Renaissance Technologies Dumps 99.7% of NVIDIA in Q3, Rotates into Micron and AMD
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Quant giant Renaissance Technologies nearly exited its Nvidia position in Q3, cutting 99.7% of its stake, while pouring billions into memory and semiconductor names like Micron and AMD — all before the Jensen Huang scandal broke publicly, a timing that has drawn intense market scrutiny.
How much of Nvidia did they cut?
As of September 30, Renaissance held just 23,170 Nvidia shares, down from 7.09 million the prior quarter — a 99.7% reduction. The remaining position was worth roughly $5.3 million.
This means → in a single quarter, Nvidia went from a core holding to a rounding error — effectively a full exit.
Other mega-cap tech names were slashed in parallel: Meta (−99.9%), Apple (−99.8%), Amazon (−99.5%), Broadcom (−99.9%), and TSMC (−85.1%). Big Tech was cut across the board.
Where did the money go?
Micron shares jumped 618.7% to 1.52 million, valued at roughly $1.62 billion at quarter-end — an estimated $1.4 billion in new capital deployed.
AMD shares rose 140.5% to nearly 2 million, worth about $1.21 billion. SanDisk holdings surged from 4,980 to 276,500 shares (+5,451%), valued at roughly $481 million.
In plain terms = Renaissance ran a "lane change" within the same quarter: out of the AI compute leader (Nvidia), into memory chips (Micron, SanDisk) and semiconductor design (AMD). The bet shifted visibly from "compute itself" to "the ecosystem around compute."
What did they buy outside tech?
A new SpaceX position: 4.1132 million shares, valued at roughly $620.5 million.
UnitedHealth Group holdings rose 506.7% to about $817 million. In financials, a new Bank of America position worth roughly $351.3 million, plus about $244.8 million in Goldman Sachs.
This reflects a broader diversification push — Renaissance didn't just rotate within tech; it spread capital into healthcare, financials, and aerospace in the same quarter.
How big is the overall portfolio?
Total disclosed equity holdings reached $73.424 billion at quarter-end, up 1.1% from the prior quarter, spanning 3,151 positions.
Sector breakdown: tech 23.8%, healthcare 15.7%, industrials 10.6%, consumer discretionary 10.5%, financial services 10.3%.
Per Bloomberg, the firm's Institutional Equities Fund gained 6% in October, bringing year-to-date returns to 12.3%.
What can — and can't — this filing tell us?
A 13F filing (a quarterly holdings snapshot U.S. institutional investors must file with the SEC) shows only what was held on September 30. It does not disclose trade dates, execution prices, or rationale.
This means → we know "what they held at quarter-end," not "when they traded or why." Changes in position value do not equal investment returns.
Whether Renaissance's exit was driven by a systematic quant signal or a discretionary call on Nvidia's valuation cannot be determined from public filings. But the timing — before the Huang scandal surfaced — ensures this move will be a reference point the market revisits repeatedly.
市场有风险，内容仅供研究参考，不构成投资建议。