NVIDIA super investors keep billions in shares

The biggest disclosed position belongs to Lewis Sanders of Sanders Capital, who held 22.6 million shares worth $4.51 billion, or 4.52% of the portfolio, after lifting the stake 216.6% in the second quarter. Chase Coleman’s Tiger Global, Duan Yongping’s H&H International Investment, David Polen’s Polen Capital and John Armitage’s Egerton Capital also reported large exposures, each worth hundreds of millions or, in some cases, billions of dollars. For several of these managers, NVIDIA remains a core portfolio holding rather than a tactical trade.

The concentration also shows how much of the market’s AI thesis still rests on one company. NVIDIA’s latest results, reported Aug. 26, showed revenue of $96.2 billion, up 106% from a year earlier, with data center sales jumping 117% to $89 billion. Those numbers help explain why long-only investors and hedge funds alike continue to own the stock despite valuation concerns. If the company can keep compounding earnings at that pace, the premium multiple can still be justified. If growth decelerates, the downside is amplified because expectations are already extreme.

NVIDIA has also added another support to the bull case: capital returns. It authorized an additional $150 billion in share repurchases, taking the buyback program to $235 billion through fiscal 2028. The stock rose 1.68% on the announcement, a sign investors read the move as management’s confidence in cash generation and a signal that the company sees its own shares as still attractive even near record levels.

But the filings also show the trade is no longer one-way. Duan Yongping cut his holding by more than half, Tiger Global trimmed, Polen reduced, Jensen Investment Management cut its stake and Daniel Loeb’s Third Point exited entirely. That divergence suggests investors are separating long-term structural believers from managers taking profits after a powerful rally. NVIDIA’s share price, around $237 in early October, sits close to the top of its recent range and above the average second-quarter reported price of about $200, leaving less room for error if growth or margins disappoint.

For investors, the key question is no longer whether NVIDIA is central to the AI cycle; it is how long that cycle can sustain hyperscale spending and whether the company can keep turning extraordinary demand into equally extraordinary cash flow. The 12 super investors on the latest register are betting that the answer is still yes, even as the market begins to test that conviction against valuation, competition and the risk of slower growth.