What smart money is saying about NVIDIA Corporation
NVDA · Technology · Semiconductors · Market cap $4602.23B
33 funds in our archive have pitched NVIDIA Corporation, most recently Platinium AM Platinum Trust in October 2026.
Company profile
NVIDIA Corporation stands as a prominent provider of advanced graphics, computational, and networking solutions, operating across the United States, Taiwan, China, and numerous international markets. Its Graphics division encompasses GeForce GPUs, central to PC gaming and personal computing experiences, along with the GeForce NOW cloud gaming service and its supporting infrastructure, as well as dedicated solutions for various gaming platforms. For professional visualization, it provides Quadro and NVIDIA RTX GPUs for enterprise workstations, further offering vGPU software designed for cloud-centric visual and virtual computing, automotive platforms for in-vehicle infotainment, and the Omniverse software suite, facilitating 3D design and virtual world creation. The Compute & Networking segment is a cornerstone for AI, high-performance computing (HPC), and accelerated data center platforms. It integrates Mellanox networking and interconnect solutions, delivers automotive AI Cockpit technologies, fosters autonomous driving development through strategic agreements, and offers comprehensive autonomous vehicle solutions. This segment also manufactures cryptocurrency mining processors, supplies Jetson platforms for robotics and other embedded applications, and offers enterprise AI software, including NVIDIA AI Enterprise. These diverse offerings find widespread application across the gaming, professional visualization, data center, and automotive sectors. NVIDIA distributes its portfolio through a broad ecosystem, engaging original equipment and device manufacturers, system integrators, add-in board makers, retail channels, software vendors, internet and cloud service providers, automotive companies (both manufacturers and tier-1 suppliers), mapping firms, nascent technology ventures, and other industry stakeholders. A notable strategic partnership exists with Kroger Co. Founded in 1993, NVIDIA Corporation maintains its corporate headquarters in Santa Clara, California.
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Fund signal · last 12 months
140 lettersMore funds are buying than selling
+11
Net flow
21 buys · 7 new positions · 68%10 sells · 2 full exits
Moves described in fund letters in our archive. A sentence published word for word by several funds of one house in the same quarter counts once.
Position history
Between Q1 2025 and Q4 2026, 160 fund letters reported a position in NVIDIA Corporation, with 22 buys (opened or added) and 11 sells (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q4 2026 | 3 | 0 | 0 | 1 |
| Q3 2026 | 65 | 9 | 4 | 9 |
| Q2 2026 | 53 | 9 | 5 | 13 |
| Q1 2026 | 15 | 3 | 0 | 4 |
| Q4 2025 | 4 | 0 | 1 | 0 |
| Q3 2025 | 5 | 0 | 0 | 2 |
| Q2 2025 | 9 | 1 | 1 | 1 |
| Q1 2025 | 6 | 0 | 0 | 3 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 162 positions · 34 moves
- HoldsBlueBox Global Technology FundOctober 2026
Listed in BlueBox Global Technology Fund’s reported holdings.
NVIDIA Corporation - HoldsSomma Investimentos FundsOctober 2026
“Among the fund's positions, noteworthy, in addition to Nvidia, Microsoft, Apple and Broadcom, which together represent 23.2% of the fund, are companies such as TSMC, Samsung, Lam Research and AMD, these with 13.3% of the fund.”
NVIDIA Corporation - October 2026
“The one exception is Nvidia Corp. (NVDA) which, in our view, would certainly feel the impact of the AI trade rolling over but remains the clear market leader having generated over $100 billion in free cash flow in the past twelve months, and would be comfortably able to withstand an AI bear market.”
NVIDIA Corporation - September 2026
“Significant Positions in Client Accounts Nvidia (NVDA) Nvidia continues to be the leader in the global race to build artificial intelligence infrastructure, providing the advanced computing hardware that powers many of today’s most demanding AI applications.”
NVIDIA Corporation - HoldsAcatisSeptember 2026
“Are you keeping your distance from the “Mag 7” and other AI stars? We have taken profit. However, Nvidia is still the third-largest equity position and conti- nues to do well.”
NVIDIA Corporation - September 2026
“NVIDIA (NVDA) shares appreciated during the quarter as the company continued to demonstrate the strength of its competitive position and execute against robust demand for AI infrastructure.”
NVIDIA Corporation - September 2026
“During the quarter, we did not initiate any new positions and we exited our position in Oracle (ORCL). We also added to our holdings in NVIDIA (NVDA) and trimmed Apple (AAPL).”
NVIDIA Corporation - September 2026
“Performance Overview Relative performance in the quarter showed a mix of positives and negatives in most sectors, with few major factors dominating. Our IT underweight detracted, although our positioning in the sector contributed positively: not owning the high-beta cyclical picks and shovels beneficiaries of the AI infrastructure buildout helped as these stocks sold off in the third quarter. However, our measured and underweight positions in Apple, Nvidia and Microsoft detracted.”
NVIDIA Corporation - September 2026
Listed in Argent Capital Management Large Cap Strategy’s reported holdings.
NVIDIA Corporation - September 2026
“NVIDIA Corp. United States 7.0 Semiconductors & Semiconductor Equipment”
NVIDIA Corporation - September 2026
“NVIDIA Corp.”
NVIDIA Corporation - September 2026
“Microsoft Corp. United States 3.9 Software NVIDIA Corp. United States 4.9 Semiconductors & Semiconductor Equipment”
NVIDIA Corporation - September 2026
“A single disproportionate equity outcome can change the entire trajectory of a portfolio or provide the staying power to see depressed but vibrant investments through. We have highlighted NVIDIA’s contributions to our investment program in previous periods. NVIDIA has contributed 3,365bps to gross performance since inception and remains a small holding in the current portfolio (a residual position in our parlance).”
NVIDIA Corporation - September 2026
“A single disproportionate equity outcome can change the entire trajectory of a portfolio or provide the staying power to see depressed but vibrant investments through. We have highlighted NVIDIA’s contributions to our investment program in previous periods. NVIDIA has contributed 3,365bps to gross performance since inception and remains a small holding in the current portfolio (a residual position in our parlance).”
NVIDIA Corporation - HoldsBlueBox Global Technology FundSeptember 2026
Listed in BlueBox Global Technology Fund’s reported holdings.
NVIDIA Corporation - HoldsPolen Focus GrowthSeptember 2026
“Portfolio Attribution In Q3 2026, the Portfolio returned 4.46% (net of fees) compared to 0.92% for the Index. Top relative contributors to the Portfolio’s performance included ServiceNow , Shopify , and Microsoft . By contrast, the largest relative detractors in the quarter were NVIDIA , Apple (not owned), and Lam Research . ServiceNow was the Portfolio’s top - performing holding during the quarter as improving sentiment toward high - quality software companies coincided with another strong earnings report. In a market that had spent much of the year questioning the durability of software business models in an AI world, ServiceNow delivered what we viewed as an excellent quarter, beating expectations across key metrics (and notably showing an acceleration in AI revenues) and raising full - year guidance. Importantly, the company continues to demonstrate broad - based strength across IT service management, IT operations, security, creator workflows, CRM, and industry workflows, while also showing that AI can be a revenue opportunity rather than a headwind. NVIDIA was the Portfolio’s largest relative detractor during the quarter, not because the stock declined, but because our approximately 7.5% position remained materially underweight its roughly 15% weight in the Index. NVIDIA’s shares increased nearly 15% during the quarter, reinforcing our positive view of the business and its importance as one of the Portfolio’s largest absolute holdings.”
NVIDIA Corporation - September 2026
“The LTGG portfolio owns multiple beneficiaries of the current infrastructure build-out.”
NVIDIA Corporation - September 2026
Listed in Royal London AM Global Equity Enhanced Fund’s reported holdings.
NVIDIA Corporation - September 2026
Listed in Royal London AM US Equity Fund (IRL)’s reported holdings.
NVIDIA Corporation - September 2026
Listed in Royal London AM US Equity Trust’s reported holdings.
NVIDIA Corporation - September 2026
“The fund’s investments within Industrials also contributed to results through favorable stock selection and sector allocation positioning.”
NVIDIA Corporation - September 2026
“We have highlighted NVIDIA’s contributions to our investment program in previous periods. NVIDIA has contributed 3,449bps to performance since inception and remains a small holding in the current portfolio (a residual position in our parlance).”
NVIDIA Corporation - HoldsDistillate CapitalSeptember 2026
“AI Risk & How the Market Gained $30 Trillion in 3 Years: We are growing weary of discussing the AI trade somewhat repeatedly in the last several letters. That said, the figures are not those of a typical market cycle and they consume our time as the outcome will likely prove relevant to stock returns for the next decade or longer. In that context, even more remarkable than the fact that the market gained $30 trillion in value in three years is the concentration of that gain. Just the 20 biggest AI-stocks accounted for $20 trillion of the $30 trillion of growth with Apple adding another $2 trillion to that figure. More remarkable still, the group of 20 AI stocks saw almost no increase in NTM FCF despite a $20 trillion market cap gain. Some of these companies, like NVIDIA, have seen extraordinary free cash flow growth, but the gains of NVIDIA and others largely came out of the profits of other companies in the group such that the aggregate free cash flow figure for all 20 stocks was little changed.”
NVIDIA Corporation - September 2026
“We also reduced positions in Apple (AAPL), Microsoft (MSFT), NVIDIA (NVDA), and Veeva Systems (VEEV) following strong share-price appreciation, driven by valuation and portfolio construction considerations rather than meaningful changes to our long-term assessments of the underlying businesses.”
NVIDIA Corporation - September 2026
“In July, a major technical event severely pressured AI-infrastructure stocks when a large, AI-focused hedge fund operating with significant leverage was forced to liquidate much of its equity book. The semiconductor ETF, which more than doubled during the first half of the year, fell by more than 25% from end of June through late July. During this drawdown, we added to our positions in Marvell Technology, Inc (MRVL), Monolithic Power Systems Inc (MPWR), NVIDIA Corp. (NVDA), and Taiwan Semiconductor Manufacturing Co. (TSM), all of which subsequently delivered strong quarterly results.”
NVIDIA Corporation - September 2026
“Information Technology was another area of strength, with Nvidia and Microsoft among the stronger performers. Nvidia continued to benefit from robust demand across the AI infrastructure stack, while Microsoft saw continued strength in Azure and further evidence of AI monetisation across its platform.”
NVIDIA Corporation - September 2026
“Financials led the third quarter, with several holdings recovering as the underlying businesses continued to perform well. Deutsche Boerse, one of our high conviction positions, continued to demonstrate the structural growth we see across European capital markets and the strength of its competitive positions in Fund Services, Securities Services and Eurex. Information Technology was another area of strength, with Nvidia and Microsoft among the stronger performers. Nvidia continued to benefit from robust demand across the AI infrastructure stack, while Microsoft saw continued strength in Azure and further evidence of AI monetization across its platform.”
NVIDIA Corporation - September 2026
“Given the strength of this investment cycle, we have selectively added to our semiconductor holdings, including Taiwan Semiconductor Manufacturing (TSM), NVIDIA (NVDA), KLA (KLAC), and Marvell Technology (MRVL).”
NVIDIA Corporation - September 2026
“TOP CONTRIBUTORS Microsoft outperformed as growth in its Azure cloud division continued to accelerate to +43% over the prior year and management eased concerns that elevated AI spending would exceed its operating cash flow. Apple outperformed following the launch of the iPhone 18 and iPhone Duo, which, paired with their upgraded Apple Intelligence and Siri features, are expected to support continued growth in its services segment. Nvidia outperformed following earnings and guidance that exceeded expectations despite significant supply constraints.”
NVIDIA Corporation - September 2026
“While portfolio holdings Microsoft, Apple, NVIDIA, and PTC all had strong quarters, they were partially offset by weaker returns from MKS Instruments and Littelfuse.”
NVIDIA Corporation - TrimmedPolen Capital Global GrowthSeptember 2026
“Portfolio Activity In Q3 2026, we initiated new positions in Seagate Technology , Advanced Micro Devices , Quanta Services , and SK Hynix , while selling Oracle . We also added to our existing positions in Meta Platforms and Keyence , while trimming NVIDIA , Broadcom , Shopify , ServiceNow , Tencent , Aon , Adyen and Tokyo Electron .”
