BUFFALO Funds, an actively managed mutual fund advised by Kornitzer Capital Managementreleased its third-quarter 2026 investor letter for “Buffalo Growth Fund”. The letter can be downloaded here. The Buffalo Growth Fund advanced 4.57% in Q3, significantly outperforming the Russell 3000® Growth Index’s 0.45%. The primary driver of this outperformance was stock selection in Information Technology, particularly among hyperscaler stocks that benefited from higher cloud revenue. However, rising oil prices and inflation challenged the market, prompting the Federal Reserve to raise interest rates for the first time since July 2023 and prompting caution within the Fund. The fund has reduced some positions, noting the cost of capital’s impact on business models. There is optimism for hyperscalers following the upcoming Anthropic IPO, which could provide investor transparency for future capex. Also, check the Fund’s top five holdings to see its best picks for 2026.
In its Q3 2026 investor letter, Buffalo Growth Fund highlighted Micron Technology, Inc. (NASDAQ:IN). Micron Technology, Inc. (NASDAQ:MU) is a leading semiconductor company that manufactures memory and storage products, delivering solutions for a wide range of applications. On November 03, 2026, Micron Technology, Inc. closed at $855.10 per share with a market capitalization of $967.48 billion. Over the past month, Micron Technology, Inc. was down 21.41%, and its shares gained 260.04% over the past 52 weeks.
Buffalo Growth Fund stated the following regarding Micron Technology, Inc. (NASDAQ:MU) in its Q3 2026 investor letter:
“In the previous quarter we determined the portfolio was lacking exposure to the memory space and initiated small positions in both Micron Technology, Inc. (NASDAQ:MU) and Sandisk. We continue to own Micron where HBM is far less commoditized and the market is controlled by just three firms.”
Micron Technology, Inc. (NASDAQ:IN) is in 17th position on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 184 hedge fund portfolios held Micron Technology, Inc. (NASDAQ:IN) at the end of the second quarter, compared to 154 in the previous quarter. While we acknowledge the potential of Micron Technology, Inc. (NASDAQ:MU) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
Source: finance.yahoo.com
