Renaissance Technologies held 7,091,256 Nvidia shares on 30 June and 23,170 on 30 September, according to its Form 13F for the third quarter, filed on 12 November. That is a 99.7% cut. The same filing lists a new position of 4,113,200 SpaceX shares valued at $620.5 million.
At the 30 September price implied by the filing, $229.92, the 7,068,086 shares sold were worth $1.63 billion, by our arithmetic. At $162.81, Nvidia’s price at 18:58 UTC on 13 November, the full June stake would be worth $1.15 billion.
Business Pill · Concentration
An evergreen Business Engineer explainer on concentration: when a few big pieces make the total. It teaches the general idea only and does not discuss Renaissance.
The key insight: Between the two quarter-end snapshots, Renaissance’s Nvidia, Meta, Amazon, Apple and Broadcom rows together went from $3.88 billion to $10.6 million, by our arithmetic, while the overall book stayed near $73 billion. The filing records the shift, not the reason for it.
In its 13F for the second quarter, Renaissance reported the Nvidia stake at $1.42 billion, its largest row by value. The 30 September filing values the remaining 23,170 shares at $5.3 million. The figures match the @wallstengine post of 12 November, which we used as a lead only.
Nvidia was not the only large technology holding cut by more than 99%, by our arithmetic. Meta went from 2,023,153 shares to 1,577, Apple from 1,586,526 to 3,246, Amazon from 2,290,710 to 11,128 and Broadcom from 849,835 to 734. The Microsoft row, 6,010 shares in June, is not in the September filing.
Together, the Nvidia, Meta, Amazon, Apple and Broadcom rows were worth $3.88 billion on 30 June and $10.6 million on 30 September, by our arithmetic. The Alphabet rows were roughly unchanged, at 2,405,471 and 1,606,903 shares across its two share classes.
Largest changes in reported value between Renaissance Technologies’ Form 13F filings for the quarters ended 30 June and 30 September 2026. Changes are our arithmetic and mix trading with price moves. Source: SEC Form 13F-HR.
Where the Value Went Instead
The largest increases in reported value were Micron, up $1.38 billion to $1.62 billion, now the top row, and AMD, up $742 million to $1.21 billion. UnitedHealth rose $665 million, SpaceX was new at $621 million, Sandisk rose $470 million and Bank of America was new at $351 million. Value changes mix trading with price moves. Micron is also one of the two largest stock rows in Situational Awareness LP’s June 13F, which we repriced to 13 November prices.
The SpaceX row works out at $150.86 a share on 30 September. At $140.11 on 13 November at 18:58 UTC, the 4,113,200 shares would be worth $576.3 million, by our arithmetic. SpaceX is the ninth-largest row in the filing. Our SpaceX and Tesla piece covers the company’s other moves this week.
The overall book barely moved: the filing reports 3,151 entries worth $73.42 billion, against 3,140 entries and $72.62 billion on 30 June, by our sum of the June table.
The Renaissance sales took place between 1 July and 30 September, before that news. The filing does not give dates or prices for the trades, so the $1.63 billion is a value at the quarter-end price, not the proceeds Renaissance received.
What a 13F Does and Does Not Show
A 13F is a quarter-end snapshot of long positions in US-listed securities. The SEC’s guidance says “You should not include short positions on Form 13F”, and the list of reportable securities “primarily includes U.S. exchange-traded stocks”. Managers file “within 45 days after the end of the calendar quarter”.
Renaissance is a quantitative firm, and the filing states no reason for any trade. It does not show hedges, short positions, derivatives outside the table or holdings outside the US.
The Structural Read
As we read the two tables, the money did not leave the market: Micron and AMD became the two largest rows, and SpaceX entered as the ninth.
As we read the timing, the 13F fixes only the start and end of the quarter; the sale value we give uses the 30 September price, and the actual proceeds are not disclosed.
SEC, Form 13F frequently asked questions
“You should not include short positions on Form 13F.”
Three Implications
FOR READERS OF 13F TRACKERS A quarter-end snapshot shows holdings, not trade dates, prices or hedges; Renaissance states no rationale.
FOR NVIDIA Renaissance, whose largest row in the June filing was Nvidia, held 23,170 shares by 30 September, per the September filing.
FOR SPACEX Renaissance is a new holder, with 4,113,200 shares valued at $620.5 million on 30 September.
The framework argues that “the binding constraint on AI scaling has quietly shifted to High Bandwidth Memory (HBM)”.
As we read the filings, Micron, a memory maker, became Renaissance’s largest row in the same quarter the Nvidia row was cut. A quantitative fund states no thesis, and the framework does not discuss Renaissance.
What Is Not Established
The filing does not show when in the quarter the Nvidia shares were sold, at what prices, or whether any exposure was kept through instruments a 13F does not capture. It does not show how the SpaceX shares were acquired. We did not contact Renaissance Technologies for this piece.
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Renaissance Technologies reduced its Nvidia holding from 7,091,256 shares to 23,170 in the third quarter, worth $1.63 billion at the implied 30 September price for the shares sold, by our arithmetic, and took a new $620.5 million SpaceX position. Meta, Apple, Amazon and Broadcom fell by similar proportions, while Micron and AMD became the two largest rows.
A note on sourcing. We read Renaissance Technologies LLC’s Form 13F-HR filings for the quarters ended 30 June and 30 September 2026 on SEC EDGAR, including both full information tables, and the SEC’s Form 13F FAQ. The @wallstengine post of 12 November was used as a lead only. Prices are from Yahoo Finance at 18:58 UTC on 13 November, with markets open. Implied prices, values and percentage changes are our arithmetic. We did not contact Renaissance Technologies for this piece.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
