Renaissance Nearly Exits Nvidia, Makes Micron Its Top Holding

By Grace Kim

Renaissance Technologies cut its Nvidia position from $1.42 billion to $5.3 million during the third quarter, making Micron its largest holding in a $73.42 billion portfolio. The hedge fund's Form 13F, filed Nov. 12, also showed near-total exits from Meta, Amazon, Apple and Broadcom.

Those four positions, together with Nvidia, were worth about $3.9 billion at June 30. MLQ.ai compared the filing with the firm's June report.

Founded by the late Jim Simons, Renaissance disclosed 3,151 positions, up from 3,140 at June 30. The prior portfolio value was $72.62 billion.

What did Renaissance sell?

Renaissance's reductions were not confined to its largest former holding, as the filing also cut Palantir, Netflix, TSMC and Tesla while exiting smaller positions entirely. Nvidia had ranked first at June 30.

Holding	June 30 shares	Sept. 30 shares	June 30 value	Sept. 30 value
Nvidia	7,091,256	23,170	$1,419M	$5.3M
Meta	2,023,153	1,577	$1,140M	$1.2M
Palantir	7,568,370	2,221,974	$883M	$416M
Amazon	2,290,710	11,128	$546M	$2.8M
Netflix	6,787,884	901,768	$485M	$63M
Tesla	1,110,960	684,145	$467M	$243M
Apple	1,586,526	3,246	$459M	$1.1M
TSMC ADR	849,080	126,320	$405M	$58M
Broadcom	849,835	734	$321M	$0.3M
Marvell	505,425	0	$151M	Exited

Renaissance cut Palantir 71% to 2,221,974 shares, Netflix 87% to 901,768, TSMC ADRs 85% to 126,320 and Tesla 38% to 684,145.

It exited all 505,425 Marvell shares, worth $151 million at June 30. Other complete exits covered Blackstone ($185 million at June 30), Danaher ($145 million), Accenture, Datadog and its iShares Bitcoin Trust holding. Renaissance also trimmed Intel to 6.94 million shares from 7.32 million.

Which semiconductor positions expanded?

Micron became the largest single-stock line at 1,520,639 shares, worth $1.62 billion, up from 211,580 shares and $244 million. Its share count grew more than sevenfold.

AMD rose to 1,995,101 shares worth $1.206 billion, from 829,697 shares and $464 million. Its position more than doubled.

Those two ranked ahead of United Therapeutics at $908 million, Intel at $835 million and Alphabet Class A at $828 million. Alphabet's two share classes together totaled $1.38 billion.

The semiconductor buying extended beyond the two leaders into Sandisk, Lam Research and Astera Labs, although the filing does not identify the strategies behind those purchases.

• Sandisk rose to 276,460 shares from 4,980, lifting its value from $11 million to $481 million.
• Lam Research rose to 475,661 shares from 31,600, with its position increasing from $14 million to $156 million.
• Astera Labs rose to 570,800 shares from 153,400, with its position increasing from $74 million to $203 million.

What other positions grew or joined the portfolio?

New positions reached beyond technology into two large banks, while also adding smaller stakes in AppLovin, Uber, Cisco and Analog Devices.

• SpaceX joined with 4,113,200 shares worth $621 million. It ranked as the portfolio's ninth-largest line.
• Bank of America started with 6,453,339 shares worth $351 million.
• Goldman Sachs started with 271,932 shares worth $245 million.
• AppLovin was worth $153 million, Uber $138 million, Analog Devices $129 million and Cisco $124 million.
• Cerebras joined with 623,100 shares worth $111 million.

UnitedHealth grew sixfold to 2,226,720 shares, worth $817 million, from 367,014 shares and $153 million.

UiPath rose to 18,562,500 shares from 3,553,900, lifting its position from $39 million to $238 million. Separately, Cerebras raised its 2026 forecast on Nov. 12.

What does the 13F actually show?

A 13F lists long positions in U.S.-listed stocks and options at quarter end, omits short positions and provides no information about trading after the reporting date. Renaissance runs computer-driven strategies with high turnover, so the changes show where its models were positioned on Sept. 30, not a stated view on any company.

The snapshot predates by six weeks Jensen Huang's resignation as Nvidia CEO on Nov. 12. The tiny Nvidia position therefore cannot reflect a trading response to that leadership change.

Within semiconductors, the disclosed allocation moved away from Nvidia and toward Micron, AMD, Sandisk, Lam Research and Astera Labs. A single high-turnover snapshot cannot establish capacity, pricing or end-demand expectations because the filing reports positions rather than operating plans. The next quarterly filing will show whether the rotation persists beyond one reporting date, offering a firmer basis for judging semiconductor exposure.