Applied Digital (NASDAQ:APLD) shares plunged 7.8% in after-hours trading on Tuesday after a regulatory filing by NVIDIA (NASDAQ:NVDA) revealed the chip designer had removed its position in the data center operator.
The 13F report, which provides a quarterly snapshot of institutional portfolios as of December 31, 2025, indicates NVIDIA no longer holds the 7,716,050 shares of Applied Digital that it had reported in its November 2025 filing. That earlier position had been disclosed as worth roughly $177 million.
Alongside Applied Digital, NVIDIA's latest filing also shows it has eliminated positions in Arm Holdings (NASDAQ:ARM) and WeRide Inc (NASDAQ:WRD), both of which had been listed in the previous quarter's 13F. The filing coincided with a modest after-hours move for WeRide, whose shares slid 2.7% on the news.
While reducing or removing these three holdings, NVIDIA disclosed that it initiated or expanded sizeable stakes in other names. The filing lists 214,776,632 shares of Intel (NASDAQ:INTC), valued at approximately $7.9 billion, and 166,389,351 shares of Nokia (NYSE:NOK), with an estimated value near $1.1 billion.
Institutional managers with more than $100 million in assets are required to file Form 13F each quarter with the Securities and Exchange Commission. The form does not explain the rationale behind trades, but it does reveal holdings at the end of each quarter, offering a window into how large investors adjusted portfolios during the period.
The filing therefore shows a material reallocation by NVIDIA between the November 2025 and December 31, 2025 reporting dates: a full exit from positions in Applied Digital, Arm and WeRide, and substantial reported stakes in Intel and Nokia as of the filing date.
Key points
- Applied Digital shares fell 7.8% in after-hours trading after NVIDIA's 13F showed it no longer held the company.
- NVIDIA's filing removed previously reported stakes in Arm and WeRide; WeRide shares dropped 2.7% after hours.
- NVIDIA reported holding 214,776,632 shares of Intel (~$7.9 billion) and 166,389,351 shares of Nokia (~$1.1 billion) as of December 31, 2025.
Risks and uncertainties
- The 13F filing reports positions as of December 31, 2025, and does not disclose the timing or reasons for changes, leaving uncertainty about when trades were executed.
- Market reactions to large institutional filings can be volatile for the affected stocks - evidenced by after-hours moves in Applied Digital and WeRide.
- The 13F does not detail off-exchange arrangements or derivative exposures, so the reported holdings may not reflect full economic exposure for NVIDIA or other institutions.