NVIDIA Corporation - September 2026
“ServiceNow was the Portfolio’s top - performing holding during the quarter as improving sentiment toward high - quality software companies coincided with another strong earnings report. In a market that had spent much of the year questioning the durability of software business models in an AI world, ServiceNow delivered what we viewed as an excellent quarter, beating expectations across key metrics (and notably showing an acceleration in AI revenues) and raising full - year guidance. Importantly, the company continues to demonstrate broad - based strength across IT service management, IT operations, security, creator workflows, CRM, and industry workflows, while also showing that AI can be a revenue opportunity rather than a headwind. NVIDIA was the Portfolio’s largest relative detractor during the quarter, not because the stock declined, but because our approximately 7.5% position remained materially underweight its roughly 15% weight in the Index. NVIDIA’s shares increased nearly 15% during the quarter, reinforcing our positive view of the business and its importance as one of the Portfolio’s largest absolute holdings.”
NVIDIA Corporation - September 2026
“Significant Positions in Client Accounts Nvidia (NVDA) Nvidia continues to be the leader in the global race to build artificial intelligence infrastructure, providing the advanced computing hardware that powers many of today’s most demanding AI applications.”
NVIDIA Corporation - September 2026
Listed in Antipodes Global Fund (Institutional Clients)’s reported holdings.
NVIDIA Corporation - September 2026
“• Nvidia is the leading designer of graphics processing units, or GPUs, the specialized chips that provide much of the computing power used to develop and run artificial intelligence applications. Alongside its chips, its expanding portfolio of networking products, software, and complete computing systems has made it an important partner to cloud providers, businesses, and governments worldwide. We believe Nvidia is a direct beneficiary of the AI infrastructure buildout given its strong competitive position, robust product roadmap, and expanding market opportunity. Shares contributed positively during the quarter after the company reported stronger-than-expected results and issued a near-term outlook ahead of expectations.”
NVIDIA Corporation - September 2026
“In computing, we own Nvidia, Taiwan Semiconductor Manufacturing Company, and SK Hynix as leading compute enablers”
NVIDIA Corporation - September 2026
“NVIDIA Corporation, 13.85%;”
NVIDIA Corporation - September 2026
“What we look for in a business is also unchanged. We focus on companies that generate strong free cash flow and are led by management teams who reinvest that cash wisely, whether to drive growth or to return capital to shareholders. Nvidia and Eli Lilly are two examples from our portfolio.”
NVIDIA Corporation - September 2026
“NVIDIA Corp (NVDA) alone represented nearly 16% of the Index at quarter-end.”
NVIDIA Corporation - HoldsAlger Spectra FundSeptember 2026
“Microsoft Corporation, NVIDIA Corporation, and Meta Platforms Inc were among the top contributors to performance.”
NVIDIA Corporation - September 2026
Listed in Royal London AM Global Equity Select Fund’s reported holdings.
NVIDIA Corporation - September 2026
Listed in Royal London AM Global Equity Diversified Fund’s reported holdings.
NVIDIA Corporation - HoldsMiralta Asset ManagementSeptember 2026
Listed in Miralta Asset Management’s reported holdings.
NVIDIA Corporation - September 2026
“We exited three Fund positions during the quarter. While NVIDIA’s near-term outlook remains solid, we chose to book quick, healthy gains to refocus the Fund’s AI-related investments elsewhere in the value chain.”
NVIDIA Corporation - September 2026
“Perrigo, NVIDIA, and Baxter were among the portfolio's best-performing securities in the quarter.”
NVIDIA Corporation - September 2026
“Apple, the Fund's largest position at the end of June, rose 15% over the quarter and we sold most of it into that strength; Nvidia we rebuilt through July as the shares fell, and it ended the quarter among the Fund's largest holdings, now at the centre of the buildout's financing as well as its hardware.”
NVIDIA Corporation - September 2026
“Nvidia (+14%) was the second largest contributor, adding 0.8 points. We rebuilt the position through July as the shares fell with the rest of the complex, and it ended the quarter as the Fund's largest holding.”
NVIDIA Corporation - September 2026
“Nvidia we rebuilt through July as the shares fell, and it ended the quarter among the Fund's largest holdings,”
NVIDIA Corporation - September 2026
“Portfolio Review On the attribution basis we use to analyse relative performance, gross of fees in sterling against the MSCI ACWI Information Technology 10/40 index (distinct from the published returns above), the portfolio returned -2.6% against +1.8% for the index, a shortfall of 4.4 percentage points, of which 2.6 came from a stock we do not own: Microsoft, which rose 38%. Stock selection within information technology cost 4.7 points in all, and the country lens shows where: our Chinese holdings, 13% of the Fund on average, fell 19% and cost 2.4 points, with Japan (-0.7) and Germany (-0.5) also detracting and Korea (+0.9) the one gain. The holdings outside the index's technology universe added 1.9 points, Meta and BYD the largest, before an industrials sleeve that cost 1.2. The five largest positive effects, Apple (+1.0), Micron (+0.7), Meta (+0.6), BYD (+0.6) and SK hynix (+0.6), owed as much to timing as to the businesses: two of the five ended the quarter lower. Contributors: Apple (+15%) and Nvidia (+14%) were the largest contributors in absolute terms, for opposite reasons. Apple, rebuilt to c.8.7% of the Fund in June, rose 15% over the quarter and we sold almost all of it into that strength, which is why a position averaging 2.3% produced 1.3 percentage points of return and 1.0 point of relative return. Nvidia we rebuilt through July as the shares fell with the rest of the complex; it added 1.2 points and ended the quarter as the Fund's largest position, now at the centre of the financing as well as the hardware.”
NVIDIA Corporation - September 2026
“Sales: The Fund exited its positions in NVIDIA and Taiwan Semiconductor to concentrate its semiconductor exposure in Intel Corporation.”
NVIDIA Corporation - September 2026
Listed in Artisan US Focus Fund’s reported holdings.
NVIDIA Corporation - September 2026
Listed in Artisan Partners Antero Peak Strategy’s reported holdings.
NVIDIA Corporation - September 2026
“The projects largely consist of vertically integrated data centers where Nscale plans to own the powered shell and the GPUs, which should drive higher margins and extend the duration of cash flows. With respect to access to capital, in our assessment, the balance sheet is stronger than peers given limited parent-level unsecured debt and Nvidia (a significant equity owner) has committed to provide guarantees that should help Nscale finance compute projects at a reasonable rate.”
NVIDIA Corporation - September 2026
Listed in Royal London AM Global Equity Income Fund’s reported holdings.
NVIDIA Corporation - AddedFairtree Asset Management Global Equity FundSeptember 2026
“Notable portfolio activity during the quarter was focused on adding to high-conviction technology and AI positions, while broadening the portfolio outside technology. On the buy side, the largest addition was to SK Hynix, as the Fund rotated its memory exposure out of Micron Technology, alongside top-ups to Alphabet, Broadcom and Nvidia.”
NVIDIA Corporation - HoldsSomma Investimentos Fund FamilySeptember 2026
“The Open Vista Tecnologia Global fund closed September with a positive return of 4.5% in reais, equivalent to a gain of 4.8% in dollars. The global technology sector surprised once again in the month and posted another gain, with the sector's global index up 4.3% in dollars in September, a performance below that of the fund, which holds investments that diverge from the composition of the sector index. The global technology sector exhibited a behavior of "opposite extremes," with artificial intelligence infrastructure assets concentrating at the top, while Asia-Pacific suffered a correction. The U.S. technology stock market, driven by semiconductor stocks and large technology companies, rose, with the Nasdaq 100 index accumulating a gain of approximately 3% in the month and renewing its all-time high on September 22. In contrast, China's Shenzhen growth companies index accumulated a decline of 8.8%, and Hong Kong's Hang Seng index fell 4.1%. This divergence is not due to the deterioration of the artificial intelligence narrative, but rather to a new round of "competition for profits" in global markets, in which assets linked to chips and computational infrastructure were repriced based on the certainty of profits, while assets that previously relied only on expectations were forced to adjust. From a market perspective, September witnessed a series of crucial events that reshaped the pricing pattern of the technology sector. On the mergers and acquisitions front, Advanced Micro Devices - AMD announced the acquisition of World Labs, an artificial intelligence startup founded by Fei-Fei Li, for 8.2 billion dollars, with the goal of positioning itself at the frontier of "physical artificial intelligence" and spatial intelligence. In the primary market, SpaceX reached orbit with the success of its Starship rocket, further strengthening the profit expectations of the space infrastructure chain. Nvidia approved a record share buyback plan worth 150 billion dollars, raising the remaining balance of authorized buybacks to 235 billion dollars, a move that directly drove the share price against the trend. JP Morgan believes that the ratio between the expected price-earnings multiple of the "seven technology giants" of the United States and that of the market average has already fallen to about one standard deviation below the historical median, reaching the lowest level in ten years, and the room for valuation compression is already extremely limited, with earnings growth about to become the main driving force behind share prices. Driven by this information, the Philadelphia semiconductor index rose more than 4% in a single day, and AMD's market value surpassed one trillion dollars. Among the fund's positions, in addition to Nvidia, Microsoft and Broadcom, which together represent 20.1% of the fund, companies such as Apple, TSMC, Samsung and Lam Research stand out, the latter with 18.2% of the fund. The ten largest positions represent 46.5% of the fund's net assets.”
NVIDIA Corporation - HoldsNakano World Growth FundSeptember 2026
Listed in Nakano World Growth Fund’s reported holdings.
NVIDIA Corporation - September 2026
“NVIDIA just missed, adding 99bps.”
NVIDIA Corporation - September 2026
“Top contributors to performance for the quarter Quarter End Market Cap ($B) Contribution to Return (%) NVIDIA Corporation 5,504.0 1.83 Cloudflare, Inc. 123.8 1.46 Meta Platforms, Inc. 1,847.4 1.40 CrowdStrike Holdings, Inc. 271.1 1.18 Shopify Inc. 190.6 1.17 NVIDIA Corporation is a global leader in accelerated computing designing the semiconductors, software, networking, and systems used to build and deploy AI. Shares rose 14.3% during the quarter, gaining ground even amid a broader sell-off in semiconductor stocks. NVIDIA reported another excellent quarter with revenue growth accelerating to over 100% year-on-year at a massive scale of $96 billion, with the company guiding to 70% revenue growth for next fiscal year, far ahead of analyst expectations. Notably, management characterized this outlook as supply-constrained, with customers’ own forecasts pointing to a growth rate of approximately 100% year-on-year. Demand has also broadened, with customers beyond the largest hyperscalers, from sovereign AI and neoclouds to enterprises, now accounting for nearly half of data center revenue and growing faster than hyperscalers (though hyperscalers also continue to grow rapidly). In addition, each new platform captures more revenue per gigawatt as NVIDIA sells central processing units, networking, and inference systems alongside its graphics processing units and as each generation provides a higher throughput of tokens per MW of power. We retain conviction in NVIDIA as a core long-term holding.”
NVIDIA Corporation - September 2026
“In the Fund, we own NVIDIA, Broadcom, Taiwan Semiconductor, Monolithic Power Systems, Amphenol, ASML, Ajinomoto, Atlas Copco, Samsung, and Quanta Services.”
NVIDIA Corporation - August 2026
“Despite Nvidia’s (0.3%) strong outperformance versus the industry, the stock’s large relative weight in the Index (versus the Fund) also resulted in a meaningful negative allocation effect.”
NVIDIA Corporation - August 2026
“Top 10 Holdings Company Sector Geography Weight NVIDIA Corporation Information Technology US ).9% Microsoft Corporation Information Technology US 5.$%”
NVIDIA Corporation - August 2026
Listed in Harding Loevner Global Developed Markets Equity’s reported holdings.
NVIDIA Corporation - HoldsBlueBox Global Technology FundAugust 2026
Listed in BlueBox Global Technology Fund’s reported holdings.
NVIDIA Corporation - July 2026
“Nvidia has been in the portfolio since 2016, and Palantir since 2022 - long before artificial intelligence became the dominant market topic.”
NVIDIA Corporation - July 2026
Listed in Harding Loevner Global Equity ADR’s reported holdings.
NVIDIA Corporation - July 2026
“The portfolio’s outperformance in IT was boosted by the jump in our software and services holdings and by NVIDIA and Broadcom, which edged higher amid the sharp sell-off of semiconductor and hardware stocks.”
NVIDIA Corporation - July 2026
“the jump in our software and services holdings and by NVIDIA and Broadcom, which edged higher amid the sharp sell-off of semiconductor and hardware stocks.”
NVIDIA Corporation - July 2026
“WHAT THIS MEANS FOR OUR PORTFOLIO Our Fund has been invested in TSMC and Meta since 2023, and Nvidia since 2025.”
