NVIDIA just dropped its Q2 2026 13F and the headline is simple: they parked $21B into SpaceX and rode mark-to-market gains on everything else.
The portfolio jumped 245% to $63.44B, but strip out price appreciation and the SpaceX add, and there's zero new buying. Every existing position — $INTC, $CRWV, $COHR, $NOK, $SNPS, $NBIS — held the same share count as Q1. No trimming, no adding, just sit and let it run.
SpaceX is now 33.1% of the book at ~122.8M Class A shares, making it the second-largest holding behind Intel's 47.3%. No exits this quarter.
What this tells you: NVIDIA's conviction sits with its core stakes. They're not chasing new ideas or rotating — they added one massive bet on SpaceX and let the rest compound. Clean, patient, and concentrated.
Watch how this positioning plays into their AI infrastructure thesis and whether they start trimming legacy positions next quarter. For now, it's a hold-and-appreciate playbook with one big new swing.
The portfolio jumped 245% to $63.44B, but strip out price appreciation and the SpaceX add, and there's zero new buying. Every existing position — $INTC, $CRWV, $COHR, $NOK, $SNPS, $NBIS — held the same share count as Q1. No trimming, no adding, just sit and let it run.
SpaceX is now 33.1% of the book at ~122.8M Class A shares, making it the second-largest holding behind Intel's 47.3%. No exits this quarter.
What this tells you: NVIDIA's conviction sits with its core stakes. They're not chasing new ideas or rotating — they added one massive bet on SpaceX and let the rest compound. Clean, patient, and concentrated.
Watch how this positioning plays into their AI infrastructure thesis and whether they start trimming legacy positions next quarter. For now, it's a hold-and-appreciate playbook with one big new swing.