Five entities wagering substantial funds on Nvidia shares following Q1 results
Nvidia's stock has witnessed a breathtaking rally, with institutional behemoths increasingly accumulating shares. This surge has pushed the technology giant to become the world's second-largest company by market capitalization, with five major investors controlling roughly 6.6 billion shares, approximately 27.2% of the company's outstanding float.
Vanguard Group, Nvidia's largest single shareholder, currently holds 2.19 billion shares, accounting for 8.99% of the float. The majority of Vanguard's holdings are in index or index-adjacent products, necessitating the addition of Nvidia whenever the chipmaker's weight increases within the S&P 500 Index, Nasdaq-100 Index, or related sector benchmarks. With over 80% of Vanguard's assets in equities allocated to passive investments, the passive structure allows little chance for discretionary trimming, ensuring continued exposure growth as long as Nvidia outperforms.
BlackRock comes in as the second-largest investor, with 1.9 billion shares, or about 7.79% of the float. A portion of BlackRock's holdings comes from iShares, while the remaining amount consists of synthetic exposure through derivatives and factor funds. The CEO of BlackRock, Larry Fink, has emphasized infrastructure's critical role in global economic growth. BlackRock also announced a partnership fund with Nvidia to invest in artificial intelligence infrastructure. However, it's essential to note that most of BlackRock's buying is driven by flow rather than conviction. As AI enthusiasm subsides, and ETF inflows reverse, BlackRock could potentially become a significant seller.
Fidelity Management & Research holds the third-largest Nvidia position, with around 1 billion shares—representing 4.11% of the float. In contrast to Vanguard and BlackRock, Fidelity still operates actively managed mutual funds. In the recent quarters, Fidelity has been reducing its positions while others have been expanding theirs. The group's average cost basis is notably lower than the current price at $2.46, indicating substantial unrealized gains. Fidelity's exposure grew only 0.24% in Q1, with the firm still holding over a billion shares.
State Street Global Advisors' holdings total approximately 968 million shares, equating to 3.97% of Nvidia. The firm's Technology Select Sector SPDR and SPDR S&P 500 ETF Trust both increased Nvidia's weight after the stock's split, necessitating bulk purchases to rebalance at quarter-end. Geode Capital Management, a spinoff managing Fidelity's index funds, disclosed 571 million shares, or around 2.34% of NVDA. Its Nvidia position expanded by 15.1 million shares in Q1, with any investor buying a Fidelity index product essentially augmenting Geode's Nvidia pile.
In summary, five institutional investors control nearly 27.2% of Nvidia's outstanding shares as of Q1 2025. Vanguard Group is the largest shareholder, with BlackRock and Fidelity Management & Research occupying the second and third positions, while the precise holdings of State Street Global Advisors and Geode Capital Management are not explicitly provided. Collectively, the top five institutional investors wield substantial influence over the tech company's trajectory.
Investing in Nvidia's stock has attracted the attention of major institutional investors, as technology giant Vanguard Group, the largest shareholder, holds 2.19 billion shares, amounting to 8.99% of the company's float. Additionally, the realm of finance and technology collide as BlackRock, the second-largest investor, plans to partner with Nvidia to invest in artificial intelligence infrastructure.
