Geode Capital

New 13F: Q3 2026

Geode Capital filed its 13F for the quarter ended Sep 30, 2026 on Nov 6, 2026: $942.8B in AI and semiconductor stocks; $18.2B bought and $2.0B sold against its previous quarter, at the quarter's prices.

• added to NVIDIA (NVDA): +$1.7B at the quarter's price
• added to Microsoft (MSFT): +$1.4B at the quarter's price
• added to SpaceX (SPCX): +$1.3B at the quarter's price
• added to Apple (AAPL): +$1.3B at the quarter's price
• added to Alphabet (GOOGL): +$1.2B at the quarter's price
• added to Intel (INTC): +$1.0B at the quarter's price
• added to Bloom Energy (BE): +$905.3M at the quarter's price
• added to Seagate (STX): +$797.8M at the quarter's price
• added to Amazon (AMZN): +$779.9M at the quarter's price
• trimmed Meta Platforms (META): -$726.5M at the quarter's price

Geode Capital declares $890.9B in 220 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 47.5% of its $1.9T 13F portfolio. Largest positions: NVIDIA (2.5% of the company) and Apple (2.6% of the company). It is an index manager: its trades follow fund flows, so they are left out of the quarter's moves on /holders. Over time: $890.9B in 220 of these companies for Q2 2026, against $121.6B in 171 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $11.6B and sold $9.1B of these stocks, at the quarter's prices: a net purchase of $2.5B; 1 new position.

Performance of its AI picks

The AI-stock portfolio Geode Capital declared for Q2 2026 (Form 13F), held unchanged, returned +4.1% in Q3 2026 (SMH -7.1%). Over the last 12 months, quarter after quarter: +29.8% (SMH +87.2%). Over three years, quarter after quarter: +153.9% (SMH +325.8%). Over five years, quarter after quarter: +170.3% (SMH +389.8%). 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. NVIDIA (NVDA): $121.0B, 606.2M shares, 2.5% of the company, 6.5% of its portfolio (added this quarter); held since Q4 2019 or earlier
2. Apple (AAPL): $107.2B, 371.3M shares, 2.6% of the company, 5.7% of its portfolio (added this quarter); held since Q4 2019 or earlier
3. Alphabet (GOOGL): $93.9B, 264.9M shares, 2.2% of the company, 5.0% of its portfolio (added this quarter); held since Q4 2019 or earlier
4. Microsoft (MSFT): $70.6B, 189.6M shares, 2.6% of the company, 3.8% of its portfolio (added this quarter); held since Q4 2019 or earlier
5. Amazon (AMZN): $55.4B, 233.2M shares, 2.2% of the company, 3.0% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
6. Broadcom (AVGO): $43.9B, 116.4M shares, 2.4% of the company, 2.3% of its portfolio (added this quarter); held since Q4 2019 or earlier
7. Micron (MU): $31.9B, 27.7M shares, 2.4% of the company, 1.7% of its portfolio (added this quarter); held since Q4 2019 or earlier
8. Meta Platforms (META): $30.8B, 54.9M shares, 2.1% of the company, 1.6% of its portfolio (added this quarter); held since Q4 2019 or earlier
9. AMD (AMD): $22.9B, 39.6M shares, 2.4% of the company, 1.2% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
10. Applied Materials (AMAT): $15.9B, 22.0M shares, 2.8% of the company, 0.85% of its portfolio (added this quarter); held since Q4 2019 or earlier
11. Intel (INTC): $15.4B, 110.3M shares, 2.1% of the company, 0.82% of its portfolio (added this quarter); held since Q4 2019 or earlier
12. Lam Research (LRCX): $14.9B, 34.5M shares, 2.8% of the company, 0.80% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
13. Caterpillar (CAT): $11.9B, 11.2M shares, 2.4% of the company, 0.64% of its portfolio (added this quarter); held since Q4 2019 or earlier
14. Cisco (CSCO): $11.8B, 101.0M shares, 2.6% of the company, 0.63% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
15. KLA (KLAC): $11.0B, 36.5M shares, 2.8% of the company, 0.59% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier

By sector

• Cloud & AI giants: $360.1B, 40% of its AI holdings, 6 companies
• Chips & compute: $236.5B, 27% of its AI holdings, 36 companies
• Power, electrical & cooling: $70.7B, 8% of its AI holdings, 47 companies
• AI software: $51.5B, 6% of its AI holdings, 31 companies
• Memory & storage: $51.4B, 6% of its AI holdings, 7 companies
• Equipment & test: $50.7B, 6% of its AI holdings, 30 companies
• Interconnect: $26.9B, 3% of its AI holdings, 11 companies
• Servers & systems: $17.1B, 2% of its AI holdings, 12 companies
• Neoclouds & data centers: $14.1B, 2% of its AI holdings, 26 companies
• Optics: $11.8B, 1% of its AI holdings, 14 companies

Biggest changes this quarter

• added to Marvell (MRVL): +$2.5B at the quarter's price
• trimmed Sandisk (SNDK): -$1.4B at the quarter's price
• added to NVIDIA (NVDA): +$975.6M at the quarter's price
• added to Broadcom (AVGO): +$796.6M at the quarter's price
• added to Apple (AAPL): +$784.9M at the quarter's price
• trimmed Western Digital (WDC): -$678.1M at the quarter's price
• trimmed Corning (GLW): -$661.9M at the quarter's price
• trimmed Bloom Energy (BE): -$655.6M at the quarter's price
• trimmed Vertiv (VRT): -$619.4M at the quarter's price
• trimmed Quanta Services (PWR): -$478.3M at the quarter's price

Other holders of this size

• Capital Group: $881.7B in 132 of these companies
• Fidelity (FMR): $1.2T in 223 of these companies
• JPMorgan: $717.8B in 225 of these companies
• State Street: $1.6T in 221 of these companies
• Invesco: $683.3B in 220 of these companies
• BlackRock: $3.1T in 226 of these companies
• Morgan Stanley: $627.0B in 227 of these companies
• Vanguard: $3.6T in 225 of these companies

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