Hedge Fund AIGH Capital Exits Entire MaxLinear Stake in $17.8 Million Sale
In a significant portfolio shift, investment firm AIGH Capital Management LLC has completely exited its stake in MaxLinear Inc. (NASDAQ: MXL), according to a recent filing with the Securities and Exchange Commission (SEC). The transaction, dated February 2, 2026, involved the sale of 1,107,504 shares, valued at approximately $17.81 million based on the quarter's average closing price.
The sale, executed during the fourth quarter of 2025, brings AIGH's reported holding in the semiconductor designer to zero. This divestment stands out as the largest single position the fund closed during that period, which saw over a dozen other exits. Analysts note the timing is particularly intriguing given MaxLinear's subsequent financial performance.
MaxLinear, which specializes in integrated radio-frequency (RF), analog, and mixed-signal semiconductors for broadband, wireless infrastructure, and data center connectivity, reported robust Q4 2025 results on January 29, 2026. The company saw net revenue jump 48% year-over-year and 8% sequentially, swinging to an adjusted profit of $0.19 per share from a loss of $0.09 per share a year earlier. Despite these results, the stock has seen only modest appreciation of 1.2% since the quarter ended.
The move by AIGH appears to be part of a broader sector rotation. SEC filings indicate the fund established several new, sizable positions in biopharmaceutical companies during the same quarter, suggesting a strategic pivot towards the healthcare sector. For retail investors, such a wholesale exit by an institutional holder can be interpreted as a lack of confidence in the company's near-term trajectory or simply a reallocation of capital based on the fund's internal risk-return models.
Market Voices:
"This is a classic case of a fund locking in gains or cutting losses and moving on. The biotech pivot is telling—it signals a search for growth in a different cycle," commented David Chen, a portfolio manager at Horizon Trust.
"It's baffling. You ditch a leader in connectivity chips right before a stellar earnings report and during a global infrastructure build-out. This feels like a misread of the semiconductor sector's momentum," said Anya Petrova, a tech analyst known for her blunt assessments.
"The modest stock reaction post-earnings might vindicate AIGH's decision. It suggests the market had already priced in the growth, or sees headwinds ahead. It's a reminder that fundamentals and stock price aren't always in sync," added Marcus Wright, an independent investment advisor.
The semiconductor industry remains a critical but volatile component of the global tech supply chain, with companies like MaxLinear competing to enable next-generation communications networks. AIGH's exit puts a spotlight on the divergent strategies investors are employing as they navigate the post-pandemic tech landscape.