Jane Street Doubles Nvidia Stake to 23.8 Million Shares

What did Jane Street disclose?

Jane Street more than doubled its Nvidia holding to 23.8 million shares, worth $5.44 billion at $228.38 per share on Sept. 30, from 11.8 million shares worth $2.4 billion in the second quarter.

The quantitative trading firm and market maker ranked Nvidia second only to the SPDR S&P 500 ETF Trust in its disclosed portfolio. Regulatory filings released Thursday and reviewed by Fortune showed the positions; Jane Street did not immediately respond to Fortune’s request for comment.

Takeaway: The filing confirms a sharp increase in long Nvidia holdings, but not the timing or profitability of the trades.

What can the 13F show about current risk?

The holdings reflect Sept. 30, just over six weeks before Jensen Huang resigned as Nvidia CEO. Nvidia shares fell nearly 13% over the past five days after the leadership scandal, reaching a 17-month intraday low Thursday.

The regulatory disclosure, known as a 13F, shows what Jane Street held in late September, not what it owns now. It does not reveal exactly when the firm bought the shares or how much it has gained or lost on them.

The filing also omits short positions. Jane Street traders could, in theory, have shorted Nvidia after Sept. 30 and profited from the subsequent decline, but the filings cannot establish whether they did.

Options add another layer. Jane Street disclosed a large amount of puts and calls, reported at the value of the underlying shares rather than the market value of the options themselves. Those notional figures can make positions appear far larger than the capital committed, while offsetting trades obscure the firm’s overall exposure.

A large reported position therefore need not represent a large directional bet, and the option disclosures do not establish the firm’s net exposure on their own.

Takeaway: The 13F is a dated snapshot of disclosed positions, not a reliable measure of Jane Street’s present risk.

Why did Nvidia change leaders?

Huang stepped down on Thursday after more than three decades at the helm of the company he founded in 1993. Chief Financial Officer Colette Kress became interim CEO.

His departure came after reports of extramarital affairs, including one with Alice Huang, a former executive at Singapore-based cloud company Megaspeed whom U.S. intelligence authorities suspect of working for Beijing.

In a Sunday message to employees, Huang admitted that he had been “unfaithful” to his wife and apologized. He also said he supported an independent investigation into whether he had been targeted by a foreign intelligence operation.

Three days after that message, The New York Times reported that the 63-year-old also had an affair with Kimberly Powell, Nvidia’s vice president of healthcare. Reuters reported Thursday, citing two people familiar with the matter, that he had an intimate relationship with another Nvidia employee.

Takeaway: Nvidia changed leaders after reported affairs and scrutiny of a suspected spying connection.

How large is the trading business?

Reuters reported in August, citing a person familiar, that Jane Street had generated more than $40 billion so far in trading revenue in 2026. That exceeded the firm’s $39.6 billion total for all of 2025 and comfortably beat trading revenues at the nation’s largest banks.

The same report described a $15 billion hit, partly tied to Jane Street’s exposure to AI-focused hedge fund Situational Awareness. Founded by former OpenAI researcher Leopold Aschenbrenner, the hedge fund sold the bulk of its equities portfolio to Ken Griffin’s Citadel after the market downturn triggered margin calls.

Jane Street told employees that the drawdown left its investment roughly flat for the year, though it remained profitable over the full period, according to Reuters. The firm has not confirmed the report.

Takeaway: More than $40 billion in 2026 trading revenue came with a reported $15 billion hit linked partly to one AI hedge fund.