NVIDIA Corporation - June 2026
“Our positions in NVIDIA, Qualcomm, and Corning were put on almost a decade prior to the AI boom.”
NVIDIA Corporation - New positionClearBridge Investments Dividend StrategyJune 2026
“Portfolio Positioning We currently have about 9% of the portfolio in semiconductor-related stocks. We believe this gives us enough exposure to benefit from the wonderful growth that chip stocks enjoy without overly exposing the portfolio to a highly volatile sector currently trading at cyclical highs. During the quarter we initiated a meaningful position in Nvidia, after the company announced a 25-fold increase in its dividend, taking its yield from almost zero to 0.5%.”
NVIDIA Corporation - June 2026
“(Note: the NVDA position is one of our smallest, and only owned in one client portfolio).”
NVIDIA Corporation - HoldsVision Capital FundJune 2026
“It is why we own NVIDIA and TSMC thus far, and not memory stocks or the AI supply chain.”
NVIDIA Corporation - June 2026
“For example, our assessment of competitive advantage places NVIDIA, TSMC, and ASML above most other semiconductor-related businesses.”
NVIDIA Corporation - June 2026
Listed in Buffalo funds Blue Chip Growth Fund’s reported holdings.
NVIDIA Corporation - June 2026
“While technology remained an important contributor, returns were generated across multiple sectors and investment themes. Taiwan Semiconductor, Applied Materials, Analog Devices, NVIDIA, Astera Labs and Seagate contributed meaningfully as part of our Compute Infrastructure theme.”
NVIDIA Corporation - June 2026
Listed in Royal London AM Global Equity Select Fund’s reported holdings.
NVIDIA Corporation - New positionRoyal London AM Global Equity Income FundJune 2026
“we view this as an opportune moment to initiate a position in the fund.”
NVIDIA Corporation - June 2026
Listed in Royal London AM Global Equity Enhanced Fund’s reported holdings.
NVIDIA Corporation - June 2026
Listed in Royal London AM Global Equity Diversified Fund (IRL)’s reported holdings.
NVIDIA Corporation - June 2026
“These new positions complement existing holdings such as Synopsys, Amphenol, NVIDIA, Intuitive Surgical, and Axon, which already give us exposure to this theme.”
NVIDIA Corporation - June 2026
Listed in Royal London AM Global Equity Diversified Fund’s reported holdings.
NVIDIA Corporation - June 2026
Listed in Royal London AM Royal London US Equity Trust’s reported holdings.
NVIDIA Corporation - June 2026
“For example, our assessment of competitive advantage places NVIDIA, TSMC, and ASML above most other semiconductor-related businesses.”
NVIDIA Corporation - June 2026
“Take NVIDIA’s CUDA software moat first.”
NVIDIA Corporation - New positionAve Maria FundsJune 2026
“The Fund also initiated positions in Intel Corporation, Nvidia Corporation, and Taiwan Semiconductor Manufacturing Company Ltd. during the quarter to increase the Fund’s exposure to the A.I. buildout.”
NVIDIA Corporation - June 2026
“Portfolio performance was also notably broad-based. While technology remained an important contributor, returns were generated across multiple sectors and investment themes. Taiwan Semiconductor, Applied Materials, Analog Devices, NVIDIA, Astera Labs and Seagate contributed meaningfully as part of our Compute Infrastructure theme.”
NVIDIA Corporation - HoldsBaron Partners FundJune 2026
Listed in Baron Partners Fund’s reported holdings.
NVIDIA Corporation - TrimmedBaron Technology ETFJune 2026
“We trimmed our position in NVIDIA Corporation , which had grown to represent an outsized share of the Fund.”
NVIDIA Corporation - June 2026
“The quarter still included several good outcomes as Alphabet , Monolithic Power Systems , NVIDIA , Broadcom , Amazon , and our largest addition during the first quarter, Lam Research , each added more than 100bps.”
NVIDIA Corporation - June 2026
“What are our Fund holdings saying? LAM Research (semiconductor capital equipment) "In January, we shared our outlook for 2026 WFE [wafer fabrication equipment] in the $135 billion range. Since then, spending projections from customers have moved higher across all device segments. We now expect WFE of $140 billion with a bias to the upside as the industry continues to work through various constraints." - Timothy M. Archer, CEO Applied Materials (semiconductor capital equipment) "AI adoption is accelerating and diversifying, fuelling broader demand for semiconductors, manufacturing and equipment... we now expect our semiconductor equipment business will grow more than 30% this calendar year." - Gary E. Dickerson, CEO 14 Guinness Global Innovators June 2026 Nvidia (chip designer) "Demand for AI infrastructure continues to expand at an unprecedented pace.”
NVIDIA Corporation - June 2026
Listed in Buffalo Funds Growth Fund’s reported holdings.
NVIDIA Corporation - New positionRothschild & Co LongRun EquityJune 2026
“Activity We added two new positions during the quarter: Amphenol, the investment case of which is outlined later in this report, and Nvidia.”
NVIDIA Corporation - June 2026
“Our largest additions included the following names: CME Group, TSMC, Amazon, NVIDIA, Alphabet, Visa, ASML, S&P Global, Stevanato Group, and Brookfield.”
NVIDIA Corporation - HoldsBaron Partners FundJune 2026
Listed in Baron Partners Fund’s reported holdings.
NVIDIA Corporation - June 2026
“Recent Activity During the second quarter, we initiated five new positions: the leading search and AI company, Alphabet, one of the leading memory providers, Samsung Electronics, a fast-inferencing AI chip provider, Cerebras, a supplier of critical parts used in aerospace engines and industrial gas turbines, DPC Holdings, and an engine provider for power generation, INNIO. We also took advantage of stock price volatility and significant inflows into the Fund to add to many existing positions including Shopify, Nu, NVIDIA, Amazon, GDS, ASML, TSMC, MercadoLibre, Tesla, ServiceTitan, and others.”
NVIDIA Corporation - June 2026
Listed in Brown Advisory Large-Cap Growth Strategy’s reported holdings.
NVIDIA Corporation - New positionBrown Advisory Global Leaders StrategyJune 2026
“The outcome of this work on fast-evolving semiconductor end markets was the initiation of an investment in Nvidia in Global Leaders in June.”
NVIDIA Corporation - TrimmedBaron Technology StrategyJune 2026
“Top net sales for the quarter Net Amount Sold ($M) NVIDIA Corporation 7.5 Solaris Energy Infrastructure, Inc. 3.0 Amazon.com, Inc. 2.8 Datadog, Inc. 2.2 Lumentum Holdings Inc. 2.0 We trimmed our position in NVIDIA Corporation, which had grown to represent an outsized share of the Strategy.”
NVIDIA Corporation - June 2026
“NVIDIA and Broadcom cannot trade as if AI is not real or not sustainable, while the broader AI buildout beneficiaries trade as if AI is just beginning.”
NVIDIA Corporation - New positionBrown Advisory Global Leaders Sustainable FundJune 2026
“The outcome of this work on fast-evolving semiconductor end markets was the initiation of an investment in Nvidia in Global Leaders in June.”
NVIDIA Corporation - June 2026
Listed in Brown Advisory Large-Cap Sustainable Growth Strategy’s reported holdings.
NVIDIA Corporation - June 2026
“NVIDIA has been a stellar, truly unicorn-like performer as its revenues grew from $61 billion in 2023 to $130 billion in 2024, and to $216 billion in 2025, with revenues expected to almost double again this year to $424 billion.”
NVIDIA Corporation - June 2026
“Finally, the trims. We cut our AMD position by roughly half after a powerful run left it a much larger dollar position than the share count suggested. We lightened Axon , Goldman , Morgan Stanley , and Brookfield Renewable , and we made small adjustments to Nvidia , Tesla , and Amazon , which remain among our largest holdings. Tesla remains our largest position and Nvidia and Amazon remain core holdings.”
NVIDIA Corporation - TrimmedNightview Capital NITE ETFJune 2026
“Finally, the trims. We cut our AMD position by roughly half after a powerful run left it a much larger dollar position than the share count suggested. We lightened Axon , Goldman , Morgan Stanley , and Brookfield Renewable , and we made small adjustments to Nvidia , Tesla , and Amazon , which remain among our largest holdings.”
NVIDIA Corporation “The second group comprises technology and AI beneficiaries and includes Alphabet, Microsoft (MSFT), Amazon (AMZN), NVIDIA (NVDA), KLA Corp, and Broadcom (AVGO).”
NVIDIA Corporation- June 2026
“Positions in Amazon, Arm Holdings, Fast Retailing, and Nvidia were trimmed on strength.”
NVIDIA Corporation - June 2026
Listed in Parnassus Investments Core Equity Fund’s reported holdings.
NVIDIA Corporation - June 2026
“Even among the direct beneficiaries of the AI buildout, stocks are not immune to narratives – no need to look further than the company standing at the epicenter of AI – NVIDIA.”
NVIDIA Corporation - HoldsBaron CapitalJune 2026
Listed in Baron Capital’s reported holdings.
NVIDIA Corporation - HoldsMayTech Global Investments Global Growth StrategyJune 2026
“NVIDIA remained at the center of the AI infrastructure buildout, reporting accelerating data center revenue growth for the third consecutive quarter.”
NVIDIA Corporation Listed in Tributary Capital Management All Cap Plus Equity Strategy’s reported holdings.
NVIDIA Corporation“Portfolio Changes We initiated new positions in Equinix and Arista Networks and exited our positions in Aon and Intuit. Positions in Microsoft, Waste Management, Netflix, Ecolab, and Yum! Brands were added to on weakness while also adding to our positions in Alphabet, Apple, Nvidia, and ServiceNow given their strong long-term growth prospects.”
NVIDIA Corporation- June 2026
“STOCK STORY: ADVANCED MICRO DEVICES & ARM AREA OF INTEREST: High Performance Computing MARKET CAP: US$947 (AMD) US$379bn (Arm) AMD contributed 194bps to performance for the June quarter, and ARM contributed 165bps over the same period. Since the introduction of AI through large language models almost four years ago, much of the focus has been on ‘training’ these models to ensure they are both accurate and fast in augmenting con-sumer and business workflows. This has placed a heavy demand on GPUs from companies such as Nvidia, AMD and Broadcom to train these models. In the future, with agentic AI, models will be per-forming tasks for humans independently. Under the agentic AI lens, for models to perform tasks in-dependently, every workflow must be orchestrated, processed and managed by a CPU. As Jensen Huang, the CEO of Nvidia, puts it, think of CPUs like a conductor and GPUs like the orchestra.”
NVIDIA Corporation - June 2026
“Recently we reduced the position in Nvidia and increased our position in Eli Lilly (LLY), now Eli Lilly (LLY) is the largest equity position in many accounts.”
NVIDIA Corporation - June 2026
“Information Technology 36.0% 3.7% CDW, Nvidia (ServiceNow)”
NVIDIA Corporation - June 2026
“• Key contributors to performance for the quarter were TSMC (Connectivity), GE Vernova (Climate) and Nvidia (High Performance Computing).”
NVIDIA Corporation - June 2026
“How some of the Fund’s holdings meet Munro’s definition of a climate change leader: NextEra Clean Energy NextEra Energy is a US utility whose subsidiary NextEra Energy Resources is one of the world’s largest developers of renewables and grid battery storage in the world, operating in almost all US states. Between 2026 and 2032, they expect to develop between 77 and 108GW of new power generation, of which over 90% is solar, wind, nuclear or energy storage. According to Bloomberg NEF estimates, NextEra Energy derives over 50% of revenue from Clean Energy.^ Quanta Services Clean Energy Quanta Services develops electricity infrastructure, which is essential in the transition to decarbonise the planet because it allows things including cars, heating and cooling to be electrified. Separately, Quanta has a dedicated business which develops renewable energy projects. Nvidia Energy Efficiency As the world’s demand for artificial intelligence grows rapidly, Nvidia is enabling more energy efficient data centres through their GPU chips.”
NVIDIA Corporation - June 2026
“Since the introduction of AI through large language models almost four years ago, much of the focus has been on ‘training’ these models to ensure they are both accurate and fast in augmenting consumer and business workflows. This has placed a heavy demand on GPUs from companies such as Nvidia, AMD and Broadcom to train these models.”
NVIDIA Corporation - June 2026
“Given the wide range of potential outcomes, LTGG’s preferred approach is to own companies that are structurally difficult to substitute, and where we have greater confidence in the sustainability of high earnings growth. Image: generated by AI The Corryvreckan bottleneck’s turbulence stems from a hard underwater basalt plug known as the Old Hag. We’re looking to hold companies with similarly unassailable leads in their domains. Nvidia and ASML, both held in the LTGG portfolio for around a decade, are two such examples.”
