Nomura Holdings 13F Portfolio

The “biggest buys” table reads like a blueprint for owning every profitable bottleneck in AI compute and the data economy. Micron isn’t just the largest position; the estimated $3.68B lift in one quarter is a statement that memory pricing power and capacity scarcity are underappreciated.

Beyond Micron, Nomura clearly wants breadth across the compute chain rather than a single hero. They push Nvidia by +118.7% (about $508.3M more), AMD by +50.6% (around $349.9M), and Broadcom by +686.5% (roughly $164.1M), while also scaling equipment names like KLA, Lam Research, and Applied Materials. That’s a bet that AI demand will cascade into fabs, packaging, and test, not just a handful of GPUs.

They’re simultaneously leaning into the monetization layer of that traffic. Alphabet’s GOOGL line sees an estimated $237.6M add, META another ~$178.1M, and SYY and new QSR positions add about $194.1M and $244.6M as stable, transaction‑linked cash generators. The through‑line: own the hardware cycle, own the platform ad dollars, and own the real‑world volume that keeps tills ringing.

The trims reveal what Nomura is willing to own, but not at the expense of AI silicon. The most brutal cut is Dollar Tree: shares are down 77.0%, freeing an estimated $456.8M. That’s a clear admission that low‑end discretionary retail is a funding source, not a strategic pillar.

They’re also taking real money off the table in speculative or more cyclical corners. Riot Platforms is halved (‑50.4%), unlocking about $136.6M even though the position still shows a +33.6% gain versus cost. That looks like a rotation from volatile, policy‑sensitive crypto infrastructure into chip names with clearer capacity roadmaps.

Elsewhere, the selling is more surgical than thematic. Microsoft, Cognizant, and DoorDash are trimmed modestly, with estimated dollar reductions of about $23.4M, $13.8M, and $1.1M, respectively; United Parks & Resorts is fractionally reduced. In other words, profitable or underperforming software and services are being shaved, not abandoned, to concentrate capital in higher‑operating‑leverage hardware plays.

The sector bar chart makes the story blunt: this is now a semiconductor‑led book. Technology jumps to 70.2% from an estimated 53.5%, while every other sector either stagnates or gives ground.

Consumer discretionary falls from about 14.8% to 8.8%, even as they add QSR, SYY, Costco, and Avis — because the huge Dollar Tree cut more than offsets those builds. Finance drops from 7.4% to 3.2% as Riot is halved and Coinbase only partially offset that with a +264.5% share increase; health care shrinks from 7.8% to 5.2% despite aggressive adds in Integer, Dexcom, and Henry Schein.

Industrials slip from 13.6% to 10.6% even after large percentage adds to Caterpillar, Boeing, Norfolk Southern, and new Rocket Lab. The lesson is that they’re using almost every other sector — consumer, financials, health care, and even parts of tech software — as funding reservoirs to expand a horizontally diversified chip and hardware stack.

Taken together, Nomura is betting that the bottlenecks in AI are stubbornly physical: wafers, memory, packaging capacity, test gear, and power‑hungry accelerators. A 16.65% Micron weight alongside oversized, broad‑based adds in Nvidia, AMD, Taiwan Semi, Broadcom, KLA, Lam, Applied Materials, Texas Instruments, Analog Devices, NXP, and Qualcomm says they expect multi‑year pricing power across the whole semiconductor value chain, not just a fleeting GPU spike.

They are also quietly upgrading the quality of their non‑tech ballast. QSR, SYY, Dollar Tree (even post‑trim), Costco, and Amazon give them recurring, volume‑driven cash flow tied to food, essentials, and logistics rather than purely aspirational spending. In health care, scaling Integer, Dexcom, and Henry Schein tilts them toward device and specialty suppliers with durable growth dynamics.

Investors reading this book as of 2026‑Q2 should see a manager comfortable with concentration risk in exchange for operating leverage to AI capex, and willing to finance that view by shrinking exposure to more sentiment‑driven themes like crypto and lower‑tier discretionary retail. The open question isn’t whether Nomura believes in AI — the portfolio is unambiguous — but how they will respond if hardware supply finally catches up and semiconductor returns normalize.