JPMorgan

New 13F: Q3 2026

JPMorgan filed its 13F for the quarter ended Sep 30, 2026 on Nov 12, 2026: $743.1B in AI and semiconductor stocks; $39.4B bought and $44.0B sold against its previous quarter, at the quarter's prices.

• added to Microsoft (MSFT): +$11.6B at the quarter's price
• trimmed Micron (MU): -$3.6B at the quarter's price
• trimmed Sandisk (SNDK): -$3.0B at the quarter's price
• added to NVIDIA (NVDA): +$2.9B at the quarter's price
• added to Amazon (AMZN): +$2.8B at the quarter's price
• trimmed TSMC (TSM): -$2.8B at the quarter's price
• added to Meta Platforms (META): +$2.7B at the quarter's price
• trimmed Ciena (CIEN): -$2.6B at the quarter's price
• trimmed Western Digital (WDC): -$2.4B at the quarter's price
• trimmed GE Vernova (GEV): -$2.4B at the quarter's price

JPMorgan declares $717.8B in 225 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 39.7% of its $1.8T 13F portfolio. Largest positions: NVIDIA (1.9% of the company) and Alphabet (1.9% of the company). Over time: $717.8B in 225 of these companies for Q2 2026, against $90.0B in 161 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $99.5B and sold $31.1B of these stocks, at the quarter's prices: a net purchase of $68.3B; 2 new positions.

Performance of its AI picks

The AI-stock portfolio JPMorgan declared for Q2 2026 (Form 13F), held unchanged, returned +2.4% in Q3 2026 (SMH -7.1%), ranked 1108 of 1,785 active managers. Over the last 12 months, quarter after quarter: +22.7% (SMH +87.2%), ranked 1068 of 1,360 active managers. Over three years, quarter after quarter: +138.6% (SMH +325.8%), ranked 488 of 784 active managers. Over five years, quarter after quarter: +151.9% (SMH +389.8%), ranked 306 of 535 active managers. 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): $87.6B, 449.4M shares, 1.9% of the company, 4.8% of its portfolio (added this quarter); held since Q4 2019 or earlier
2. Alphabet (GOOGL): $80.9B, 229.8M shares, 1.9% of the company, 4.5% of its portfolio (added this quarter); held since Q4 2019 or earlier
3. Apple (AAPL): $64.5B, 228.8M shares, 1.6% of the company, 3.6% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
4. Microsoft (MSFT): $49.8B, 135.2M shares, 1.8% of the company, 2.8% of its portfolio (added this quarter); held since Q4 2019 or earlier
5. Amazon (AMZN): $40.3B, 168.0M shares, 1.6% of the company, 2.2% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
6. Broadcom (AVGO): $35.4B, 95.0M shares, 2.0% of the company, 2.0% of its portfolio (added this quarter); held since Q4 2019 or earlier
7. Micron (MU): $29.6B, 25.8M shares, 2.3% of the company, 1.6% of its portfolio (added this quarter); held since Q4 2019 or earlier
8. Meta Platforms (META): $25.8B, 45.9M shares, 1.8% of the company, 1.4% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
9. AMD (AMD): $21.7B, 40.3M shares, 2.5% of the company, 1.2% of its portfolio (added this quarter); held since Q4 2019 or earlier
10. Lam Research (LRCX): $18.6B, 45.3M shares, 3.6% of the company, 1.0% of its portfolio (added this quarter); held since Q4 2019 or earlier
11. Western Digital (WDC): $11.1B, 17.0M shares, 4.5% of the company, 0.61% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
12. TSMC (TSM): $10.8B, 23.8M shares, 0.46% of the company, 0.60% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
13. NextEra Energy (NEE): $10.3B, 116.0M shares, 5.5% of the company, 0.57% of its portfolio (added this quarter); held since Q4 2019 or earlier
14. Applied Materials (AMAT): $9.6B, 13.9M shares, 1.7% of the company, 0.53% of its portfolio (added this quarter); held since Q4 2019 or earlier
15. Texas Instruments (TXN): $9.3B, 32.4M shares, 3.6% of the company, 0.51% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier

By sector

• Cloud & AI giants: $263.9B, 37% of its AI holdings, 6 companies
• Chips & compute: $194.4B, 27% of its AI holdings, 38 companies
• Power, electrical & cooling: $67.1B, 9% of its AI holdings, 47 companies
• Memory & storage: $54.1B, 8% of its AI holdings, 7 companies
• Equipment & test: $41.4B, 6% of its AI holdings, 28 companies
• AI software: $37.4B, 5% of its AI holdings, 31 companies
• Optics: $19.9B, 3% of its AI holdings, 14 companies
• Interconnect: $17.3B, 2% of its AI holdings, 11 companies
• Servers & systems: $13.0B, 2% of its AI holdings, 12 companies
• Neoclouds & data centers: $9.4B, 1% of its AI holdings, 31 companies

Biggest changes this quarter

• added to Alphabet (GOOGL): +$13.7B at the quarter's price
• added to Micron (MU): +$11.5B at the quarter's price
• added to AMD (AMD): +$8.7B at the quarter's price
• added to Applied Materials (AMAT): +$6.2B at the quarter's price
• added to Corning (GLW): +$6.2B at the quarter's price
• added to Lam Research (LRCX): +$5.2B at the quarter's price
• added to Sandisk (SNDK): +$5.2B at the quarter's price
• added to Caterpillar (CAT): +$4.5B at the quarter's price
• added to CrowdStrike (CRWD): +$3.4B at the quarter's price
• added to Dell (DELL): +$3.0B at the quarter's price

Schedule 13D/G declarations

• Allegro MicroSystems (ALGM): 13G filed Nov 5, 2026: 8.0M shares as of Oct 30, 2026, 4.3% as declared
• DigitalOcean (DOCN): 13G filed Oct 16, 2026: 11.3M shares as of Sep 30, 2026, 9.6% as declared
• Kulicke & Soffa (KLIC): 13G filed Oct 13, 2026: 1.8M shares as of Sep 30, 2026, 3.4% as declared
• Entergy (ETR): 13G filed Oct 13, 2026: 20.8M shares as of Sep 30, 2026, 4.4% as declared
• Ciena (CIEN): 13G filed Sep 3, 2026: 5.6M shares as of Aug 31, 2026, 3.9% as declared
• MKS (MKSI): 13G filed Sep 3, 2026: 2.0M shares as of Aug 31, 2026, 2.9% as declared
• Vicor (VICR): 13G filed Sep 3, 2026: 1.4M shares as of Aug 31, 2026, 4.0% as declared
• Trane (TT): 13G filed Jul 27, 2026: 12.5M shares as of Jun 30, 2026, 5.6% as declared
• NXP Semiconductors (NXPI): 13G filed Jul 27, 2026: 16.7M shares as of Jun 30, 2026, 6.6% as declared
• DigitalOcean (DOCN): 13G filed Jul 27, 2026: 13.7M shares as of Jun 30, 2026, 13.0% as declared

Other holders of this size

• Invesco: $683.3B in 220 of these companies
• Capital Group: $881.7B in 132 of these companies
• Morgan Stanley: $627.0B in 227 of these companies
• Geode Capital: $890.9B in 220 of these companies
• T. Rowe Price: $529.7B in 215 of these companies
• Fidelity (FMR): $1.2T in 223 of these companies
• Norges Bank: $478.8B in 161 of these companies
• State Street: $1.6T in 221 of these companies

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