NVIDIA Corporation - June 2026
Listed in Royal London AM Global Equity Transitions Fund’s reported holdings.
NVIDIA Corporation - June 2026
“Together, NVIDIA and TSMC make up more than 10 percent of the portfolio.”
NVIDIA Corporation - April 2026
Listed in Bell Global High Conviction Fund’s reported holdings.
NVIDIA Corporation - March 2026
Listed in HL Global Carbon Transition Equity’s reported holdings.
NVIDIA Corporation - March 2026
“We added to our holdings in Broadcom (AVGO), GE Aerospace (GE), Netflix (NFLX) and NVIDIA (NVDA) and trimmed Intuit (INTU), Linde (LIN) and Taiwan Semiconductor (TSM).”
NVIDIA Corporation - HoldsBuffalo Growth FundMarch 2026
Listed in Buffalo Growth Fund’s reported holdings.
NVIDIA Corporation - March 2026
Listed in Buffalo Blue Chip Growth Fund’s reported holdings.
NVIDIA Corporation - March 2026
“Microsoft Corp. United States 3.1 Software NVIDIA Corp. United States 4.0 Semiconductors & Semiconductor Equipment”
NVIDIA Corporation - March 2026
“Portfolio Holdings Data as of March 31, 2026. Source: FactSet, Hardman Johnston Global Advisors LLC®. The data shown is of a representative portfolio for the Hardman Johnston Select Equity strategy and is for informational purposes only and is not indicative of future portfolio characteristics/returns. Actual results may vary for each client due to specific client guidelines and other factors. The representative portfolio was chosen as most representative of the Select Equity strategy. Future investments may or may not be profitable. C ountry We ig ht ( %) Indus try Communicat ion Serv ices 8.1 Alphabet Inc. United States 7.1 Interactive Media & Services Comcast Corp. United States 0.9 Diversified Telecommunication Services Versant Media Group, Inc. United States 0.1 Media Consumer Discret ionary 2.7 SharkNinja, Inc. United States 2.7 Household Durables Consumer St aples 0.8 Estee Lauder Companies Inc. United States 0.8 Personal Care Products Energy 1.9 Cameco Corporation Canada 1.9 Oil, Gas & Consumable Fuels Financials 9.7 Charles Schwab Corp United States 3.0 Capital Markets Marsh & McLennan Cos. Inc. United States 3.0 Insurance Mastercard Inc. United States 3.8 Financial Services H ealt h Care 17.9 AstraZeneca plc United Kingdom 3.5 Pharmaceuticals Becton, Dickinson & Co. United States 1.4 Health Care Equipment & Supplies Edwards Lifesciences Corp. United States 2.8 Health Care Equipment & Supplies Illumina, Inc. United States 2.0 Life Sciences Tools & Services IQVIA Holdings Inc. United States 1.9 Life Sciences Tools & Services Medtronic plc United States 1.7 Health Care Equipment & Supplies UnitedHealth Group Inc. United States 1.0 Health Care Providers & Services Vertex Pharmaceuticals Inc. United States 3.2 Biotechnology Waters Corporation United States 0.5 Life Sciences Tools & Services I ndust rials 23.4 Automatic Data Processing, Inc. United States 1.5 Professional Services Curtiss-Wright Corporation United States 5.9 Aerospace & Defense Howmet Aerospace, Inc. United States 7.0 Aerospace & Defense Stanley Black & Decker Inc. United States 2.0 Machinery Vertiv Holdings Co. United States 7.0 Electrical Equipment I nformat ion Technology 25.3 Adobe Inc. United States 1.2 Software Advanced Energy Industries United States 4.3 Electronic Equipment, Instruments & Components Apple Inc. United States 5.0 Technology Hardware, Storage & Peripherals ASML Holding N.V. Netherlands 4.0 Semiconductors & Semiconductor Equipment Microsoft Corp. United States 3.4 Software NVIDIA Corp. United States 6.0 Semiconductors & Semiconductor Equipment”
NVIDIA Corporation - New positionFlexible Equity FundMarch 2026
“During the quarter, we added three new positions—NVIDIA Corporation (NVDA), SAP SE Sponsored ADR (SAP), and Watsco, Inc. (WSO)—while exiting T- Mobile (TMUS), Workday, Inc. (WDAY), and Uber Technologies (UBER), as we continued to reposition the portfolio toward opportunities with more attractive long-term risk-reward characteristics.”
NVIDIA Corporation - March 2026
“The company was also the recipient of a large investment by NVIDIA, helping investors’ confidence in the longevity of this technological development.”
NVIDIA Corporation - March 2026
Listed in Alger Capital Appreciation Fund’s reported holdings.
NVIDIA Corporation - HoldsAlger Spectra FundMarch 2026
“• Nvidia is the world’s leading designer of graphics processing units (GPUs) and accelerated computing platforms, providing the foundational hardware and software that power artificial intelligence training and inference across data centers, cloud infrastructure, and edge applications globally.”
NVIDIA Corporation - March 2026
“Microsoft Corporation, AppLovin Corp., and NVIDIA Corporation were among the top detractors from performance.”
NVIDIA Corporation - March 2026
“Within our reduced equity exposure, we are emphasizing a few key themes. Technology remains our largest area of exposure, though at roughly half the weight of technology in the SP500 (about 33%). We favor the largest, most financially secure companies with durable strategies and the ability to repurchase shares during periods of volatility. Nvidia is our largest holding, with an AA- S&P credit rating, followed by Microsoft with an AAA rating.”
NVIDIA Corporation - March 2026
“They are now forecast to generate minimal if any cashflow in the coming years and the jury is currently out on what – if any – the benefit to their growth will be. We still think 'picks and shovels' companies like GE Vernova are the best way to gain exposure to the AI build out. We retain modestly overweight positions in Nvidia and Alphabet, with underweights in the other stocks.”
NVIDIA Corporation - New positionAntipodes Global Value FundMarch 2026
“NVIDIA (Entry): The opportunity in NVIDIA has been created from the market’s extrapolation of near-term AI uncertainty, despite a structural demand inflection for the world’s dominant AI infrastructure provider.”
NVIDIA Corporation - HoldsAntero Peak StrategyMarch 2026
“Our portfolio navigated these dynamics in Q1. Among our top contributors were several newer positions, including Caterpillar, Applied Materials and Analog Devices, while AI-related semiconductors (NVIDIA and Broadcom) and Capital One Financial were notable detractors.”
NVIDIA Corporation - December 2025
Listed in Sands Capital Select Growth’s reported holdings.
NVIDIA Corporation - HoldsPlatinium Asset ManagementDecember 2025
Listed in Platinium Asset Management’s reported holdings.
NVIDIA Corporation - December 2025
Listed in Royal London Global Equity Diversified Fund’s reported holdings.
NVIDIA Corporation - TrimmedDavenportDecember 2025
“the Fund benefited from strong results delivered by a broad range of companies. Alphabet Inc. (GOOG) was the strategy’s top performer for the period as the stock benefitted from a narrative shift that moved the company from the “AI loser” category over to the “AI winner” bucket. We elected to trim the position as the stock reached all-time highs. Further, we were pleased to see patience rewarded with a bounce back in various healthcare concerns such as Intuitive Surgical Inc. (ISRG) and Vertex Pharmaceuticals Inc. (VRTX), which posted meaningful gains. Finally, we note the Fund’s underweight exposure to both the consumer staples sector—which remained flat—and the declining utilities sector further supported relative results. Detractors: Spotify Technology SA (SPOT) and ServiceNow Inc. (NOW), experienced the largest fourth quarter declines in the Fund with Spotify investors appearing unimpressed by quarterly results and guidance as well as concerns emerging around the pace of subscriber growth. In the case of ServiceNow, the stock weakened following reports of a potential large acquisition while the company has also been challenged by bearish sentiment across the software as a service or SAAS segment. Another key Fund performance detractor in the quarter was Uber Technologies Inc. (UBER) reflecting increasing market concerns about autonomous vehicles and the potential impact the technology may have on future growth. The communications services sector posted the largest gain in 2025 while the information technology sector represented the largest contributor to overall S&P 500 performance reflecting the outsized market capitalizations of leaders in the sector. The Fund is underweight both of these sectors, which largely reflects our ongoing risk management discipline around position sizing and concentration. †Holdings are subject to change without notice. **Foreign Holding. Current and future portfolio holdings are subject to risk. Top Ten Equity Holdings† as of December 31, 2025 Amazon.com, Inc. 5.60 Brookfield Corp** 5.43 NVIDIA Corp 5.37 Microsoft Corp 5.01 Meta Platforms, Inc. 3.43 Rockwell Automation, Inc. 3.14 Apple, Inc. 3.12 Alphabet, Inc. 2.97 UnitedHealth Group, Inc. 2.95 Broadcom, Inc. 2.91 Core Leaders Fund Update 20260115-5125947 | Q4 2025 | 7 Fund Activity During the quarter, we initiated new positions in two companies – Cintas Corp (CTAS) and Marvell Technology Inc. (MRVL). Cintas is the nation’s largest uniform rental and facility services provider serving around 1 million customers. Cintas pursues organic growth while also targeting periodic acquisitions of other firms, which can lead to increased capacity or cost synergies. The recurring nature of the firm’s core revenue stream funds a robust capital return program through share buyback and shareholder dividends, which Cintas has raised every year since going public 42 years ago. We are attracted to the company’s strong execution, potential for continued growth in the future, return profile, and current valuation leading us to initiate a new position in the stock. We also initiated a position in Marvell Technology which is a fabless semiconductor company that supplies technology necessary to move, store, process and secure data across various end-markets such as data centers, enterprise networks and telecommunications infrastructure. Today, Marvell has a robust R&D program with leading intellectual property across custom chip design and networking connectivity in and around the data center. We believe the risk/reward looks compelling and we elected to start a position on the stock’s recent pullback. During the quarter we also lightened our weighting in several technology stocks with the position sizing changes reflecting emerging valuation concerns as well as a desire to emphasize other ideas with more compelling risk/reward profiles.”
NVIDIA Corporation - September 2025
“A fund holding since the first quarter of 2019, Nvidia reported quarterly financial results that were strong and reflected the company’s dominance in capturing spending on AI computing within data centers.”
NVIDIA Corporation - September 2025
“Although the market showed some signs of broadening in the third quarter, performance continued to be dominated by a handful of mega-cap technology companies. The so-called Magnificent Seven—Apple (AAPL), Microsoft, Alphabet (GOOG), Amazon (AMZN), Meta (META), NVIDIA (NVDA), and Tesla (TSLA)—now represent more than 35% of the S&P 500’s total market capitalization and accounted for over half of the Index’s return. NVIDIA alone contributed roughly 20% of the market’s gain.”
NVIDIA Corporation - September 2025
“For the third quarter our top five contributors to performance (based upon price change and position size) were NVIDIA, Alphabet, Broadcom, Apple and GE Aerospace.”
NVIDIA Corporation - September 2025
Listed in RiverPark Next Century Large Growth Fund’s reported holdings.
NVIDIA Corporation - September 2025
“NVIDIA: NVDA shares advanced during the quarter after once again reporting blowout results that exceeded even elevated expectations.”
NVIDIA Corporation - June 2025
“The rebound in names like Microsoft Corporation (MSFT), Amazon (AMZN), and NVIDIA (NVDA) was propelled by both idiosyncratic and secular drivers, as robust earnings results, positive company-specific developments, and encouraging outlooks were bolstered by renewed enthusiasm for the secular megatrend in Artificial Intelligence (AI).”
NVIDIA Corporation - June 2025
Listed in RS Large Cap Growth Strategy’s reported holdings.
NVIDIA Corporation - HoldsRS Global StrategyJune 2025
Listed in RS Global Strategy’s reported holdings.
NVIDIA Corporation - June 2025
“Though the Fund’s weight was among our largest positions at over 4.5% during the quarter, the relative underweight (the benchmark weight averaged 6.3%) negatively affected relative returns.”
NVIDIA Corporation - HoldsTitan Wealth Global Blue ChipJune 2025
“Technology was the standout sector, with our holdings returning ~24.5% versus ~14.9% for the index’s tech component. Our concentrated positions in Nvidia, Broadcom, AMD, and Oracle drove nearly half of the strategy’s overall return.”
NVIDIA Corporation - TrimmedFederated Hermes Sustainable Global EquityJune 2025
“Q1 2025 was a challenging period for the Strategy, particularly as shifts in sentiment and doubts around US tech led to underperformance from previous top performers such as Nvidia, TSMC and Microsoft.”
