JPMorgan's Q3 Holdings: Significant Increase in Nvidia, AI Powerhouses Remain 'Cornerstone', Semiconductor Hardware Stocks Face Systematic Reductions

On November 13, according to disclosures from the U.S. Securities and Exchange Commission (SEC), JPMorgan (JPM.US) released its Q3 holdings report (13F) for the period ending September 30, 2026.

Data shows that JPMorgan's total market value of 13F reported holdings for the quarter was approximately $1.84 trillion, up from about $1.81 trillion in the previous quarter, reflecting a quarter-over-quarter increase of 1.66%. The quarter saw the addition of 1,067 new securities, the complete liquidation of 559 securities; an increase in holdings for 3,774 securities, and a reduction in holdings for 2,712 securities; the top ten holdings accounted for 27.89% of the portfolio, with the top ten holdings held for 30 quarters.

Among the top five holdings, AI training and inference chip leader Nvidia (NVDA.US) ranked first, with approximately 462 million shares held, a market value of about $105.008 billion, accounting for 5.70% of the portfolio, and an increase of 2.84% in shares compared to the previous quarter.

Enterprise software and cloud computing giant Microsoft (MSFT.US) ranked second, holding approximately 158 million shares, with a market value of about $80.402 billion, accounting for 4.36% of the portfolio, and an increase of 16.87% in shares compared to the previous quarter, with its portfolio weight rising from 2.76% to 4.36%, marking the largest increase among the top ten.

Consumer electronics and self-developed chip giant Apple (AAPL.US) ranked third, holding approximately 225 million shares, with a market value of about $74.016 billion, accounting for 4.02% of the portfolio, and a decrease of 1.78% in shares compared to the previous quarter. Despite the decrease in shares, its portfolio weight still rose from 3.57% to 4.02%, reflecting that the weight is also influenced by individual stock prices and changes in the total market value of the portfolio.

Search advertising and cloud computing giant Google-C (GOOG.US) ranked fourth, holding approximately 138 million shares, with a market value of about $46.575 billion, accounting for 2.53% of the portfolio, and an increase of 0.17% in shares compared to the previous quarter. Although its portfolio weight decreased from 2.68% to 2.53%, the actual number of shares held slightly increased, indicating that the investment is still retained rather than reduced due to the weight decline.

E-commerce and cloud computing giant Amazon (AMZN.US) ranked fifth, holding approximately 179 million shares, with a market value of about $44.258 billion, accounting for 2.40% of the portfolio, and an increase of 6.81% in shares compared to the previous quarter.

The other top holdings ranked sixth to tenth are: S&P 500 ETF (SPY.US), Meta (META.US), Broadcom (AVGO.US), Google-A (GOOGL.US), and Micron (MU.US).

Among these, Broadcom and Google-A saw their shareholdings increase by 0.09% and 2.39%, respectively, while their portfolio weights decreased from 1.96% and 1.80% to 1.83% and 1.74%; Micron's shareholdings decreased by 13.17%, with its weight dropping from 1.64% to 1.30%, showing a consistent direction.

From the changes in holdings proportions, the top five purchased securities were: Microsoft (MSFT.US), Nvidia (NVDA.US), Meta (META.US), SPDR Gold ETF (GLD.US), and Palantir (PLTR.US).

The top five sold securities were: Micron (MU.US), iShares S&P 500 ETF (IVV.US), Western Digital (WDC.US), Tesla (TSLA.US), and Vanguard S&P 500 ETF (VOO.US).

Overall, JPMorgan's Q3 semiconductor holdings changes were split in two: the cyclical side was systematically reduced, while the core computing side remained largely intact. In the storage chain, Micron (MU.US), Western Digital (WDC.US), and SanDisk (SNDK.US) were all reduced; equipment and materials also saw simultaneous contractions, with Applied Materials (AMAT.US), Corning (GLW.US), and Ciena (CIEN.US) similarly reduced; the foundry and analog segments were not spared either—Taiwan Semiconductor (TSM.US), Texas Instruments (TXN.US), and Analog Devices (ADI.US). In contrast, core AI computing giants like Nvidia (NVDA.US) and Broadcom (AVGO.US) saw increases in their holdings.

Actions in the consumer sector can be summarized as "reducing retail and discretionary": Walmart (WMT.US), McDonald's (MCD.US), Lowe's (LOW.US), Tesla (TSLA.US), and Disney (DIS.US) were all reduced. Healthcare appears to be an overall reduction, but in reality, it was a replacement of securities: UnitedHealth (UNH.US), AbbVie (ABBV.US), and Merck (MRK.US) were reduced. The freed-up positions were reinvested into more certain leaders: Johnson & Johnson (JNJ.US) and Eli Lilly (LLY.US) saw increases in their holdings. What was reduced were the risks associated with policy pricing and patent cliffs, while what was added were companies with more predictable cash flows and pipelines.

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