TLDR
- Nvidia’s Q4 2025 13F filing showed it dumped all 7.72 million APLD shares, a position worth ~$177M at year-end.
- Applied Digital shares slid 8.4% in after-hours trading once the news hit Tuesday.
- Nvidia also trimmed positions in Arm Holdings and WeRide in the same period.
- A new ~$7.9B Intel stake — around 214.8 million shares — headlined Nvidia’s buys, alongside Nokia and Synopsys.
- Northland Capital held its Outperform rating on APLD, pointing to a 4.3 GW active development pipeline.
Nvidia’s latest 13F filing landed Tuesday and it carried a surprise for Applied Digital investors. The chipmaker had quietly sold every share it held in APLD during Q4 2025 — all 7.72 million of them, worth roughly $177 million at December 31.
Applied Digital Corporation, APLD
Markets reacted fast. Applied Digital shares fell 8.4% in after-hours trading once the filing went public.
The sting came partly from context. This wasn’t a distant shareholder — Nvidia had joined a $160 million funding round for Applied Digital back in September 2024. Losing that backer, even through a portfolio reshuffle, carries weight.
Nvidia also sold out of Arm Holdings and WeRide in the same quarter, suggesting the APLD exit was part of a wider cleanup rather than a specific verdict on the company.
Nvidia Moves Toward Deeper AI Infrastructure Plays
The same filing that showed what Nvidia sold also showed what it bought. The headline addition was Intel — Nvidia now holds around 214.8 million shares, valued at approximately $7.9 billion as of quarter-end.
Nokia and Synopsys also appeared as new positions. Both are embedded in the hardware layer that keeps AI systems running — networking infrastructure and chip design software. The direction is clear: Nvidia is concentrating its investment portfolio around the foundational components of large-scale AI buildout.
Applied Digital Still Has a Case
Not everyone sold off their conviction in APLD alongside Nvidia. Northland Capital analyst Mike Grondahl reaffirmed his Outperform rating after the news broke, backing the company’s development pipeline as the reason to stay patient.
Applied Digital currently has 4.3 gigawatts of capacity in active development, with total planned capacity exceeding 9 GW. Revenue came in at $126.6 million last quarter, and project funding looks stable thanks to a credit facility from Macquarie.
The challenges are real, though. CEO Wes Cummins has been open about supply chain pressure, particularly around gas turbines needed to power data centers. Lead times on that equipment now run as far out as 2031 and 2032.
The company’s next earnings report is penciled in for around May 8, 2026.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