NVIDIA Corporation - June 2025
“A couple of glaring examples: • NVIDIA’s stock price had a 37% drawdown during the first half of 2025.”
NVIDIA Corporation - June 2025
“Information Technology was the largest detractor from relative performance during the quarter. The strategy’s underweight to NVIDIA (NVDA) and not owning Broadcom (AVGO) were the two largest detractors during the period. While we recognize the strength of Broadcom’s business model, we find the company’s most compelling growth segments—such as data center optics and semi-custom data center silicon—are also core areas of expertise for Marvell Technology (MRVL), a current portfolio holding. Both segments are highly exposed to the ongoing expansion of Artificial Intelligence. Given Marvell Technology’s more focused exposure to these high-growth opportunities, we believe it offers greater upside potential. NVIDIA, a market leader in advanced graphics processing units, traded down during the first quarter alongside other AI infrastructure stocks.”
NVIDIA Corporation - June 2025
“During the quarter, we initiated an investment in GE Aerospace and added to NVIDIA.”
NVIDIA Corporation - March 2025
Listed in Bell Global Sustainable Fund’s reported holdings.
NVIDIA Corporation - March 2025
“Semiconductors are a foundational technology for sustainable development. Almost every technology development in every sector is reliant on the development of better and better semiconductors, and many businesses ClearBridge owns and engages with are essential parts of that ecosystem: • Synopsys (which makes semiconductor design software) • Strategy holding ASML and Lam Research (which make tools that produce semiconductor chips) • Strategy holding Nvidia and Broadcom (which design semiconductor chips)”
NVIDIA Corporation - March 2025
Listed in Macquarie Large Cap Growth Fund’s reported holdings.
NVIDIA Corporation - March 2025
“Technology -- The DeepSeek news, which we will also cover in an upcoming video update on AI, signifies a few notable items: a Sputnik type moment in the ongoing US/China Cold War and a transition acceleration from Phase 1 to Phase 2 in the AI cycle. As a reminder, Phase 1A (our labelling) was the base compute layer build out for AI – essentially rearchitecting data centers compute layer away from CPU toward GPU for AI applications; Nvidia was by far the biggest winner here.”
NVIDIA Corporation - March 2025
“Top detractors from return included Nvidia Corporation, Taiwan Semiconductor Mfg., BlackLine, Inc., XPEL, Inc. and Accenture PLC.”
NVIDIA Corporation - HoldsTouchstone Sands Capital Select Growth FundMarch 2025
“NVIDIA is the market-leading provider of AI technology. As noted above, shares declined in the first quarter amid the investor debate over DeepSeek, AI return on investment, and broader demand trends. This uncertainty appears reflected in the stock’s current valuation, which seems to be pricing in a down-cycle. Our research suggests this sentiment is misplaced, given demand durability and the company’s competitive position, including the fungibility of its hardware across training and inference, the importance of its CUDA programming platform, and the breadth of its ecosystem. NVIDIA ended the quarter as the portfolio’s second-largest weight, reflecting our conviction and its fit with our investment criteria.”
NVIDIA Corporation
Also mentioned · 115
These funds discuss NVIDIA Corporation as a competitor, benchmark or comparable, without disclosing a position in it.
- MentionedEquinova Investment Managers PMS PortfoliosOctober 2026
“Companies like SK Hynix, Samsung, TSMC and Nvidia have been enjoying astronomical growth rates for last couple of years which has attracted lot of global capital and now that tide seems to be turning.”
NVIDIA Corporation - MentionedSpheria Australian Microcap FundOctober 2026
“Part of the broader weakness was the sell-off in the AI-thematic trade globally, which also hit the local IPO market, with Nvidia-backed Firmus withdrawing what would have been the ASX’s largest float in three decades after investors recoiled at an almost A$44 billion valuation.”
NVIDIA Corporation - MentionedKNA Capital Core Equity StrategySeptember 2026
“Given the above, it’s not surprising that 75% of S&P 500 stocks were down in September. The S&P 500 itself was buoyed by good performance among a small group of very large companies. Meta (Facebook’s parent company) was up 26.8% in September and NVIDIA, Apple, and Microsoft all finished positive.”
NVIDIA Corporation - MentionedCDT Capital VNAV FundSeptember 2026
“In the United States, the preeminent third-party AI semiconductor company is Nvidia, and it is right now gorging on virtually all the AI profits.”
NVIDIA Corporation - MentionedVltava FundSeptember 2026
“Every dollar that Microsoft, for example, pays for a GPU, networking equipment, or data center construction becomes someone else’s revenue. For companies such as NVIDIA, Broadcom, TSMC, SK Hynix, Micron, Samsung, Arista, Vertiv, or construction and energy firms, their customers’ investments today translate into revenue today and, under current conditions, often very high profits.”
NVIDIA Corporation - Mentioned1492 Capital Management Vantage Point Quarterly NewsletterSeptember 2026
“For investors, the takeaway is practical rather than philosophical. The policy risk is that fear-driven regulation, a compute- licensing regime, or a mandated pause would damage the AI infrastructure theme we own. The market is not buying the doom narrative as Nvidia's gain and Nasdaq’s record highs show, and Washington has so far shown little appetite.”
32 more words on why: read 1492 Capital Management Vantage Point Quarterly Newsletter’s full commentNVIDIA Corporation - September 2026
“The term “consensus” within the capital markets industry refers to the average of earnings estimates made by professionals. Magnificent 7 data refers to the following set of stocks: Microsoft (MSFT), Amazon (AMZN), Meta (META), Apple (AAPL), Google parent Alphabet (GOOGL), Nvidia (NVDA), and Tesla (TSLA).”
NVIDIA Corporation - MentionedBrandes IP Global Equity FundSeptember 2026
“The four largest relative detractors were all index holdings in which we do not have a position: Microsoft, Nvidia, Apple, and Meta Platforms.”
NVIDIA Corporation - September 2026
Named in a table in JAG Capital Management Quarterly Comments’s letter.
NVIDIA Corporation - MentionedCDT Capital VNAVSeptember 2026
“In the United States, the preeminent third-party AI semiconductor company is Nvidia, and it is right now gorging on virtually all the AI profits.”
NVIDIA Corporation - MentionedOakmark FundSeptember 2026
“In fact, even Nvidia sells at only 11 times consensus calendar 2028 earnings.”
NVIDIA Corporation - MentionedSKBA Capital ManagementSeptember 2026
“In uncertain times, investors tend to flock to safety. Such is the mantra, usually. We live in unusual times, however, and paradoxically, today’s stock markets are driven by those few companies presumed to usher in the demise of the human race. There is Open AI and Anthropic of course (both of which are still private), but there is also Nvidia, Amazon, Alphabet with Gemini, Meta with Muse, SpaceX with Grok and Microsoft with Copilot (which is underpinned by Open AI), all of which have inseparable dependencies with one another.”
NVIDIA Corporation - MentionedVision Capital FundSeptember 2026
“Owning the chip layer lets it skip NVIDIA's margin entirely, a cost advantage that renting GPUs cannot match.”
NVIDIA Corporation - MentionedJAG Capital ManagementSeptember 2026
Named in a table in JAG Capital Management’s letter.
NVIDIA Corporation - MentionedArtisan Emerging Markets FundSeptember 2026
“MediaTek is a Taiwan-based semiconductor company that designs chipsets used in smartphones and connected devices. While smartphones remain an important part of its business, the company is expanding into higher performance computing and custom silicon. MediaTek has established its capabilities in application-specific integrated circuits, or ASICs, supported by expertise in advanced chip design, packaging and foundry relationships. The company is also deepening its partnership with NVIDIA, including work on custom computing platforms that combine MediaTek’s design capabilities with NVIDIA’s AI technology.”
NVIDIA Corporation - September 2026
“In real life this looks like Nvidia investing in OpenAI, OpenAI committing to Oracle and CoreWeave, and AMD handing OpenAI warrants alongside a chip order are all versions of the same loop [1] .”
NVIDIA Corporation - September 2026
“MediaTek is a Taiwan-based semiconductor company that designs chipsets used in smartphones and connected devices. While smartphones remain an important part of its business, the company is expanding into higher performance computing and custom silicon. MediaTek has established its capabilities in application-specific integrated circuits, or ASICs, supported by expertise in advanced chip design, packaging and foundry relationships. The company is also deepening its partnership with NVIDIA, including work on custom computing platforms that combine MediaTek’s design capabilities with NVIDIA’s AI technology.”
NVIDIA Corporation - MentionedGoodhart Partners European FundSeptember 2026
“Within two years, largely the same companies, with Nvidia added and renamed the Magnificent 7 (and now, it seems, the AI Big 10), were taking the market to new highs.”
NVIDIA Corporation - September 2026
“The result was a sharp rebound in the prior AI- related leaders and was further supported by strong quarterly results from Nvidia Corp. (NVDA) and other mega cap technology companies.”
NVIDIA Corporation - September 2026
“Small-cap stocks faced headwinds during the third quarter, as rising interest rates and persistent inflation concerns weighed on investor sentiment. The Russell 2000 declined 7.2%, compared with a 2.3% gain for the S&P 500, which was supported in part by strong performance from several of the Magnificent 7 stocks, including Microsoft, Nvidia and Apple.”
NVIDIA Corporation - MentionedSaratoga Research & Investment Management Large Cap Quality StrategiesSeptember 2026
“Scale is only part of the story. Amazon is re- portedly exploring moving roughly $8 billion of advanced Nvidia chips into a special-purpose vehicle financed in part by outside investors, then leasing back the chips.”
NVIDIA Corporation - MentionedRewey AM Smid Value StrategySeptember 2026
Named in a table in Rewey AM Smid Value Strategy’s letter.
NVIDIA Corporation - September 2026
“The stock has appreciated significantly and continues to trade at a substantial premium to peers such as Broadcom and NVIDIA.”
NVIDIA Corporation - September 2026
“2. Jensen Huang, CEO of NVIDIA, on The Ezra Klein Show--Has Alarmism Gone Too Far? (September 23, 2026). Huang offers a contrasting perspective on AI safety and regulation, arguing that fears of catastrophic outcomes have become exaggerated and that innovation should not be constrained by broad, premature regulation. This is a particularly interesting discussion given NVIDIA's central role in the AI revolution.”
NVIDIA Corporation - September 2026
“The weakness persisted until July 29, when the Fed left rates unchanged and provided greater confidence in their outlook for economic, employment, and corporate earnings growth. The result was a sharp rebound in the prior AI- related leaders and was further supported by strong quarterly results from Nvidia Corp. (NVDA) and other mega cap technology companies.”
NVIDIA Corporation - MentionedARAR FundSeptember 2026
“the prospects of some of the world's largest companies, NVidia, Oracle, Amazon, SK Hynix, Samsung, Micron and TSMC seem to depend on how long this capex boom will last.”
NVIDIA Corporation - Mentioned1 Main Capital PartnersSeptember 2026
“As Jensen Huang noted on a recent BG2 podcast, frontier labs represent only about a quarter to a third of Nvidia’s compute, spread across five or six labs rather than two.”
NVIDIA Corporation - September 2026
“In real life this looks like Nvidia investing in OpenAI, OpenAI committing to Oracle and CoreWeave, and AMD handing OpenAI warrants alongside a chip order are all versions of the same loop [1] .”
NVIDIA Corporation - September 2026
“After many months of blistering gains powered by enthusiasm for artificial intelligence (AI), share prices weakened in July as investors began to question whether the staggering capital expenditures in this growing segment of the tech sector would generate adequate returns. Meanwhile, global economic conditions began to show more cracks. With inflation reaccelerating, the Federal Reserve raised interest rates for the first time since 2023. Oil climbed even higher in reaction to ongoing conflicts in the Middle East. And a global sell-off in government debt sent long-term yields climbing. Against this darkening backdrop, consumer confidence fell to its lowest level since 2014.1 Still, the S&P 500 Index managed a +2.30% return during the quarter as growth in all the wrong places— inflation, interest rates and energy—drove investors back to the perceived safety of mega-cap and AI-related winners in September. To this point, without the contributions of Microsoft Corporation (MSFT), NVIDIA Corporation (NVDA), Apple Inc. (AAPL) and Meta Platforms, Inc. (META), the S&P 500 would have fallen -2.45% during the quarter.”
NVIDIA Corporation - MentionedMiralta Asset ManagementSeptember 2026
“The circular financing that everyone talks about (chips, labs and clouds that finance each other) is only the small circle. The big one was seen in August in Ohio: Nvidia could guarantee up to 105,000 million dollars for a data center campus built on federal land, with the Department of Commerce securing the energy.”
