BNP PARIBAS FINANCIAL MARKETS

New 13F: Q3 2026

BNP PARIBAS FINANCIAL MARKETS filed its 13F for the quarter ended Sep 30, 2026 on Nov 12, 2026: $79.3B in AI and semiconductor stocks; $13.1B bought and $8.2B sold against its previous quarter, at the quarter's prices.

• added to Amazon (AMZN): +$2.4B at the quarter's price
• added to NVIDIA (NVDA): +$2.4B at the quarter's price
• trimmed Micron (MU): -$2.3B at the quarter's price
• trimmed AMD (AMD): -$1.3B at the quarter's price
• trimmed Sandisk (SNDK): -$1.0B at the quarter's price
• added to Microsoft (MSFT): +$854.3M at the quarter's price
• added to TSMC (TSM): +$787.1M at the quarter's price
• added to Broadcom (AVGO): +$680.1M at the quarter's price
• added to SpaceX (SPCX): +$472.3M at the quarter's price
• added to Apple (AAPL): +$411.6M at the quarter's price

BNP PARIBAS FINANCIAL MARKETS declares $75.4B in 222 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 26.1% of its $288.9B 13F portfolio. Largest positions: Micron (0.72% of the company) and NVIDIA (0.14% of the company). It is a market maker: its positions are mostly hedges, so they are left out of the quarter's moves on /holders. Over time: $75.4B in 222 of these companies for Q2 2026, against $8.2B in 153 for Q4 2022 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $10.3B and sold $8.4B of these stocks, at the quarter's prices: a net purchase of $1.9B; 1 new position.

Performance of its AI picks

The AI-stock portfolio BNP PARIBAS FINANCIAL MARKETS declared for Q2 2026 (Form 13F), held unchanged, returned -1.5% in Q3 2026 (SMH -7.1%). Over the last 12 months, quarter after quarter: +41.0% (SMH +87.2%). Over three years, quarter after quarter: +175.7% (SMH +325.8%). Trades made during a quarter are not visible in 13F filings: this measures its declared picks, not the return of its funds.

Largest positions

1. Micron (MU): $9.3B, 8.1M shares, 0.72% of the company, 3.2% of its portfolio (added this quarter); held since Q4 2019 or earlier
2. NVIDIA (NVDA): $6.7B, 33.2M shares, 0.14% of the company, 2.3% of its portfolio (added this quarter); held since Q4 2019 or earlier
3. Alphabet (GOOGL): $6.1B, 17.1M shares, 0.14% of the company, 2.1% of its portfolio (added this quarter); held since Q4 2019 or earlier
4. Amazon (AMZN): $4.0B, 16.8M shares, 0.16% of the company, 1.4% of its portfolio (added this quarter); held since Q4 2019 or earlier
5. AMD (AMD): $3.4B, 5.9M shares, 0.36% of the company, 1.2% of its portfolio (added this quarter); held since Q4 2019 or earlier
6. Apple (AAPL): $3.1B, 10.8M shares, 0.07% of the company, 1.1% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
7. Microsoft (MSFT): $2.7B, 7.3M shares, 0.10% of the company, 0.95% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
8. Broadcom (AVGO): $2.4B, 6.3M shares, 0.13% of the company, 0.83% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
9. Sandisk (SNDK): $2.3B, 992,504 shares, 0.70% of the company, 0.78% of its portfolio (trimmed this quarter); held since Q1 2025
10. Intel (INTC): $1.9B, 13.8M shares, 0.26% of the company, 0.67% of its portfolio (added this quarter); held since Q4 2019 or earlier
11. Meta Platforms (META): $1.9B, 3.4M shares, 0.13% of the company, 0.66% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
12. Cisco (CSCO): $1.4B, 12.2M shares, 0.31% of the company, 0.49% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
13. Lam Research (LRCX): $1.2B, 2.9M shares, 0.23% of the company, 0.43% of its portfolio (added this quarter); held since Q4 2024
14. Applied Materials (AMAT): $1.2B, 1.7M shares, 0.21% of the company, 0.42% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
15. TSMC (TSM): $1.2B, 2.5M shares, 0.05% of the company, 0.41% of its portfolio (added this quarter); held since Q4 2019 or earlier

By sector

• Chips & compute: $19.5B, 26% of its AI holdings, 37 companies
• Cloud & AI giants: $18.0B, 24% of its AI holdings, 6 companies
• Memory & storage: $13.1B, 17% of its AI holdings, 7 companies
• Power, electrical & cooling: $6.0B, 8% of its AI holdings, 46 companies
• AI software: $5.5B, 7% of its AI holdings, 31 companies
• Equipment & test: $5.2B, 7% of its AI holdings, 28 companies
• Interconnect: $2.8B, 4% of its AI holdings, 11 companies
• Neoclouds & data centers: $1.9B, 2% of its AI holdings, 31 companies
• Servers & systems: $1.8B, 2% of its AI holdings, 12 companies
• Optics: $1.6B, 2% of its AI holdings, 13 companies

Biggest changes this quarter

• added to Micron (MU): +$4.0B at the quarter's price
• trimmed Microsoft (MSFT): -$2.1B at the quarter's price
• added to AMD (AMD): +$915.2M at the quarter's price
• trimmed Sandisk (SNDK): -$588.2M at the quarter's price
• trimmed Texas Instruments (TXN): -$562.6M at the quarter's price
• trimmed Broadcom (AVGO): -$553.8M at the quarter's price
• trimmed Astera Labs (ALAB): -$493.4M at the quarter's price
• added to TSMC (TSM): +$441.2M at the quarter's price
• added to Alphabet (GOOGL): +$418.9M at the quarter's price
• added to Amazon (AMZN): +$392.9M at the quarter's price

Other holders of this size

• California Public Employees Retirement System: $74.4B in 137 of these companies
• AQR: $76.7B in 211 of these companies
• Swedbank AB: $68.1B in 111 of these companies
• National Pension Service: $77.8B in 102 of these companies
• Victory Capital Management, Inc.: $65.0B in 203 of these companies
• CANADA PENSION PLAN INVESTMENT BOARD: $78.1B in 160 of these companies
• SCHRODER INVESTMENT MANAGEMENT GROUP: $64.6B in 124 of these companies
• BANK OF MONTREAL /CAN/: $78.3B in 199 of these companies

Follow BNP PARIBAS FINANCIAL MARKETS's SEC filings (Atom feed)

All holders · Who owns each AI company · All tracked companies · The AI market