Quarterly portfolio analysis · Hedge funds & corporate filings · SEC EDGAR
AI infrastructure conviction is intensifying. NVDA went from 19% → 23% of the portfolio (added ~455K shares in Q4). CoreWeave (CRWV) was re-entered aggressively — 3.2M shares vs 650K in Q2, jumping from 1.5% to 3.5%. Broadcom was the opposite: built to 3.2% in Q3 then nearly fully liquidated (745K → 32K shares).
Mega-cap tech as a core allocation. META + MSFT + AMZN + GOOGL collectively rose from ~32% to ~37% of AUM. AMZN was the big add (1.5M → 2.2M shares). GOOGL was initiated in Q3 and doubled in Q4.
Aggressive trimming of winners. HOOD was cut by 60% (3.2M → 1.3M shares) over two quarters. Snowflake trimmed ~28% from 2.8M → 2.0M shares. Confluent cut by 55% from Q2. ARM fully exited.
China was a one-quarter trade. PDD and BABA appeared in Q3 (~4.7% combined) and were fully exited by Q4.
Marketplace / e-commerce tilt increasing. CPNG was added aggressively (+56% shares in Q4), MELI almost doubled, and SHOP was initiated.
AI / Semis grew from ~24% → ~29%. NVDA alone is 23% of AUM. TSM quietly doubled from 2.8% to 5.6%.
Mega-Cap Tech steady at ~37%. GOOGL doubled, AMZN added ~750K shares. META shares barely changed.
Platforms / Marketplaces most diverse bucket at ~21%. CPNG biggest add (+5.7M shares). HOOD aggressively trimmed. SHOP initiated.
China was a pure Q3 trade — PDD + BABA entered and exited within one quarter.
Cloud / Data Infra shrinking: 18% → 12% → 10%. SNOW, CFLT trimmed. DDOG/IOT/CART exited.
NVIDIA's 13F underwent a complete strategic transformation in Q4. The portfolio went from a focused AI infrastructure play (91% CoreWeave) to something that looks like a semiconductor industry consolidation portfolio.
Intel (INTC) — $7.9B, 61% of portfolio. 215 million shares. Whether this is a prelude to foundry services for NVIDIA, a strategic stake to influence Intel's direction, or a bet on undervaluation — it fundamentally changes what this portfolio signals.
Synopsys (SNPS) — $2.3B, 17%. EDA tools critical to chip design. Could be defensive positioning to ensure access to design infrastructure.
Nokia (NOK) — $1.1B, 8.2%. Network infrastructure relevant to data center interconnect and 5G/edge computing.
Exits: ARM, Applied Digital, Recursion, WeRide — all four non-CoreWeave positions fully liquidated.
Q2 → Q3 was zero activity. Then Q4 deployed ~$11.3B into 3 new positions and fully exited 4. This isn't incremental portfolio management — it's a strategic pivot executed in a single quarter.
CoreWeave shares didn't change (24.3M across all three quarters), but CRWV went from 91% to 13% of the portfolio as the denominator exploded.
Q2/Q3 = "GPU customer ecosystem." Every position was a company buying NVIDIA GPUs at scale or enabling its architecture. Invest in your supply chain, lock in demand.
Q4 = "semiconductor industry kingmaker." Intel, Synopsys, Nokia shift from "support GPU customers" to "position NVIDIA at the center of the broader chip ecosystem." The ARM exit is the sharpest signal.
The question: Is NVIDIA positioning for Intel foundry services? The INTC + SNPS combination — the factory and the design tools — makes more sense under that reading than as pure financial investments.