NVIDIA Corporation - MentionedMagallanes Value Investors FundsSeptember 2026
“Nothing we did not know, but difficult to overlook when, for example, NVIDIA closed the quarter with a market capitalization close to 5.5 trillion dollars, higher than the annual GDP of any European economy, including Germany.”
NVIDIA Corporation - September 2026
“Fortunately, our portfolio and the overall market continue to grow earnings at a high rate. The chart above compares the S&P 500’s forward P/E to its equal-weighted counterpart. As we’ve written in the past, the S&P 500 is a market cap-weighted index. Thus, the biggest companies have a pronounced influence on the index’s metrics. In fact, the top 10 companies make up about 40% of the index. We believe the equal-weighted index is helpful to see what the overall market’s P/E is. In both cases, the P/Es have contracted since the beginning of the year while the overall market returns have been positive. This suggests that earnings growth has been greater than the multiple contraction in the market. An example of this is Nvidia (NVDA).”
NVIDIA Corporation - MentionedCastañar Investment FundSeptember 2026
“And there is already a customer doing those numbers. TrendForce published in August that Nvidia would have begun evaluating configurations with fewer layers for Rubin Ultra.”
NVIDIA Corporation - MentionedAurora Investment Counsel Investment ManagementSeptember 2026
“Today, Nvidia is the supplier, the customer and the financier to many of the same companies that are also suppliers and customers and vendors to still other AI hopefuls.”
NVIDIA Corporation - MentionedGuinness European Equity Income FundAugust 2026
“Nvidia's financing arrangements with its own customers drew renewed scrutiny, raising questions about the durability of reported AI demand.”
NVIDIA Corporation - August 2026
“Nvidia's financing arrangements with its own customers drew renewed scrutiny, raising questions about the durability of reported AI demand.”
NVIDIA Corporation - MentionedGuinness Global Quality Mid Cap FundAugust 2026
“Semiconductor stocks consequently sold off: Nvidia and AMD fell more than 5% around the initial reaction, while Asian chip names also came under pressure.”
NVIDIA Corporation - MentionedSaga PartnersAugust 2026
“NVIDIA shows that an AI-related investment thesis can rest on knowledge and competitive advantages that already exist.”
NVIDIA Corporation - MentionedGuinness Global Equity Income FundAugust 2026
“These fears were amplified by the release of China’s Kimi K3, which prompted another ‘DeepSeek moment’ as investors questioned whether competitive frontier models, particularly in the US, could be developed with materially greater efficiency than previously assumed. Semiconductor stocks consequently sold off: Nvidia and AMD fell more than 5% around the initial reaction, while Asian chip names also came under pressure.”
NVIDIA Corporation - MentionedBronte Capital Amalthea FundJuly 2026
Named in a table in Bronte Capital Amalthea Fund’s letter.
NVIDIA Corporation - MentionedGeneration IM Global Equity StrategyJuly 2026
“Many businesses we cover, such as Texas Instruments, ASML and Applied Materials, trade on multiples that are stretched versus their own histories and are therefore fraught with risk. At the extreme, Nvidia is expected to deliver a CFROI of over 80% this year – a feat only 0.02% of stocks have managed for a full decade.”
NVIDIA Corporation - July 2026
“2. Fragile economics further down the chain. Behind the cash-rich hyperscalers, the picture is more precarious. The neoclouds – CoreWeave, Nebius, Crusoe, Lambda, and others – are highly indebted entities with aggressive expansion plans, set to grow from roughly 10% of hyperscaler capacity in 2025 to 30–40% in the coming years. They form a soft underbelly with potential to be disruptive marginal suppliers if supply ever exceeds demand. The leading AI labs face their own daunting hill towards self-sufficiency.”
NVIDIA Corporation - MentionedAlpha Wealth Fund The Insiders FundJuly 2026
“Although the U.S Government, Nvidia, and others have taken significant stakes last year.”
NVIDIA Corporation - July 2026
“Amazon, Meta, Nvidia, Google, Oracle, and SpaceX have issued approximately $182 billion in investment-grade bonds in 2026, roughly 15% of all US corporate debt issuance3.”
NVIDIA Corporation - July 2026
“As valuations improved in high yield data centre bonds in July the Fund increased exposure to the sector with a focus on higher quality financings backed by investment grade tenants like NVIDIA and Alphabet Inc.”
NVIDIA Corporation - MentionedCopeland Capital Management Dividend GrowthJune 2026
“towards open-source providers like Nvidia’s Nemotron, Alibaba’s Qwen, DeepSeek, and others (Chart 3).”
NVIDIA Corporation - MentionedCopeland Capital Management Dividend Growth StrategyJune 2026
“Model-Layer Revenue Explosion vs. Open-Source Growth It has been widely reported that Anthropic’ s revenue has accelerated parabolically, moving from $1B of annual recurring revenue (ARR) at the beginning of 2025 to $14B in the beginning of 2026 and $45B in May of 2026; adding $15 billion of ARR in May alone (Chart 2).6 This marks the fastest revenue ramp of any company in history. There is clearly exceptional demand for the latest models from leading AI labs. However, risks are emerging as companies scrutinize employee AI spend, at the same time as the labs see their cost structures ballooning, and low-cost, open-source models gain traction. Alex Karp, the CEO of Palantir, argues that governments and enterprises “want to know they own the means of production.”7 Consequently, some spending is already being diverted from major large language models (LLM) towards open-source providers like Nvidia’s Nemotron, Alibaba’s Qwen, DeepSeek, and others (Chart 3).8 Hyperscaler Capex vs.”
NVIDIA Corporation - MentionedDistillate CapitalJune 2026
“The hyperscalers and NVIDIA have committed around $180 billion to OpenAI and Anthropic, who in turn spend much of that investment with those same companies.”
NVIDIA Corporation - MentionedHarding Loevner International EquityJune 2026
“Taiwan Semiconductor Manufacturing or TSMC, the most valuable company outside the US, possesses a widely admired business model. For decades it has gained share in logic chip manufacturing by continually investing to create economies of scale and scope, going farther down the manufacturing experience curve than peers, and developing proprietary manufacturing processes that deliver to customers the most advanced chips at costs competitors cannot match. Manufacturing logic chips for customers such as NVIDIA, Apple, and Qualcomm, TSMC has generally been able to grow its productive assets 10% to 20% annually over the last two decades, with returns on invested capital”
NVIDIA Corporation - June 2026
“What's on Our Minds Not long ago AI development seemed a phenomenon concentrated in the US. In 2022, San Francisco-based OpenAI's release of ChatGPT ignited the generative AI boom. Nvidia, headquartered just 40 miles south in Santa Clara, became the dominant supplier of the graphics processing units (GPUs) used to train advanced AI models. From the start, however”
NVIDIA Corporation - MentionedHosking PartnersJune 2026
“We are experiencing one of the biggest momentum markets in the modern history of equities. AI spending beneficiaries have produced 85% of the market's return this year. Based on analysts' expectations, they will generate nearly half the S&P 500's earnings growth this year, and four stocks - Nvidia, Micron, Broadcom, and Sandisk - will account for 40 percentage points of that.”
NVIDIA Corporation - June 2026
“More recent demand signals from customers - including Nvidia, Broadcom, and even Micron - indicate AI-related growth of over 50% per annum through 2029.”
NVIDIA Corporation - June 2026
“Manufacturing logic chips for customers such as NVIDIA, Apple, and Qualcomm, TSMC has generally been able to grow its productive assets 10% to 20% annually over the last two decades,”
NVIDIA Corporation - MentionedCDT CapitalJune 2026
“The Bust. A decline in forecasted AI spending will no doubt sober semiconductor investors as weakened demand for accelerators, servers, networking equipment and high-bandwidth memory significantly affect the earnings of these companies. From our perspective, this is going to be a hard pill for the market to swallow. In the top ten of the S&P 500 constituents, Nvidia and Micron alone now represent approximately 8.6% of the total market index, while the rest of the semiconductor sector as a group represents a record high of 19.7% of the market index’s weightings (Article).”
NVIDIA Corporation - MentionedBlue Whale Growth FundJune 2026
“Company: Nvidia Sector: Technology Company Size: $4,842bn Accelerating the evolution of artificial intelligence with silicon, systems and software that power the next era of computing You may not have heard of Nvidia but chances are, you’re already a regular user of one of the many services their chips enable, including video recommendations on TikTok, grammar checks in Word online, feed recommendations on Pinterest or ad recommendations on Facebook and Instagram. Nvidia’s chips speed up compute-intensive parts of applications.”
NVIDIA Corporation - June 2026
“In the second half of 2026, we will continue to recalibrate our portfolio exposures and evaluate the best ways to represent AI. One way to do this is by assessing the AI lifecycle: the first beneficiary in 2024 was GPU leader Nvidia; 2025 saw Broadcom take market share in custom silicon for AI applications; in 2026 leadership has shifted to AI infrastructure — the picks and shovels providers of memory and various needs for data centers.”
NVIDIA Corporation - June 2026
“Taiwan Semiconductor Manufacturing or TSMC, the most valuable company outside the US, possesses a widely admired business model. For decades it has gained share in logic chip manufacturing by continually investing to create economies of scale and scope, going farther down the manufacturing experience curve than peers, and developing proprietary manufacturing processes that deliver to customers the most advanced chips at costs competitors cannot match. Manufacturing logic chips for customers such as NVIDIA, Apple, and Qualcomm, TSMC has generally been able to grow its productive assets 10% to 20% annually over the last two decades, with returns on invested capital consistently above its cost of capital.”
NVIDIA Corporation - June 2026
“Not surprisingly, we’re seeing huge fundraising efforts by tech giants to take advantage of the optimism of investors. Massive IPOs either completed or on tap from AI darlings like Space Exploration Technologies, Open AI and Anthropic, plus chunky secondary stock and/or debt offerings from Alphabet, Amazon, Nvidia, Oracle and others may eventually drain what has been a very deep pool of investor liquidity.”
NVIDIA Corporation - MentionedFocus Capital Management FundJune 2026
“Silicon Motion is also poised to benefit more directly from the AI boom, both from their partnership with Nvidia on DPU boot drive chips as well as their MonTitan controller chips aimed squarely at data centers and hyperscalers, which have been gaining real traction in the market.”
NVIDIA Corporation - MentionedCDT Capital (CDT)June 2026
“The Bust. A decline in forecasted AI spending will no doubt sober semiconductor investors as weakened demand for accelerators, servers, networking equipment and high-bandwidth memory significantly affect the earnings of these companies. From our perspective, this is going to be a hard pill for the market to swallow. In the top ten of the S&P 500 constituents, Nvidia and Micron alone now represent approximately 8.6% of the total market index, while the rest of the semiconductor sector as a group represents a record high of 19.7% of the market index’s weightings (Article).”
NVIDIA Corporation - June 2026
“Advanced chip manufacturing has become one of the most strategically vital links in the global economy, and that importance only deepens as AI infrastructure spending accelerates. TSMC sits at the center of that buildout, fabricating the most advanced silicon for the world's leading designers (i.e. Nvidia, Apple, AMD, and Broadcom among them) at a scale and yield no competitor can match.”
NVIDIA Corporation - MentionedAegis Value FundJune 2026
“Earnings gains were driven almost entirely by the hyperscalers - Amazon, Alphabet, Microsoft and Meta - and by the companies supplying the semiconductor and AI-infrastructure build-out, including Nvidia, Broad-”
NVIDIA Corporation - MentionedHorizon KineticsJune 2026
“Even NVIDIA, the most valuable company in the world, with free cash flow of almost $120 billion in the past four quarters, just raised $25 billion in debt.”
NVIDIA Corporation - MentionedBurke Wealth Management Focused Growth StrategyJune 2026
“When Jensen Huang was asked to summarize Nvidia’s strategic philosophy he replied, “we do as much as necessary and as little as possible”.”
NVIDIA Corporation - MentionedBronte Capital Amalthea FundJune 2026
“State of the market For years we have lived in a market dominated by “the Magnificent Seven”: Google, Apple, Amazon, Facebook/Meta, Microsoft, Nvidia and Tesla. That era appears to be over. The Mag 7 have been mixed this year: Google is up 14% year to date, and Apple is up over 6%,but Facebook/Meta is down, and Microsoft has dropped nearly 20%. Leadership, however, has been ceded. Google and the others are buyers of AI equipment. The companies that have performed best are sellers of AI equipment, above all the memory (chip) companies.”
