Vanguard

New 13F: Q3 2026

Vanguard filed its 13F for the quarter ended Sep 30, 2026 on Nov 13, 2026: $3.7T in AI and semiconductor stocks; $28.6B bought and $11.0B sold against its previous quarter, at the quarter's prices.

• added to Broadcom (AVGO): +$4.7B at the quarter's price
• added to Intel (INTC): +$4.4B at the quarter's price
• trimmed Seagate (STX): -$2.6B at the quarter's price
• trimmed Apple (AAPL): -$2.5B at the quarter's price
• added to Bloom Energy (BE): +$2.3B at the quarter's price
• added to SpaceX (SPCX): +$2.2B at the quarter's price
• trimmed Western Digital (WDC): -$1.8B at the quarter's price
• added to Lumentum (LITE): +$1.5B at the quarter's price
• added to Meta Platforms (META): +$1.0B at the quarter's price
• trimmed NVIDIA (NVDA): -$946.6M at the quarter's price

Vanguard declares $3.6T in 225 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 45.7% of its $7.8T 13F portfolio. Largest positions: NVIDIA (9.6% of the company) and Apple (10.0% 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: $3.6T in 225 of these companies for Q2 2026, against $694.1B in 167 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $40.3B and sold $12.6B of these stocks, at the quarter's prices: a net purchase of $27.7B.

Performance of its AI picks

The AI-stock portfolio Vanguard declared for Q2 2026 (Form 13F), held unchanged, returned +3.7% in Q3 2026 (SMH -7.1%). Over the last 12 months, quarter after quarter: +30.0% (SMH +87.2%). Over three years, quarter after quarter: +153.5% (SMH +325.8%). Over five years, quarter after quarter: +169.2% (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): $462.2B, 2.31B shares, 9.6% of the company, 5.9% of its portfolio (added this quarter); held since Q4 2019 or earlier
2. Apple (AAPL): $418.6B, 1.45B shares, 10.0% of the company, 5.4% of its portfolio (added this quarter); held since Q4 2019 or earlier
3. Alphabet (GOOGL): $348.1B, 978.9M shares, 8.0% of the company, 4.5% of its portfolio (added this quarter); held since Q4 2019 or earlier
4. Microsoft (MSFT): $272.7B, 730.9M shares, 9.8% of the company, 3.5% of its portfolio (added this quarter); held since Q4 2019 or earlier
5. Amazon (AMZN): $204.7B, 858.8M shares, 7.9% of the company, 2.6% of its portfolio (added this quarter); held since Q4 2019 or earlier
6. Broadcom (AVGO): $183.5B, 485.7M shares, 10.2% of the company, 2.4% of its portfolio (added this quarter); held since Q4 2019 or earlier
7. Micron (MU): $127.2B, 110.2M shares, 9.7% of the company, 1.6% of its portfolio (added this quarter); held since Q4 2019 or earlier
8. Meta Platforms (META): $115.4B, 204.9M shares, 8.0% of the company, 1.5% of its portfolio (added this quarter); held since Q4 2019 or earlier
9. AMD (AMD): $93.9B, 161.6M shares, 9.9% of the company, 1.2% of its portfolio (added this quarter); held since Q4 2019 or earlier
10. Intel (INTC): $58.9B, 422.1M shares, 7.9% of the company, 0.76% of its portfolio (added this quarter); held since Q4 2019 or earlier
11. Lam Research (LRCX): $57.0B, 131.5M shares, 10.5% of the company, 0.73% of its portfolio (added this quarter); held since Q4 2019 or earlier
12. Applied Materials (AMAT): $57.0B, 78.8M shares, 9.9% of the company, 0.73% of its portfolio (added this quarter); held since Q4 2019 or earlier
13. Caterpillar (CAT): $49.9B, 46.9M shares, 10.2% of the company, 0.64% of its portfolio (added this quarter); held since Q4 2019 or earlier
14. Cisco (CSCO): $47.7B, 406.2M shares, 10.3% of the company, 0.61% of its portfolio (added this quarter); held since Q4 2019 or earlier
15. KLA (KLAC): $41.8B, 138.5M shares, 10.6% of the company, 0.54% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier

By sector

• Cloud & AI giants: $1.4T, 38% of its AI holdings, 6 companies
• Chips & compute: $936.8B, 26% of its AI holdings, 38 companies
• Power, electrical & cooling: $318.1B, 9% of its AI holdings, 47 companies
• AI software: $219.7B, 6% of its AI holdings, 31 companies
• Memory & storage: $214.5B, 6% of its AI holdings, 7 companies
• Equipment & test: $195.8B, 5% of its AI holdings, 30 companies
• Interconnect: $115.4B, 3% of its AI holdings, 11 companies
• Servers & systems: $73.4B, 2% of its AI holdings, 12 companies
• Neoclouds & data centers: $68.1B, 2% of its AI holdings, 30 companies
• Optics: $52.8B, 1% of its AI holdings, 13 companies

Biggest changes this quarter

• added to Alphabet (GOOGL): +$5.9B at the quarter's price
• added to Apple (AAPL): +$3.0B at the quarter's price
• added to Micron (MU): +$3.0B at the quarter's price
• added to NVIDIA (NVDA): +$2.6B at the quarter's price
• trimmed Seagate (STX): -$2.4B at the quarter's price
• added to Marvell (MRVL): +$2.4B at the quarter's price
• trimmed Corning (GLW): -$2.2B at the quarter's price
• trimmed Western Digital (WDC): -$2.2B at the quarter's price
• trimmed Salesforce (CRM): -$1.8B at the quarter's price
• added to Microsoft (MSFT): +$1.7B at the quarter's price

Schedule 13D/G declarations

• Applied Optoelectronics (AAOI): 13G filed Oct 30, 2026: 4.3M shares as of Sep 30, 2026, 5.1% as declared
• Argan (AGX): 13G filed Oct 30, 2026: 715,063 shares as of Sep 30, 2026, 5.1% as declared
• Bloom Energy (BE): 13G filed Oct 30, 2026: 21.8M shares as of Sep 30, 2026, 7.4% as declared
• CEVA (CEVA): 13G filed Oct 30, 2026: 1.4M shares as of Sep 30, 2026, 5.0% as declared
• Innodata (INOD): 13G filed Oct 30, 2026: 1.7M shares as of Sep 30, 2026, 5.0% as declared
• indie Semiconductor (INDI): 13G filed Oct 30, 2026: 10.9M shares as of Sep 30, 2026, 5.0% as declared
• Lightwave Logic (LWLG): 13G filed Oct 30, 2026: 7.7M shares as of Sep 30, 2026, 5.0% as declared
• NuScale (SMR): 13G filed Oct 30, 2026: 21.6M shares as of Sep 30, 2026, 5.3% as declared
• MaxLinear (MXL): 13G filed Oct 30, 2026: 4.5M shares as of Sep 30, 2026, 4.9% as declared
• American Electric Power (AEP): 13G filed Oct 30, 2026: 30.9M shares as of Sep 30, 2026, 5.7% as declared

Other holders of this size

• BlackRock: $3.1T in 226 of these companies
• State Street: $1.6T in 221 of these companies
• Fidelity (FMR): $1.2T in 223 of these companies
• Geode Capital: $890.9B in 220 of these companies
• Capital Group: $881.7B in 132 of these companies
• JPMorgan: $717.8B in 225 of these companies
• Invesco: $683.3B in 220 of these companies
• Morgan Stanley: $627.0B in 227 of these companies

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