Key Takeaways
- First quarter 2026 ethics filing shows Trump reduced substantial holdings in Amazon, Meta, and Microsoft
- New semiconductor positions valued at $1M–$5M each include Nvidia, Broadcom, Synopsys, Cadence Design Systems, and Texas Instruments
- Additional software and tech purchases encompass Apple, Oracle, ServiceNow, Adobe, and Workday
- Multiple purchases expanded Trump’s existing Intel stake beginning in early March
- Dell position worth $1M–$5M established on February 10, months before public company endorsement
President Donald Trump restructured significant portions of his investment portfolio during the first three months of 2026, reducing exposure to major technology platforms while establishing positions in semiconductor manufacturers and AI-related stocks, according to recently filed federal ethics documents.
The OGE Form 278-T filing, which documents transactions from Q1 2026, reveals Trump liquidated substantial stakes in Amazon, Meta, and Microsoft — each divestiture ranging between $5 million and $25 million.
These weren’t complete exits, however. The same filing indicates simultaneous smaller acquisitions in these three companies. Meta transactions ranged from $1,001 to $500,000, while Amazon and Microsoft purchases fell between $1,001 and $5 million.
This pattern of concurrent selling and buying indicates portfolio rebalancing rather than a complete withdrawal from major technology companies.
The more notable development involves where capital was redeployed.
Semiconductor Sector Gains Prominence
Trump established fresh positions in Nvidia, Broadcom, Synopsys, Cadence Design Systems, and Texas Instruments. The filing places each investment between $1 million and $5 million in value.
Nvidia shares have surged approximately 20% over the past month, achieving new all-time highs on a split-adjusted basis. While the precise timing of Trump’s Nvidia acquisition remains undisclosed, the stock was already appreciating throughout the filing period.
Wall Street maintains a bullish outlook on Nvidia, with 42 analysts assigning a consensus Strong Buy rating and establishing an average price target of $274.38.
Beyond semiconductors, Trump allocated capital to software companies including Apple, Oracle, ServiceNow, Adobe, and Workday. These positions similarly fell within the $1 million to $5 million valuation range.
Dell and Intel Positions Expanded
A Dell Class C stock position valued between $1 million and $5 million was initiated on February 10, 2026. Several months afterward, in early May, Trump publicly promoted Dell products during a White House gathering.
Trump also supplemented his pre-existing Intel holdings. These purchases commenced in early March, with multiple transactions marked as “unsolicited,” indicating they weren’t recommended by brokerage advisors. The federal government acquired a significant equity position in Intel during late 2025.
Numerous trades throughout the portfolio carried the unsolicited designation. The largest such transactions involved Apple, Microsoft, and Amazon, each reaching the $1 million to $5 million threshold during March.
Trump’s investment portfolio is administered through a trust overseen by his children. While the documents confirm broker involvement as an agent for certain transactions, they don’t specify which accounts executed the trades or identify the decision-makers.
Form 278-T submissions report transaction values in broad ranges rather than precise figures. They don’t reveal exact purchase prices, specific transaction dates, or realized gains.
A comprehensive view of Trump’s financial position will become available when his annual financial disclosure is published later this year.
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