JPMorgan's $1.59 Trillion Q4 Filing: NVIDIA Reclaims #1 as Broadcom Crashes the Top 5
JPMorgan Chase's Q4 2025 13F reveals a $1.59T portfolio where NVIDIA reclaimed the #1 spot at $85B, Broadcom surged into the top 5 at $32.5B, and Alphabet's two classes combined to $51.8B. The AI infrastructure thesis is deepening.
JPMorgan Chase just told the market exactly where it stands on AI: NVIDIA at $85 billion, #1 in the portfolio, and Broadcom crashing into the top 5 at $32.5 billion for the first time. The bank's Q4 2025 13F filing — covering $1.59 trillion across 7,331 positions — reads like a deliberate rotation into AI infrastructure and away from the social media trade. Meta was cut by 28%. Alphabet's GOOG class nearly doubled. Something shifted in JPMorgan's thesis, and the numbers make it obvious.
TL;DR
- AUM: $1.59 trillion (+4.2% from Q2 2025) — a new all-time high for JPMorgan Chase
- NVIDIA reclaims #1: $85.1B (5.34%) — overtook Microsoft, which slipped to #2 at $71.5B
- Broadcom enters top 5: $32.5B (2.04%), up 25% from Q2 — the AI infrastructure bet deepens
- Alphabet combined $51.8B: GOOG at $31.6B (+94% from Q2) and GOOGL at $20.2B make Alphabet effectively #4
- Meta slashed: Down 28% from Q2, from $40.4B to $29.0B — the sharpest reduction in the top 10
- Apple surges: +$17.3B from Q2, the biggest dollar addition, now #3 at $61.3B
- Tesla enters top 10: $20.1B (1.26%), a new arrival reflecting either conviction or advisory demand
- Concentration: Top-5 at 18.0%, Top-10 at 26.3% — moderately diversified
Filing Snapshot
| Metric | Q4 2025 | Q2 2025 | Change |
|---|---|---|---|
| Total AUM | $1,592.8B | $1,529.2B | +$63.6B (+4.2%) |
| Unique Holdings | 7,331 | ~7,200 | Slightly up |
| Line Items | 31,783 | 31,400 | +383 |
| Filing Date | Feb 14, 2026 | — | — |
| Report Date | Dec 31, 2025 | Jun 30, 2025 | — |
| Top-5 Concentration | 18.0% | 18.2% | -0.2 pp |
| WhaleScore | 69.00 | — | — |
Note: We compare Q4 2025 to Q2 2025 as the baseline. JPMorgan's Q3 2025 filing included an anomalous data consolidation that temporarily inflated reported AUM, making Q2 a more reliable comparison point.
JPMorgan Chase Top 10 Holdings — Q4 2025 ($B)
NVIDIA at $85 Billion: JPMorgan's AI Conviction Is Larger Than Most Hedge Funds' Entire Portfolios
NVIDIA reclaimed JPMorgan's #1 position at $85.1 billion — a single position that's larger than the total AUM of firms like Renaissance Technologies or Citadel's 13F. The 5.34% weight means that for every $100 JPMorgan's investment division manages, $5.34 sits in Jensen Huang's chipmaker.
What makes this particularly notable is that NVIDIA was #2 behind Microsoft in Q2 2025. Microsoft fell from $78.1B to $71.5B over six months while NVIDIA climbed from $73.1B to $85.1B. JPMorgan's positioning is unambiguous: when forced to choose between the company that builds AI hardware and the company that deploys it, the bank chose the picks-and-shovels play.
Broadcom's Breakout: From Outside the Top 5 to $32.5 Billion
Broadcom (AVGO) entering JPMorgan's top 5 for the first time at $32.5 billion is the filing's biggest structural shift. Six months ago, Broadcom sat at $25.9B — a 25% jump that outpaced the overall portfolio's 4.2% growth by six times.
The Broadcom build alongside NVIDIA tells a coherent story: JPMorgan isn't just betting on the GPU leader. It's building a broader AI infrastructure thesis that includes Broadcom's custom AI accelerators (built for Google and Meta), networking chips, and VMware's enterprise software stack. This is a bet on the entire AI supply chain, not a single stock.
