ClearBridge Investments has reshuffled its Large Cap Growth Strategy portfolio for Q2 2026. The asset manager bought into Micron Technology while cutting back on Microsoft and Amazon. It also fully sold its Intuit stake.
The moves reflect ClearBridge’s view on where AI growth is heading in the second half of 2026.
Why Micron?
ClearBridge called Micron a “strategic, differentiated” AI investment. The firm pointed to rising memory demand from AI data centers, which require far more memory than traditional computing systems.
Semiconductors now make up over 30% of the Russell 1000 Growth Index, according to ClearBridge. The firm sees Micron as a targeted way to capture upside from AI infrastructure spending.
The timing is notable in context. Micron shares have dropped more than 17% over the past five trading days. Strong preliminary results from Samsung failed to lift the memory sector. Concerns about AI spending levels and SK Hynix’s planned U.S. listing added to selling pressure.
Despite that drop, Wall Street has not turned bearish. Morgan Stanley analyst Shawn Kim described the pullback as a “necessary reset,” not a sign that the memory cycle is over. Bank of America analyst Vivek Arya kept his Buy rating, saying fears about oversupply and pricing are overdone.
ClearBridge exited its entire Intuit position. The reason was direct: the firm believes AI could commoditize parts of Intuit’s tax preparation business, reducing its competitive edge.
This is a cautious call on a company that has long held a dominant position in consumer tax software. ClearBridge did not indicate any broader concerns about Intuit’s other business lines.
Beyond Micron, ClearBridge increased its stakes in Alphabet, Arista Networks, Blackstone, and Tesla during the quarter.
The strategy underperformed its benchmark for Q2. ClearBridge still believes that AI infrastructure leadership and broader market participation set up better returns in the second half.
Microsoft and Amazon were trimmed, not fully removed. Both remain in the portfolio at reduced levels.
Using the TipRanks Stock Comparison Tool, analysts are most bullish on Micron, Microsoft, Amazon, Alphabet, and Arista Networks. All five carry Strong Buy consensus ratings.
Micron has the highest upside potential of the group at around 67%. Microsoft sits at 45% upside. Amazon is at 30%.
Intuit, now exited by ClearBridge, carries around 59% upside potential according to analysts, with a Moderate Buy rating. Blackstone also holds a Moderate Buy. Tesla is rated Hold.
ClearBridge has not signaled any further planned changes to the portfolio at this stage.
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