TLDR
- Nvidia’s Q4 2025 13F filing confirmed it sold all 7.72 million APLD shares, worth ~$177M, by December 31.
- Applied Digital fell 8.4% in after-hours trading after the filing was made public Tuesday.
- Nvidia also exited positions in Arm Holdings and WeRide during the same quarter.
- New buys included 214.8 million Intel shares ($7.9B), plus Nokia and Synopsys.
- Northland Capital kept its Outperform rating on APLD, citing 4.3 GW of capacity in active development.
Applied Digital had a rough Tuesday evening. Nvidia’s Q4 2025 13F filing hit the wire and confirmed the chipmaker had sold its entire stake in APLD — every one of its 7.72 million shares, a position worth around $177 million at year-end.
Applied Digital Corporation, APLD
The after-hours reaction was swift. APLD shares dropped 8.4% once the disclosure became public.
What made the news land harder was the history behind it. Nvidia wasn’t just a casual shareholder — it had taken part in a $160 million funding round for Applied Digital in September 2024, giving it the look of a committed partner. Seeing that commitment reversed, even as part of a portfolio cleanup, sent a message to the market.
The same filing showed Nvidia also sold out of Arm Holdings and WeRide, reinforcing the idea that this was a broad rebalancing move rather than a direct commentary on Applied Digital’s business.
Where Nvidia Put Its Money Instead
Nvidia’s new positions tell their own story. The filing revealed a stake in Intel of roughly 214.8 million shares, worth around $7.9 billion as of December 31 — a major commitment to one of the most watched turnaround stories in semiconductors.
Nokia and Synopsys also showed up as new holdings. Both are plugged into the infrastructure side of AI — networking hardware and chip design software. Taken together, Nvidia’s buys suggest a deliberate shift toward companies building the backbone of AI at scale.
The Case for Staying in APLD
Nvidia’s exit didn’t pull everyone out. Northland Capital analyst Mike Grondahl stood by his Outperform rating on Applied Digital after the news, pointing to the company’s pipeline as the reason to hold steady.
The numbers behind that confidence: 4.3 gigawatts of capacity currently in active development, with planned capacity exceeding 9 GW in total. Applied Digital reported quarterly revenue of $126.6 million in its last results, and project funding remains supported by a Macquarie credit facility.
The operational picture isn’t without friction. CEO Wes Cummins has flagged supply chain issues around gas turbines — critical for data center power — with procurement lead times now stretching to 2031 and 2032.
Applied Digital’s next earnings report is expected around May 8, 2026.
