Oasis Expands Market Footprint
Oasis Management Expands Tech and Semiconductor Holdings, Acquiring $38.5M in Core Scientific
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Key Points
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Weiss Ratings’ LexinFintech downgrade was specifically from a “hold (c)” to “hold (c-)” (rather than a general weakening), and the change came alongside large position increases by other investors—e.g., Bank of America Corp DE up 320.4% to 3,861,508 shares (valued at about $20.58 million).
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AXT’s disclosed trading/valuation backdrop was sharply volatile: it opened at $97.18, had a 1-year low of $1.80 and high of $143.16, a beta of 1.80, and a reported P/E of -313.47—context that helps explain why analyst views in the articles diverged.
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Analyst actions on AXT included both “sell” adjustments and major upside targets: Weiss raised AXT from “sell (e+)” to “sell (d-)”, while Wedbush lifted its price target from $8.50 to $28 (rating: “outperform”) and Northland Securities set a $125.00 target.
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Core Scientific news included insider selling: Todd M. Duchene sold 10,000 shares at an average price of $26.85 (total $268,500) and after the sale directly owned 2,068,895 shares (about $55.55 million).
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For Amkor, other institutions also made large moves—Fisher Asset Management boosted its stake by 204.5% to 2,095,027 shares (about $82.71 million) and UBS Group AG boosted by 205.5% to 1,254,658 shares (about $49.53 million)—while coverage highlighted investor focus on Amkor’s “HDFO platform.”
Oasis Management Co Ltd. made one of its boldest moves in recent memory, snapping up roughly 2.64 million shares of Core Scientific (CORZ) — worth about $38.49 million — according to its Q1 2026 13F filing, per Fintel. The Hong Kong-based activist fund is betting that Core Scientific, once a bankrupt Bitcoin miner, is now a high-margin AI infrastructure play.
The purchase is part of a wider repositioning by Oasis across tech and semiconductor names, including new stakes in Amkor Technology and AXT Inc, and expanded positions in two Chinese fintech firms. Institutional money is flooding into these names — and the reasons are not hard to find.
Core Scientific's Bankruptcy-to-AI-Hosting Comeback Story
Core Scientific emerged from bankruptcy in early 2024. Then, in July 2025, AI hyperscaler CoreWeave made a $3.5 billion all-stock offer to buy it. Shareholders said no, per Core Scientific SEC Filing. Instead, the two companies struck a 12-year, $8.7 billion hosting deal — turning Core Scientific into a data center landlord for AI workloads.
That contract is expected to generate 80–85% cash gross margins, according to Simply Wall St. That kind of margin is rare in any industry. It explains why Oasis paid $38.49 million to get in, and why CoreWeave — which has a reported $100 billion revenue backlog — is set to join the Nasdaq-100 on June 22, 2026, per TNW.
Core Scientific Insider Sells Shares While Oasis Buys In
Not everyone is buying. Todd M. Duchene, Core Scientific's Chief Legal and Administrative Officer, sold 10,000 shares on June 1, 2026, at an average price of $26.85 per share — a total of $268,500 — according to Investing.com. The sale was made under a pre-set Rule 10b5-1 plan, which shields insiders from accusations of trading on inside information.
Duchene still directly owns 2,068,895 shares, valued at roughly $55.5 million. So the sale looks like routine liquidity management rather than a signal of doubt. Still, insider selling alongside heavy institutional buying creates a split picture that investors will watch closely.
Amkor and AXT: Oasis Bets on AI Chip Packaging and Substrates
Oasis also bought about 30,800 shares of Amkor Technology (AMKR), a chip packaging company. Amkor held its 2026 Investor Day on May 21, pivoting toward its High-Density Fan-Out (HDFO) platform — a packaging method designed for advanced AI chips, per Quiver PriceTracker. Other big funds made even larger moves: Fisher Asset Management boosted its Amkor stake by 204.5% to 2,095,027 shares ($82.71 million), and UBS Group AG jumped in by 205.5% to 1,254,658 shares ($49.53 million), per MarketBeat.
For AXT Inc (AXTI), Oasis initiated a new 10,000-share position in a stock that has had a wild ride — swinging from a 1-year low of $1.80 to a high of $143.16. Its current P/E ratio is -313.47, meaning it is losing money. Analyst views are sharply split: Wedbush raised its price target from $8.50 to $28, while Northland Securities set a $125 target on June 12, citing AI data center demand for AXT's compound semiconductor substrates, per StocksToTrade. Weiss Ratings, meanwhile, bumped the stock from "sell (e+)" to "sell (d-)" — still a sell.
Chinese Fintech Buys Draw Caution Despite Heavy Institutional Flow
Oasis raised its stake in Qfin Holdings by about 21% to roughly 315,000 shares, and increased its LexinFintech (LX) position by about 57% to around 1.74 million shares. But on June 8, Weiss Ratings downgraded LexinFintech from "hold (c)" to "hold (c-)" — a small but pointed cut signaling weakening profitability, per MarketBeat. The downgrade came even as other institutions poured in: Bank of America Corp DE expanded its LexinFintech stake by 320.4% to 3,861,508 shares, valued at about $20.58 million.
Seth Fischer, Oasis's founder and CIO, has built his reputation pressuring Japanese companies like Kyocera and Tokyo Steel on governance. His push into US AI infrastructure and Chinese fintech marks a clear strategic shift. Fischer has said he will "hold management accountable for poor performance," per Bloomberg. Whether these new bets pay off will depend on whether AI demand holds — and whether Chinese fintech can prove its profitability story.
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