%. In a portfolio anchored by broad ETFs and diversified industrial and materials names, that shift meaningfully lowers direct exposure to semiconductor capital equipment after a massive run.
For long-term investors, the core question is cyclicality versus execution. ACM is scaling revenue toward the billion-dollar mark while investing in U.S. capacity. But semiconductor equipment is notoriously lumpy, and expectations can outrun orders quickly.
