Fisher Asset Management has increased its stake in Nvidia Corporation (NVDA) by 1.49 million shares, according to its most recent 13F filings with the U.S. Securities and Exchange Commission (SEC).
The hedge fund, led by billionaire market veteran Ken Fisher, described the move as a strategic endorsement of the entire AI infrastructure cycle. It now holds a staggering 86.1 million NVDA shares, valued at approximately $16.05 billion – making it the largest position in its investment portfolio that exceeds $290 billion.
Fisher Boosts Nvidia Stake on AI and U.S. Chip Onshoring Bet
On Wall Street, few moves are watched as closely as those made by Fisher, an investor known for his “top-down” macroeconomic approach and who prioritizes “time in the market” over “timing the market.” The accumulation suggests that AI is not a bubble nearing its end, but a structural shift in the global economy.
Fisher Asset Management is betting on Nvidia’s hyper-specialized supply chain. The $4.5 trillion company designs the world’s most advanced AI chips – but it does not manufacture them. That task is assigned to the Taiwan Semiconductor Manufacturing Company (TSMC), a firm in which Fisher has over $4 billion in exposure.
Earlier this month, TMSC’s “Fab 21” facility in Arizona marked a major milestone in U.S. semiconductor onshoring after reaching yield parity with its flagship fabs in Tainan, Taiwan. This facility enables high-volume domestic production of Nvidia’s Blackwell chips in the U.S. — a move that de-risks the supply chain for Fisher’s largest holding.
The semiconductor giant is dependent on ASML Holding for Extreme Ultraviolet (EUV) lithography machines, which are advanced tools used to create the smallest and most complex integrated circuits, chips with transitions as small as 8 nanometers (nm) or less. The Netherlands-based company acts as a bottleneck in the AI supply chain.
Fisher is also positioned to capture the value of the machinery required to print Nvidia’s 2nm and 3nm designs, as it owns 4.32 million shares of ASML, valued at approximately $4.21 billion.
Beyond the hardware, demand for Nvidia is also driven by the explosive growth of generative AI firms, with OpenAI remaining the primary catalyst. Jen Huang’s firm has reportedly committed upwards of $20 billion in infrastructure support to OpenAI to ensure the rollout of its next-generation large language models (LLMs).
Fisher Sees Self-Sustaining AI Demand Loop Led by Nvidia
This ecosystem is further bolstered by SoftBank, which has pivoted its entire investment strategy toward AI. Following a massive monetization of other assets, SoftBank recently finalized a $22.5 billion bet on OpenAI, bankrolling the massive data center clusters that will house the very Nvidia chips Fisher is buying. This circular flow of capital — from SoftBank to OpenAI, and then to Nvidia — creates a self-sustaining demand loop that supports Fisher’s bullish outlook.
As Nvidia approaches a $4.6 trillion valuation, the risks of a correction are ever-present. Yet, for Fisher Asset Management, the data — ranging from TSMC’s record capex to OpenAI’s insatiable hunger for compute — suggests that the AI cycle is only just beginning.
Recent filings show that Fisher isn’t the only one buying Nvidia shares, with Vanguard Group increasing its NVDA position by over 43 million shares, while JPMorgan boosted its stake by 5.6%.
NVIDIA Corporation (NVDA) closed Tuesday’s trading session at $188.54 – down 1.16% for the day.
