JPMorgan Increases NVIDIA Position While Invesco Cuts NVIDIA to Bet on SpaceX
nashnova research
Two top asset managers moved in opposite directions on Nvidia in Q3 — JPMorgan kept adding to its AI-compute bet, while Invesco cut its Nvidia stake and scaled up SpaceX by nearly 29×, exposing a core disagreement over whether AI hardware has peaked or is just getting started.
What does JPMorgan's hand look like?
Total 13F holdings reached roughly $1.84 trillion, up 1.66% quarter-on-quarter. Nvidia remained the top position at about 462 million shares, worth roughly $105 billion and accounting for 5.70% of the portfolio — share count up 2.84%.
Top five buys: Microsoft, Nvidia, Meta, SPDR Gold ETF, Palantir. This means → JPMorgan's additions cluster tightly around AI platforms + compute; the gold ETF serves as a hedge.
Microsoft saw the steepest increase — share count up 16.87%, portfolio weight rising from 2.76% to 4.36%, the largest jump among the top ten holdings.
"Cut the cycle, keep the compute" — what is JPMorgan selling?
Memory chain under pressure: Micron trimmed by 13.17%; Western Digital and SanDisk also cut. On the equipment side, Applied Materials, Corning, and Ciena were all reduced.
In plain terms = JPMorgan split its semiconductor book in two — names tied directly to AI compute (Nvidia, Broadcom) stayed or grew; names tied to traditional cycles (memory, equipment, foundry) were systematically cut.
Consumer names also skewed bearish: Walmart, McDonald's, Tesla, and Disney were all trimmed. In healthcare, the fund favored "certainty" — reducing UnitedHealth and Merck, adding Johnson & Johnson and Eli Lilly.
Why did Invesco trim Nvidia in the opposite direction?
Invesco's total holdings stood at roughly $1.27 trillion. Nvidia remained its top position at about 321 million shares, worth roughly $73.2 billion and 5.75% of the portfolio — but share count fell 2.69%.
Top five sells: Applied Materials, Lam Research, Broadcom, Western Digital, AppLovin. This means → Invesco didn't just trim Nvidia — it ran a concentrated reduction across the entire semiconductor-equipment + memory-hardware chain.
This reflects a different read from JPMorgan's on whether AI hardware is overheating: JPMorgan chose to stay in the compute core; Invesco chose to take profits on part of the hardware stack and redeploy elsewhere.
SpaceX scaled up 29× — what is Invesco betting on?
Invesco already held roughly 3.86 million SpaceX shares last quarter. This quarter it added about 113 million shares — an increase of nearly 29× — lifting the position to roughly $17.6 billion and making SpaceX the thirteenth-largest holding.
Put simply = this is not a toe-in-the-water position; it is a strategic-scale bet. At the thirteenth-largest slot, Invesco has placed SpaceX in the same tier as several major tech names.
Invesco also added to Microsoft (+2.59%), Apple (+2.12%), and Meta in the same quarter, showing it hasn't abandoned tech — it has made a shift within tech, from hardware toward platforms + aerospace.
What do the agreements and disagreements mean for ordinary investors?
Agreement: both firms added to Microsoft and Meta in the same quarter, signaling shared confidence in the AI platform layer rather than pure hardware.
Disagreement: on Nvidia, the two moved in opposite directions. JPMorgan sees compute demand still climbing; Invesco sees part of the hardware trade as ripe for profit-taking.
This means → if you hold Nvidia or a semiconductor ETF, this comparison doesn't hand you a "buy or sell" answer. It hands you a signal: top institutions now disagree materially on where we sit in the AI-hardware cycle, and that disagreement points to rising volatility.
市场有风险，内容仅供研究参考，不构成投资建议。