NVIDIA's Year of
Repositioning
How NVIDIA's corporate equity portfolio went from $1.15B of scattered AI-adjacent bets to $18.4B of concentrated infrastructure-stack positions in four quarters — and what the moves reveal about Jensen's view of the AI value chain.
Portfolio value by quarter
Position history, oldest to newest
| Company | Sector | Q1'25 · Mar | Q2'25 · Jun | Q3'25 · Sep | Q1'26 · Mar | Status |
|---|---|---|---|---|---|---|
|
CoreWeave
CRWV · 21873S108
|
Neocloud | $897M 24.2M sh |
$3.96B 24.3M sh |
$3.32B 24.3M sh |
$3.66B 47.2M sh |
Held · 2× shares |
|
Nebius Group
NBIS · N97284108
|
Neocloud | $25M 1.19M sh |
$66M 1.19M sh |
$134M 1.19M sh |
$124M 1.19M sh |
Held flat |
|
Arm Holdings
ARM · 042068205
|
CPU IP | $118M 1.10M sh |
$178M 1.10M sh |
$156M 1.10M sh |
EXITED | Sold Q1'26 |
|
Applied Digital
APLD · 038169207
|
Data center | $43M 7.72M sh |
$78M 7.72M sh |
$177M 7.72M sh |
EXITED | Sold Q1'26 |
|
Recursion Pharma
RXRX · 75629V104
|
AI bio | $41M 7.71M sh |
$39M 7.71M sh |
$38M 7.71M sh |
EXITED | Sold Q1'26 |
|
WeRide
WRD · 950915108
|
Autonomous | $24M 1.74M sh |
$14M 1.74M sh |
$17M 1.74M sh |
EXITED | Sold Q1'26 |
|
Intel
INTC · 458140100
|
CPU / foundry | — | — | — | $9.48B 214.8M sh |
NEW · largest |
|
Coherent Corp
COHR · 19247G107
|
Photonics | — | — | — | $1.86B 7.79M sh |
NEW |
|
Synopsys
SNPS · 871607107
|
EDA software | — | — | — | $1.91B 4.82M sh |
NEW |
|
Nokia
NOK · 654902204
|
Networking | — | — | — | $1.34B 166.4M sh |
NEW |
|
Generate Biomedicines
370920100
|
AI bio | — | — | — | $10.4M 833K sh |
NEW |
The portfolio, mapped to the AI factory stack
The Q1 2026 lineup is no longer a collection of AI-themed bets. Every position now occupies a specific layer of the data center infrastructure stack NVIDIA itself sells into.
What the pattern reveals
Three quarters of dormancy, then a single quarter of total repositioning
From Q1'25 through Q3'25, share counts barely moved across all six legacy positions — only CoreWeave added a token ~95K shares. Portfolio value swung purely on stock-price moves (CoreWeave's IPO drove the $1.15B → $4.33B jump). Then Q1'26 rewrote the entire portfolio in 90 days.
"AI ecosystem tourism" became a deliberate stack thesis
The Q1'25 portfolio looked like scattered partner-and-customer bets across six different sub-themes. The Q1'26 portfolio reads like a checklist: compute substrate, design tools, optical, networking, neoclouds, vertical AI. Every position now maps to a specific layer NVIDIA sells into.
The Intel position is the headline, not the asterisk
At $9.48B, Intel alone is more than 2× the entire Q3'25 portfolio. NVIDIA exited its Arm stake — the IP-licensor it once tried to buy outright — in the same quarter it took a 215M-share Intel position. The capital is following the partners building hardware with them, not the IP licensors.
CoreWeave is the conviction bet
Among legacy holdings, CoreWeave is the only one NVIDIA actively scaled — from 24.2M shares to 47.2M, nearly doubling the position. It now represents 20% of the public-equity portfolio. Every other legacy name was either sold or held flat.
The corporate venture arm grew up
For three quarters NVIDIA's 13F looked like a tech company that happened to own some AI stocks — small positions, mostly inactive. In Q1 2026 it started looking like an infrastructure conglomerate deliberately accumulating equity in every layer of its supply chain. The 16× value jump isn't market beta; it's a capital-allocation thesis being expressed on the balance sheet. For an investor, the new portfolio is the cleanest public proxy for how Jensen Huang himself maps the AI value chain.
Methodology & caveats
Data source. All position counts and dollar values are taken directly from NVIDIA Corp's Form 13F-HR filings with the SEC for the quarters ending March 31, 2025; June 30, 2025; September 30, 2025; and March 31, 2026. Filings were signed by Rebecca Peters, VP & Deputy General Counsel.
Snapshot bias. Form 13F reports only end-of-quarter positions. Intra-quarter trades — for example any short-lived positions opened and closed within a single quarter — would not appear. The Q4 2025 filing (period ending Dec 31, 2025) was not included in the source set for this report.
Coverage. A 13F covers only U.S.-traded public securities NVIDIA holds with investment discretion. It does not include the much larger non-marketable (private-company) book, which NVIDIA's FY2026 10-K reports at $22.25B versus $3.39B a year earlier. Private bets including OpenAI, xAI, Mistral, Figure, Wayve and others are not visible in this dataset.
Not investment advice. This report summarizes publicly disclosed regulatory filings for analytical purposes. Position sizes, valuations and sector tags reflect the data as filed and the author's interpretation; readers should verify against primary sources before making any investment decision.