NVIDIA Corporation - MentionedHosking Partners StrategyJune 2026
“We are experiencing one of the biggest momentum markets in the modern history of equities. AI spending beneficiaries have produced 85% of the market’s return this year. Based on analysts’ expectations, they will generate nearly half the S&P 500’s earnings growth this year, and four stocks – Nvidia, Micron, Broadcom, and Sandisk – will account for 40 percentage points of that. (1) In this environment, the strategy underperformed”
NVIDIA Corporation - MentionedAristotle Value Equity StrategyJune 2026
“A big part of recent underperformance is underexposure to spending on the data center ecosystem: Much of today’s AI spending is going into short-lived data center hardware (three- to five-year economic life), especially processors and memory, rather than permanent infrastructure. In the U.S., there are roughly 4,000 existing data centers. Today, there are almost 3,000 more planned or under construction. This spending has created extreme bottlenecks, first in processing and then in memory, driving extraordinary scarcity profits. For the first two years of this cycle, Nvidia stood directly in front of the firehose, absorbing a point-blank blast of capital that took pre-tax cash flow from $8 billion in 2023 to an estimated $250 billion in 2026.”
NVIDIA Corporation - MentionedHayden CapitalJune 2026
“For example, Nvidia is undoubtedly one of the most important companies in the middle of this AI buildout boom. And yet despite expecting to grow earnings ~+89% y/y this year, its P/E multiple is below consumer staples companies barely growing above GDP2.”
NVIDIA Corporation - June 2026
“For the first two years of this cycle, Nvidia stood directly in front of the firehose, absorbing a point-blank blast of capital that took pre-tax cash flow from $8 billion in 2023 to an estimated $250 billion in 2026.”
NVIDIA Corporation - MentionedSound Shore FundJune 2026
“The artificial intelligence revolution we are witnessing is rippling through the economy in distinct technological waves, with each phase triggering an enormous capital expenditure cycle for the next. The initial wave concentrated heavily on raw compute power, cementing Nvidia’s dominance in GPU technology alongside specialized CPU and ASIC developers.”
NVIDIA Corporation - MentionedFoundation Resource Management, LLC Composite Equity PortfolioJune 2026
“Interestingly, there is exactly 1 high-end Nvidia H100 GPU (Graphics Processing Unit) operating, in space and it is not operated by SpaceX.”
NVIDIA Corporation - MentionedDistillate Capital Multi-StrategyJune 2026
“two-thirds from NVIDIA), as gains for equipment makers came at the expense of hyperscaler cash flows.”
NVIDIA Corporation - June 2026
“When Nvidia’s market value is more than twice that of the entire energy sector, the question of when the AI bubble will burst naturally arises.”
NVIDIA Corporation - MentionedGreenfield Seitz Capital ManagementJune 2026
“Magnificent 7 Underperforms We warned about the tech darlings swelling AI spending in our January letter, noting they were once asset light companies that are beginning to look more like industrials with heavy capex spending on semiconductors. The Magnificent 7 (Alphabet/Google, Amazon, Apple, Meta/Facebook, Microsoft, Nvidia, and Tesla) stocks are flat for 1H26, while the market is up 10%.”
NVIDIA Corporation - MentionedFPA Crescent FundJune 2026
“At year-end 2024 investors were generally bullish on Nvidia, ChatGPT had been introduced two years earlier.”
NVIDIA Corporation - MentionedHL Global EquityMay 2026
Named in a table in HL Global Equity’s letter.
NVIDIA Corporation - MentionedYackman AM AMG Yacktman FundMarch 2026
“Samsung has achieved prominent design wins in its foundry business as well—most notably with Tesla, Inc., Qualcomm, and Nvidia.”
NVIDIA Corporation - March 2026
“Despite the broad sell-off among large-cap growth stocks during the first quarter, three portfolio holdings demonstrated double-digit price appreciation – all within the semiconductor area. Consensus spend expectations for data center infrastructure continue to expand rapidly, particularly among the hyperscalers. During the first quarter of 2026, consensus estimates for 2026 and 2027 capital expenditures among Amazon (AMZN), Microsoft (MSFT), Meta (META), Alphabet (GOOGL) and Oracle(ORCL) cumulatively increased by 25% and 23% respectively, largely to support data center demand – inclusive of chips and related equipment. Taiwan Semiconductor Manufacturing Co (TSM), one of the world’s leading contract chip manufacturers and our largest active weight in the portfolio, saw both its 2026 and 2027 consensus EPS estimates climb by 15% during the first quarter driven by favorable management guidance and fundamental strength in its business. Marvell Technology (MRVL), which designs chips focused on data infrastructure including networking, data centers and custom silicon, also experienced meaningful positive revisions to 2026 and 2027 EPS consensus estimates on the back of management’s favorable outlook. In addition, at the end of the first quarter NVIDIA (NVDA) announced a $2 billion investment in the company, along with a strategic partnership focused on AI infrastructure, validating Marvell Technology’s role in next-gen AI data centers.”
NVIDIA Corporation - MentionedLarge-Cap GrowthMarch 2026
“ Marvell Technology, Inc. (MRVL) traded higher during the quarter as investor confidence in AI-related infrastructure demand improved following earlier volatility. Sentiment strengthened as the market refocused on the company’s exposure to custom silicon and data center connectivity, supported by strong relationships with hyperscale customers. More recently, shares moved higher following news of an expanded partnership with NVIDIA Corporation (NVDA), including integration into its NVLink ecosystem and a strategic investment, reinforcing Marvell Technology’s role in next-generation AI infrastructure.”
NVIDIA Corporation - March 2026
“Notably, industry leaders like NVIDIA have recently reaffirmed the ongoing necessity of enterprise software to manage AI workloads.”
NVIDIA Corporation - March 2026
“We view TSMC as the global linchpin of advanced semiconductor manufacturing, uniquely positioned to benefit from the secular expansion of AI compute. Its unmatched technological leadership across 3nm and 2nm processes, trusted customer relationships with NVIDIA, Apple, and AMD, and disciplined capital allocation support durable pricing power and expanding margins.”
NVIDIA Corporation - March 2026
“Five days before the Meta announcement, Nvidia put $2B into Nebius via pre-funded warrants at $94.94 for roughly 8.3% of the company, paired with a partnership targeting 5+ GW of Nvidia systems deployed by end-2030.”
NVIDIA Corporation - MentionedBristolgate US Equity StrategyMarch 2026
“Recently, comments by Nvidia’s CEO regarding liquid cooling of next generation chips raised concerns about the long-term positioning of more traditional HVAC products within the data center space.”
NVIDIA Corporation - MentionedWhite Brook CapitalMarch 2026
“The AI supply chain, usually a good place to discern the truth, is an equally difficult space to understand, currently. On one hand Nvidia has a dominant technology with leads in hardware that’s locked by advantaged software that ensures that it’s multiple years ahead of the competition;”
NVIDIA Corporation - MentionedL&GMarch 2026
“We believe two distinct concerns – that ‘hyperscalers’ may be overvalued and that AI may fail to deliver real productivity gains – often get conflated in the current debate about the technology. While the jury is still out on the long-term economic implications of AI, we believe bubble concerns about current valuations are overblown. Those concerns centre around the belief that hyperscaler valuations look so stretched that it’s difficult to see how the sector can generate the required rate of returns to justify its massive capex. Yet hypserscalers’ huge stock gains over the last three years have come with a doubling of EBITDA and steady margins, not just multiple expansion. Nvidia11 – a key enabler of AI – has seen its price-to-earnings (P/E) multiple compress from 39x to 29x, even as its total shareholder return soared by 998%, driven entirely by earnings growth rather than multiple expansion.”
NVIDIA Corporation - MentionedWhite Falcon CapitalMarch 2026
““AI is a five-layer cake… spanning energy, chips and computing infrastructure, cloud data centers, AI models and, ultimately, the application layer.” - Jensen Huang, CEO Nvidia”
NVIDIA Corporation - MentionedBridgewaterJanuary 2026
“• The impact on US GDP is very large—we estimate AI capex as providing a ~140bp boost to US growth in 2026 and a ~150bp boost in 2027. These are massive sums, on par with the contribution of business investment to growth in the tech bubble. That said, a material part of the estimate comes from Nvidia and a couple other chipmakers’ profits, which are unlikely to be recycled back into the economy (including profits they receive from selling chips to data centers being constructed in the rest of the world).”
NVIDIA Corporation - MentionedNexPoint Event Driven FundDecember 2025
“Notable examples include Nvidia’s intent to invest up to $100 billion in OpenAI, predicated on expectations that OpenAI will power additional data centers using Nvidia chips, and Nvidia’s $6.3 billion agreement to purchase unused data center capacity from CoreWeave, a company in which Nvidia holds a 7% equity stake and to which it also supplies semiconductors.”
NVIDIA Corporation - MentionedBaumann CapitalDecember 2025
“What’s the punchline? Nvidia sells GPUs like they’re concert tickets, which forces TSMC to crank out more chips, which requires TSMC to keep building new semis fabs globally.”
NVIDIA Corporation - MentionedSchafer Cullen High Dividend ValueDecember 2025
“Since the release of ChatGPT in November 2022, US equities have added nearly $24 trillion in market capitalization. BCA Research conservatively estimates that $9-$12 trillion of this increase cannot be explained by higher earnings or lower bond yields, implying that markets have already more than discounted substantial future AI-driven growth. To justify the roughly $500 billion in annual capital spending by the top five hyperscalers – directed toward model training, compute, data centers, power infrastructure, and talent to secure leadership in agentic AI – Bain & Company4 estimates these firms would need to generate approximately $2 trillion in annual revenue by 2030 to profitably fund data centers, compared with roughly $1.2 trillion in their current combined revenue across Nvidia, Meta, Microsoft, Alphabet, and Apple5. Increasingly, companies are turning to capital markets to finance these investments; debt-driven expansion has historically been a late-cycle indicator associated with prior boom-and-bust episodes, including railroads, electrification, the internet, and US shale. This aggressive spending has materially slowed both free cash flow and earnings growth, raising questions about the durability of hyperscalers’ historically superior growth profiles and shifting their business models from asset-light to capital-intensive. From a performance standpoint, the Magnificent Seven generated a 22.4% return, outperforming the S&P 500; however, only Nvidia and Alphabet exceeded the index on an individual basis. Looking ahead, Nvidia and TSLA are the only members of the group expected to deliver > 20% earnings growth in 2026 (TSLA earnings expected to bounce back from a 40% EPS decline in 2025).”
NVIDIA Corporation - MentionedAkreDecember 2025
“including chip designers such as Nvidia, “hyperscalers” such as Microsoft and Google, and large language models (LLMs) such as ChatGPT) or users of AI tools”
NVIDIA Corporation - MentionedTsai CapitalDecember 2025
“Greg Abel—Berkshire Hathaway Inc. Tim Cook—Apple Inc. Henry Fernandez—MSCI Inc. James Bruce Flatt—Brookfield Corporation Thomas S. Gayner—Markel Group Inc. Jen-Hsun Huang—NVIDIA Corporation Bradley S. Jacobs—QXO, Inc. Andy Jassy—Amazon.com Inc. Jonathan Mazelsky—IDEXX Laboratories Inc.”
NVIDIA Corporation - December 2025
“The fund outperformed the benchmark over the quarter. This was driven almost entirely by stock selection, especially within the communication services and information technology sectors. The fund’s largest active position, Alphabet, contributed strongly to performance as the market continued to appreciate its differentiated positioning in AI, while shares of Micron Technology and Samsung Electronics further benefitted from an AI-induced tight semiconductor memory market. These positions more than offset the impact from the fund’s large underweight exposure to key benchmark constituents like NVIDIA, Amazon and Apple.”
NVIDIA Corporation - MentionedClearbridgeDecember 2025
“Given the hype around AI, it may surprise some to learn that, among the Magnificent Seven, only Google and Nvidia outperformed the S&P 500 in 2025.”
NVIDIA Corporation - MentionedPolar Capital International Small Company FundDecember 2025
“the market has narrowed around the AI investment boom: high-powered NVIDIA chips, data centers to house them, power to run them and so forth.”
NVIDIA Corporation - MentionedOrbis Global BalancedDecember 2025
“With Nvidia designing new AI chips on an annual cadence, sales for TSMC, which makes all of them, should be very healthy.”
