Nvidia Corp 13F Portfolio

There are no new positions and no adds, but the lack of trading is itself a statement: conviction is high enough that nothing in the stack is being second-guessed. With Intel marked at a gain_vs_avg_buy_pct of 190.99%, the manager is sitting on enormous embedded gains yet has not trimmed a share, effectively increasing conviction as the thesis moves in their favor.

The surrounding positions flesh out a deliberate vertical:

• CoreWeave (CRWV) at 7.41% is a pure AI cloud infrastructure and GPU-rental platform, levered to demand for accelerated compute.
• Coherent (COHR) at 4.84% is the optical and photonics toolkit — lasers, optics, and components critical for high-bandwidth data-center interconnect.
• Nokia (NOK) at 3.48% extends the infrastructure thesis into telecom and 5G/6G backbone gear, where AI traffic ultimately rides.
• Synopsys (SNPS) at 3.39%, despite being down -12.5% versus avg_buy_price, anchors the EDA side of AI chip design — the picks-and-shovels for every advanced node.
• Nebius Group (NBIS) at 0.52%, up an extraordinary 902.45% versus cost, is a levered bet on AI-native cloud services and infrastructure software.

By freezing this stack in place, the manager is signaling that the real work now is time and AI capex compounding, not portfolio tinkering.

The quarter’s most striking feature is what’s missing: there are no trims among the top positions, even where gains are eye-watering. Intel’s nearly tripled mark versus cost and Nebius’s 9x move would normally tempt a risk-manager; here they are allowed to run, implying that the upside case is viewed as far from played out.

Equally important, there is no evidence of defensive repositioning. Synopsys, the only visible underwater name at -12.5% versus avg_buy_price, has not been cut, suggesting the manager views the drawdown as noise within a still-intact AI design-software thesis. The absence of any reallocations inside the top six holdings tells you the funding sources for any changes this quarter — if they existed — came from outside this visible slice, not from sacrificing core AI infrastructure exposure.

Formally, the sector view is simple: 100% of disclosed capital sits in technology, and that did not change versus the prior quarter. Under the hood, though, the manager has carved that single sector into a value chain that runs from fabrication and compute through connectivity to software and cloud services.

Intel represents the compute and foundry linchpin. Coherent handles photonics and components; Nokia extends to telecom and mobile networks; CoreWeave and Nebius sit at the AI-cloud and infrastructure software layer; Synopsys powers the design tools that make all of this silicon possible. This isn’t style-box diversification; it is a bet that if global AI infrastructure spending keeps compounding, each link in this chain will participate in the economics, even if they sit in the same formal “Technology” bucket.

The quarter-end snapshot reads as a long-duration, concentrated call on AI infrastructure, not a trading book. By refusing to trim Intel or the high-multiple AI cloud names after huge gains, the manager is effectively underwriting a multi-year runway of data-center, foundry, and network investment rather than trying to top-tick a cycle.

If that AI capex wave persists, this stack is positioned to benefit across compute, optics, telecom, and design software — with Intel as the primary torque. The flip side is equally clear: there are no visible hedges, no non-tech ballast, and no sign of factor diversification. Future filings will matter less for “new ideas” and more for one binary question: does this manager ever start taking chips off the table in Intel and its AI-adjacent ecosystem, or do they continue to let the thesis compound unchecked?