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10 Companies That Own the Most NVIDIA Stock 2025

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Key Takeaways

  • The rise of Deepseek’s powerful AI model caused NVIDIA to lose $600 billion in market value, raising concerns about its future dominance in the AI and semiconductor sectors.
  • Major institutional investors hold significant stakes in NVIDIA, making them key players in its financial future.
  • Companies like AMD, Intel, Google, AWS, and Huawei are increasing competition, while U.S. trade restrictions prevent NVIDIA from selling its most powerful GPUs to China.
  • Despite U.S. sanctions, China managed to train Deepseek AI and make domestic semiconductor advancements.

The tech industry is in turmoil following the rise of Deepseek, whose powerful and affordable large language model (LLM) has sent shockwaves across the AI and semiconductor sectors. As a result, NVIDIA has experienced a staggering $600 billion market cap loss, leaving investors questioning its future profitability and market dominance. This dramatic shift has placed renewed focus on NVIDIA’s largest stakeholders and the broader implications for the financial markets.

In this article, we will explore which companies own the most NVIDIA stock, what this means for the industry, and how recent developments may reshape the tech investment landscape.

10 Companies That Own the Most NVIDIA Stock (2025)

NVIDIA has long been a favorite among institutional investors. Many major asset management firms, mutual funds, and technology-focused investment groups hold significant stakes in the company. Here are the ten largest stakeholders of Nvidia stock as of 2025:

Name Ticker CEO Stake
Vanguard Group Inc. VTI Mortimer J. Buckley 8.75%
BlackRock Inc. BLK Larry Fink 7.56%
FMR, LLC FMR Abigail Johnson 4.07%
State Street Corporation STT Ronald P. O’Hanley 3.86%
Geode Capital Management GC David Lane 2.23%
JP Morgan Chase & Company JPM Jamie Dimon 1.67%
T. Rowe Price TROW Rob Sharps 1.66%
Morgan Stanley MS James Gorman 1.35%
Norges Bank Investment Management NBIM Nicolai Tangen 1.19%
Bank of America Corporation BAC Brian Moynihan 1.00%

1. Vanguard Group Inc. – VTI

  • Ticker: VTI
  • CEO: Mortimer J. Buckley
  • Stake: 8.75%
  • Shares: 2.14B
  • Value: $265.2B

Vanguard Group is one of the world’s largest asset management firms, with trillions of assets under management. The firm has long been a major shareholder in NVIDIA, thanks to its strategy of investing in high-growth technology companies. Furthermore, Vanguard’s ETFs and mutual funds, including the Vanguard Total Stock Market Index Fund, have significant NVIDIA holdings.

2. BlackRock Inc. – BLK

  • Ticker: BLK
  • CEO: Larry Fink
  • Stake: 7.56%
  • Shares: 1.85B
  • Value: $229.0B

BlackRock is another major institutional investor, holding nearly 8% of NVIDIA’s stock. The firm’s diversified investment approach and AI-focused funds have led it to maintain a strong position in NVIDIA despite recent market shifts.

3. FMR, LLC – FMR

  • Ticker: FMR
  • CEO: Abigail Johnson
  • Stake: 4.07%
  • Shares: 997.71M
  • Value: $123.4B

FMR (Fidelity Management & Research) is one of the largest asset managers, known for its active investment strategies. The firm maintains a significant stake in NVIDIA, benefiting from its AI and data center dominance.

4. State Street Corporation – STT

  • Ticker: STT
  • CEO: Ronald P. O’Hanley
  • Stake: 3.86%
  • Shares: 945.74M
  • Value: $116.9B

State Street primarily invests in NVIDIA through its SPDR S&P 500 ETF, which follows the performance of the S&P 500 index. Consequently, the firm remains one of NVIDIA’s largest institutional shareholders.

5. Geode Capital Management – GC

  • Ticker: GC
  • CEO: David Lane
  • Stake: 2.23%
  • Shares: 546.08M
  • Value: $67.6B

Geode Capital Management is a quantitative investment firm that holds a significant position in NVIDIA. The company focuses on index fund strategies, making NVIDIA a key component of its technology-based investments.

6. JP Morgan Chase & Company – JPM

  • Ticker: JPM
  • CEO: Jamie Dimon
  • Stake: 1.67%
  • Shares: 409.28M
  • Value: $50.6B

JP Morgan Chase, one of the largest financial institutions in the world, maintains a substantial stake in NVIDIA through its wealth and asset management divisions. At the same time, the firm leverages NVIDIA’s AI and data-driven growth in its investment portfolios.

7. T. Rowe Price – TROW

  • Ticker: TROW
  • CEO: Rob Sharps
  • Stake: 1.66%
  • Shares: 407.61M
  • Value: $50.4B

Rowe Price has a strong history in technology investments, maintaining NVIDIA as one of its primary holdings. Furthermore, the firm focuses on growth-oriented funds that capitalize on AI-driven advancements.

8. Morgan Stanley – MS

  • Ticker: MS
  • CEO: James Gorman
  • Stake: 1.35%
  • Shares: 329.72M
  • Value: $40.8B

Morgan Stanley is an American multinational investment bank with a wide portfolio of investments. It’s a major investor in NVIDIA, leveraging its position as a leader in AI and semiconductor technology.