NVIDIA Corporation - MentionedDiameterDecember 2025
“Much of this critical discernment was a symptom of the widening debate around the differences between the Google (TPUs) and Nvidia (GPUs) ecosystems. Only Google, with its TPU chip, realized significant scaling gains in 2025. The Nvidia team was caught for much of the year in a wait for the new Blackwell chip, which had impatient investors wondering if OpenAI, Anthropic, xAI, and Meta would be able to replicate Google’s feats.”
NVIDIA Corporation - MentionedOverstone Global Equity FundDecember 2025
“Despite the appearance of diversification, today’s major equity indices increasingly share a common backbone: AI. Nvidia sits at the top of the S&P 500 as the designer, ASML is the largest constituent of the MSCI EAFE Index as the critical toolmaker, and TSMC leads the MSCI Emerging Markets Index as the manufacturer – many of the companies beyond the largest are also ‘plays on AI’.”
NVIDIA Corporation - MentionedHSBC Equity InsightsDecember 2025
“A single rack of compute that cost roughly US$20,000 a decade ago now exceeds US$250,000, driven both by demand intensity and component scarcity.1 Nvidia’s margins reflect this duality.”
NVIDIA Corporation - December 2025
“Since the release of ChatGPT in November 2022, US equities have added nearly $24 trillion in market capitalization. BCA Research conservatively estimates that $9-$12 trillion of this increase cannot be explained by higher earnings or lower bond yields, implying that markets have already more than discounted substantial future AI-driven growth. To justify the roughly $500 billion in annual capital spending by the top five hyperscalers – directed toward model training, compute, data centers, power infrastructure, and talent to secure leadership in agentic AI – Bain & Company4 estimates these firms would need to generate approximately $2 trillion in annual revenue by 2030 to profitably fund data centers, compared with roughly $1.2 trillion in their current combined revenue across Nvidia, Meta, Microsoft, Alphabet, and Apple5.”
NVIDIA Corporation - September 2025
“Only if Tesla is able to achieve a market capitalization of $ 8.5 trillion, which would be approximately eight times the company’s value prior to the proposal and twice the market cap of Nvidia, currently the most valuable company in the world, generate $400 billion in EBITDA, which at the time of the proposal would be equivalent to the trailing 12-month EBITDA of Microsoft, Apple and Nvidia, combined, and developed a CEO succession plan can Musk earn all 12 tranches.”
NVIDIA Corporation - MentionedManole Capital Management Investor NewsletterSeptember 2025
“Many now believe artificial intelligence could deliver the first $10T company, with Nvidia already surpassing $4T in market cap.”
NVIDIA Corporation - September 2025
“OpenAI, for instance, is aiming to operate on $1 trillion of additional AI infrastructure by the end of this decade. To support this ambitious goal, the company recently signed a $300 billion multi-year contract with Oracle to provide infrastructure services, primarily powered by NVIDIA (NVDA) chips.”
NVIDIA Corporation - September 2025
“while the announcement of Nvidia’s partnership with Open AI has raised some questions on whether the deal is an example of AI “circular financing”.”
NVIDIA Corporation - MentionedHeadwaters CapitalSeptember 2025
“Given that NVIDIA GPUs are the largest upfront cost associated with building data centers, NVIDIA is effectively funding customer purchases of their chips.”
NVIDIA Corporation - MentionedAntipodes Global Value Active ETFSeptember 2025
“• Not holding Apple, NVIDIA, Tesla and Broadcom detracted on a relative basis over the Quarter.”
NVIDIA Corporation - September 2025
“While NVDA (NVDA; 16.88%**) is set to acquire a $100b equity stake in OpenAI to help fund the purchase of $400b of NVDA GPUs, AMD issued a warrant to OpenAI for up to 160 million shares of AMD common stock at 1 cent/share dependent on performance milestones.”
NVIDIA Corporation - MentionedMadison Dividend Income FundJune 2025
“The Technology sector was the best performing sector in the second quarter with a +22.8% return, including a +41% rise off the market bottom. The Magnificent 7 stocks (Nvidia, Microsoft, Apple, Alphabet, Google, Amazon and Tesla) were up +21% in the quarter and significantly outperformed the equal-weighted S&P 500 return of +5.3%.”
NVIDIA Corporation - June 2025
“ The S&P 500® Index technology market capitalization as a percentage of the index’s total market cap was 31% at the peak of the .com bubble and is 32% today. At >$3.8T in market capitalization, NVIDIA (NVDA) is the S&P 500’s largest company, which currently equates to roughly 126% of the entire Russell 2000’s market capitalization.”
NVIDIA Corporation - MentionedCove street CapitalJune 2025
“Targeting specific industries to access tolls and tariff exclusions — Nvidia/Advanced Micro?”
NVIDIA Corporation - MentionedDavis New York Venture FundJune 2025
“Instead of market darlings such as Nvidia, Apple or Tesla, our technology investments have been focused on durable, proven but less glamorous parts of the technology sector such as semiconductor manufacturing (Texas Instruments and Samsung), capital equipment (Applied Materials) and, of course, retail and cloud-hosting infrastructure (Amazon).”
NVIDIA Corporation - MentionedSt James InvestmentMarch 2025
“As retail investors diligently “buy the dip” in Nvidia’s stock, the prudent investor might compare Nvidia’s 5.6% weighting in the S&P 500 Index against the 3.7% weighting for the entire energy sector, all twenty-two companies.”
NVIDIA Corporation - MentionedClearbridge All Cap Growth StrategyMarch 2025
“The surprise emergence in January of DeepSeek, a Chinese large language model (LLM), with capabilities similar to the best LLMs but built with inferior chips and at a lower cost, caused investors to question whether the massive capex being devoted to Gen AI would continue. Shares of Nvidia, supplier of the most advanced GPU chips to power AI applications, fell sharply despite Nvidia continuing to deliver record financial results amid a strong rollout for its newest Blackwell GPU system.”
NVIDIA Corporation - MentionedRogue FundsDecember 2024
“Since the news was just released this week, I believe I should comment on the AI news cycle. First, I think Nvidia will experience some sort of contraction from current valuations (we maintain no position).”
NVIDIA Corporation - MentionedMar Vista US Quality SelectDecember 2024
“BATMMAAN — Broadcom, Apple, Tesla, Microsoft, Meta Platforms, Amazon, Alphabet, and Nvidia — all boasting market valuations exceeding $1 trillion, delivered an average 2024 return of 63.3%, significantly outperforming the S&P 500®.”
NVIDIA Corporation
Fund coverage · 33 theses
- Platinium AM Platinum TrustOctober 2026
Nvidia's earnings growth and attractive forward P/E justify the investment despite competitive and capital allocation risks.
Read the full thesis - CDT Capital VNAVSeptember 2026
Nvidia is described as capturing most AI profits through CUDA and advanced chips, but the fund expects its pricing power and margins to face pressure over time.
Read the full thesis - Baron Global Durable Advantage ETFSeptember 2026
NVIDIA designs accelerated computing platforms for AI, and the manager holds it as a core position on the strength of its full-stack platform, fast innovation and supply chain control.
Read the full thesis - Mar Vista U.S. Quality PremierSeptember 2026
NVIDIA’s CUDA ecosystem, product cadence, and leadership across AI infrastructure give it durable growth and a valuation that may not reflect its long-term opportunity.
Read the full thesis - Polen Focus GrowthSeptember 2026
NVIDIA is viewed as a highly competitively advantaged AI infrastructure company with exceptional growth and further product-cycle upside.
Read the full thesis - Liontrust Global Innovation FundSeptember 2026
Nvidia now sells, finances and guarantees the AI factory, placing it at the centre of both capital and hardware, with every financed gigawatt an order for its platforms.
Read the full thesis - Andrew Hill Client Account StrategySeptember 2026
Nvidia is the leading AI infrastructure hardware provider with strong growth and an attractive valuation versus peers.
Read the full thesis - Alger Focus Equity FundSeptember 2026
NVIDIA is a direct beneficiary of the AI infrastructure buildout thanks to its strong competitive position, product roadmap, and durable demand.
Read the full thesis - O'Keefe Stevens NVIDIA StrategyJuly 2026
NVIDIA builds a full-stack AI computing platform with strong ecosystem reach and vertically integrated co-design across the AI lifecycle.
Read the full thesis - Longriver Partners FundJuly 2026
Nvidia sells integrated working computing systems with difficult-to-replace software, scale and supply-chain execution, and inference broadens demand beyond training.
Read the full thesis NVIDIA Corporation is being added for its strong earnings, increasing capital returns, and an attractive entry point after multiple derating.
Read the full thesis- Harding Loevner Global EquityJune 2026
NVIDIA has a durable moat through CUDA, which remains the standard for AI computing, and it continues to innovate rapidly.
Read the full thesis - SaltLight CapitalJune 2026
NVIDIA faces mounting competition and potential moat erosion, but still benefits from locked-up scarce supply chain inputs and powerful customers with strong cash generation.
Read the full thesis - Baron Opportunity FundJune 2026
NVIDIA Corporation benefits from a dominant AI infrastructure franchise, strong differentiation, and durable visibility into hyperscaler spending growth.
Read the full thesis Nvidia Corporation has become the leader in the AI technical stack with platform-like economics and robust underestimated demand.
Read the full thesis- MayTech Global Investments Global Growth StrategyJune 2026
NVIDIA remains a leading beneficiary of AI infrastructure spending thanks to accelerating data-center growth and technological leadership.
Read the full thesis - Rothschild & Co LongRun EquityJune 2026
Nvidia has a stable installed base, high switching costs through CUDA, and superior power-efficient architecture, making it a stronger go-to platform.
Read the full thesis Nvidia continues to benefit from accelerating earnings, supply-chain control, scarce compute demand, and a large runway for AI adoption.
Read the full thesis- Platinium AM Platinum TrustJune 2026
Nvidia is believed to be well below fair value and positioned to benefit from stronger-for-longer AI capex despite some share loss risk.
Read the full thesis - Andrew Hill AHIA Portfolio StrategyJune 2026
Nvidia remains central to AI infrastructure, with high margins, rapid product development, and strong future demand for compute.
Read the full thesis Nvidia benefits from massive long-term AI spending, technological advantages, and expanding opportunities in networking and CPUs.
Read the full thesis- Hayden CapitalJune 2026
Nvidia is presented as a differentiated scaled player whose earnings durability and ecosystem control support its value.
Read the full thesis - Blue Whale Growth FundJune 2026
Nvidia’s accelerated computing stack is central to AI and other compute-intensive applications.
Read the full thesis - Baron Opportunity FundMarch 2026
NVIDIA is an accelerated computing leader with durable AI infrastructure demand, strong customer adoption, and attractive valuation.
Read the full thesis - Flexible Equity FundMarch 2026
NVIDIA Corporation is a leading AI semiconductor company whose leadership in compute demand and more reasonable valuation support an attractive long-term entry point.
Read the full thesis - Antipodes Global Value FundMarch 2026
NVIDIA is the dominant AI infrastructure provider with a strong installed base, diversified demand, and attractive long-term growth potential.
Read the full thesis - Nightview CapitalMarch 2026
NVIDIA is the preferred AI compute platform with leading H100/Blackwell hardware and a sticky software ecosystem, benefiting from rising aggregate demand despite efficiency gains.
Read the full thesis - Sands Capital Global LeadersSeptember 2025
NVIDIA is a key infrastructure provider for the AI super-cycle, with strong demand for its GPUs, a rational valuation, and significant growth opportunities across AI/ML, gaming, and autonomous driving sectors.
Read the full thesis - Polen Focus GrowthSeptember 2025
NVIDIA and Broadcom are poised for sustained growth in earnings, projected at around 20% per year over the next 3-5 years, driven by strong demand for AI chips and related infrastructure.
Read the full thesis - Baron Durable Advantage FundJune 2025
NVIDIA Corporation is an attractive investment opportunity due to its increased intrinsic value and strong demand for AI infrastructure despite a recent stock sell-off.
Read the full thesis - Mar Vista US QualityMarch 2025
NVIDIA is seen as an attractive investment opportunity following a significant stock pullback, driven by concerns over a new Chinese AI competitor, with compelling valuations and strong growth prospects in the evolving AI market.
Read the full thesis - PlatinumMarch 2025
Nvidia is positioned to benefit from increased AI-related capital expenditures despite market skepticism, as major tech companies and emerging competitors are likely to invest heavily in generative AI, driving long-term growth and improved valuations.
Read the full thesis - Loomis Sayles Growth FundMarch 2025
Nvidia is poised for significant long-term growth driven by its dominance in data center revenues, particularly in AI computing, strong gaming prospects, and a high-quality financial model, leading to a compelling investment opportunity at a discounted share price.
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