Whale Rock Just Dumped Most of Its Nvidia Stake

Whale Rock Capital Management cut its Nvidia stake by about 64% in Q2, selling down from roughly 1.04 million shares to 377,204 shares, according to its latest 13F filing. The move appears to be a portfolio reshuffle rather than a full exit from AI semiconductors, since the fund simultaneously boosted its AMD position from 69,211 shares to about 1.51 million shares and also reduced Broadcom exposure. The article frames the filing against Nvidia’s still-strong fundamentals: the stock trades near $215, only about 10% below its 52-week high, the company just delivered 85% YoY quarterly revenue growth to $81.6 billion, and management guided Q2 revenue of about $91 billion. Despite Whale Rock’s reduction, Wall Street remains constructive, with a consensus Strong Buy and an average target of $304.32, implying about 42% upside.