9. Norges Bank Investment Management – NBIM

  • Ticker: NBIM
  • CEO: Nicolai Tangen
  • Stake: 1.19%
  • Shares: 291.73M
  • Value: $36.1B

Norges Bank Investment Management, responsible for managing Norway’s sovereign wealth fund, holds a significant stake in NVIDIA. In addition, the firm continues to invest heavily in AI and emerging technologies.

10. Bank of America Corporation – BAC

  • Ticker: BAC
  • CEO: Brian Moynihan
  • Stake: 1.00%
  • Shares: 245.1M
  • Value: $30.3B

Bank of America, through its investment divisions, maintains a substantial position in NVIDIA, hence reinforcing its belief in the company’s role in the AI and data-driven future.

Who Are NVIDIA’s Competitors?

NVIDIA has long dominated the GPU and AI accelerator markets, but competition is increasing as companies develop their own AI chips. Some of its biggest competitors include:

  • AMD (Advanced Micro Devices): AMD’s Radeon GPUs and AI accelerators compete directly with NVIDIA’s hardware. In addition, with its MI300 AI accelerator series, AMD has positioned itself as a strong rival, offering cost-effective alternatives to NVIDIA’s H100 and A100 models.
  • Intel: Intel has expanded its presence in AI with its Gaudi accelerators and dedicated GPU products, directly competing with NVIDIA in data centers and AI model training.
  • Google (Alphabet Inc.): Google’s Tensor Processing Units (TPUs) power many of its AI-driven services. The company has integrated these chips into Google Cloud AI offerings, reducing reliance on NVIDIA hardware.
  • Amazon Web Services (AWS): AWS has invested in its Inferentia and Trainium AI chips, thus reducing reliance on NVIDIA. These custom chips allow AWS customers to train and deploy AI models without using NVIDIA GPUs.
  • Apple: Apple continues to develop custom chips optimized for AI processing, reducing its dependence on third-party manufacturers. Its M-series processors feature AI acceleration capabilities that enhance machine learning performance for consumer applications.
  • Microsoft: Microsoft is rumored to be developing its own AI chips to power its cloud-based services and AI initiatives, reducing its reliance on NVIDIA’s technology.
  • Huawei: Despite facing U.S. sanctions, Huawei has made significant strides in semiconductor development. As a result, the Ascend AI chips developed by Huawei are being used in China to build competitive AI infrastructure.

With the rise of Deepseek’s cost-efficient AI models, NVIDIA faces new pressures that may force it to rethink its strategy. Consequently, the increasing competition and potential loss of market share mean NVIDIA must continue innovating to maintain its industry leadership.

Why Can’t NVIDIA Sell Its GPUs to China?

While NVIDIA remains a dominant force in AI chips, it is restricted from selling its most advanced GPUs to China due to U.S. trade regulations. These restrictions date back to the 2016 Trump administration, which first imposed an embargo on cutting-edge semiconductor exports.

The U.S. government cited national security concerns, arguing that China could use powerful GPUs for military and surveillance applications. Furthermore, the Biden administration expanded these sanctions in 2023, limiting China’s access to high-end AI chips like the A100 and H100 models. 

To navigate these restrictions, NVIDIA developed alternative chips (such as the A800 and H800) that comply with U.S. export regulations. However, these models are less powerful, putting China at a disadvantage in AI development.

As a result, China has responded to these restrictions by accelerating its semiconductor industry, with companies like Huawei, SMIC, and Alibaba investing heavily in AI chip production. While China has made significant progress, analysts suggest it may take several years for the country to develop AI hardware that rivals NVIDIA’s most advanced chips.

Despite the trade restrictions, China remains a key market for NVIDIA, particularly for gaming and cloud-based GPU applications. As a result, the company continues selling lower-end consumer GPUs to Chinese markets, ensuring it maintains some regional presence.

How Did China Train Deepseek?

Despite U.S. sanctions, China successfully trained Deepseek, a state-of-the-art AI model, raising questions about how it acquired the necessary computing power. There are a couple of theories about how China reached this achievement:

  • Massive GPU Stockpiling: Before sanctions tightened, Chinese companies and research institutions stockpiled large numbers of NVIDIA GPUs, ensuring they had enough processing power for future AI development.
  • Use of Older Chips: While China cannot purchase the most advanced GPUs, it still has access to older NVIDIA models that, when used at scale, can achieve AI breakthroughs.
  • Domestic Semiconductor Development: At the same time, Chinese companies like Huawei and Alibaba have accelerated the development of domestic AI chips to reduce their dependence on U.S. technology.
  • Cloud-Based AI Training: Finally, some Chinese firms reportedly rented GPU power from international cloud providers to circumvent domestic hardware shortages.

Closing Thoughts

Not too long ago, Nvidia was the undisputed leader in the AI space. However, the release of China’s DeepSeek shook investors’ confidence and made them question whether Nvidia’s stock was overvalued. While institutional investors like Vanguard, BlackRock, and Fidelity continue to hold significant amounts of NVDA stock, market uncertainty looms large.

For now, the battle between Deepseek and NVIDIA has only just begun, and the coming years will shape the landscape of AI-driven computing like never before.

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