Wild year for a quiet company. KLA executed a 10-for-1 split in June 2026, dropping the quote from four figures to below 200 overnight without changing the value of the business. Fiscal 2026 then closed with record revenue of about 13.6 billion, up nearly 12 percent, and the board lifted the dividend by 21 percent.

The twist came on July 28, a clean earnings beat followed by a drop of almost 9 percent as guidance debates met one of the worst macro days in over a year. Shares have held roughly between 175 and 185 since then. To me the AI tool cycle still looks intact but richly priced, so the tape punishes anything short of perfect.

Bitunix lists a KLACUSDT perpetual that trades around the clock, which is where I keep my hedge, though it is a contract tracking the price rather than share ownership, and futures carry liquidation risk. Only my own read, could be wrong.