The Alphabet Double: When $16B Becomes $52B in Six Months
The most aggressive position build in JPMorgan's Q4 filing is Alphabet's GOOG (Class C), which surged from $16.3B to $31.6B — a 94% increase. Combined with GOOGL (Class A) at $20.2B, JPMorgan now holds $51.8 billion in Alphabet, making it effectively the fourth-largest position in the portfolio.
This is the same rotation we've now seen at three of the four largest 13F filers: Fidelity added $5.3B, Morgan Stanley built GOOGL by 28.6%, and JPMorgan nearly doubled GOOG. When three institutions collectively managing over $5 trillion independently build the same position, the "cheap AI play" thesis on Alphabet has graduated from contrarian to consensus.
Meta's 28% Haircut: The Social Media Premium Is Evaporating
Meta Platforms took the hardest hit in JPMorgan's top 10, falling from $40.4B (Q2) to $29.0B — a 28.3% decline that goes well beyond market-driven price movement. While Meta's stock price was relatively flat over this period, JPMorgan clearly trimmed shares aggressively.
The Meta-to-Alphabet rotation has a logical basis: Meta trades at approximately 25x forward earnings versus Alphabet's 20x, and Meta's $65B annual Reality Labs burn rate has no clear path to profitability. JPMorgan's message to Mark Zuckerberg is effectively the same as Fidelity's: we like your advertising business, but not at this multiple, and not with the metaverse overhead.
Apple's $17 Billion Surge: The Biggest Dollar Build in the Filing
Apple jumped from $44.0B (Q2) to $61.3B — a $17.3B increase that makes it the single largest dollar build in JPMorgan's Q4 filing. The 39.2% increase was partially driven by Apple's stock performance, but the magnitude suggests active share accumulation as well.
Apple's rise to #3 at JPMorgan (behind only NVIDIA and Microsoft) reflects a broader institutional trend toward "AI at the edge" — the thesis that Apple's device installed base of 2+ billion active devices makes it the ultimate platform for on-device AI applications, even if its AI investments are less visible than hyperscaler rivals.
Tesla's Top-10 Debut: Conviction or Client Demand?
Tesla (TSLA) at $20.1B is a new entrant to JPMorgan's top 10. Interpreting this requires context: JPMorgan's 13F, like Morgan Stanley's, aggregates across wealth management and investment management divisions. Tesla's appearance could reflect genuine investment conviction, or it could simply reflect advisory client demand for the stock following its strong Q4 2025 performance.
JPMorgan Chase AUM History (2021–2025)
The Growth Trajectory: $826B to $1.59T in 13 Quarters
JPMorgan's 13F AUM has nearly doubled from its $826 billion Q3 2022 trough to the current $1.59 trillion — a 93% increase in just over three years. The growth has been remarkably consistent, with only one sub-1% quarter since the recovery began. At this trajectory, JPMorgan should cross $1.6 trillion in early 2026.
The bank's wealth management platform has been a core growth driver: JPMorgan reported $3.9 trillion in client assets across its asset and wealth management division in its latest earnings. The 13F captures roughly 40% of this total — the U.S.-listed equity and options portion.
How JPMorgan Stacks Up Against the Other Mega-Filers
| Filer | Q4 2025 AUM | Top-5 | #1 Holding | Unique Positions |
|---|---|---|---|---|
| FMR LLC (Fidelity) | $1.96T | 26.5% | NVDA (9.2%) | 5,359 |
| Morgan Stanley | $1.68T | 15.3% | AAPL (3.7%) | 8,095 |
| JPMorgan Chase | $1.59T | 18.0% | NVDA (5.3%) | 7,331 |
JPMorgan sits between Fidelity's concentration and Morgan Stanley's ultra-diversification. Its 5.34% weight in NVIDIA is higher than Morgan Stanley's 3.60% but lower than Fidelity's 9.23% — suggesting JPMorgan's investment management division has more discretion to make conviction-level bets than a pure wealth management platform, but less than a dedicated fund complex.
Frequently Asked Questions
How large is JPMorgan's 13F portfolio?
JPMorgan Chase's Q4 2025 13F filing reported $1.59 trillion across 7,331 unique positions, making it the third-largest institutional 13F filer behind FMR and Morgan Stanley.
What is JPMorgan's largest holding?
NVIDIA (NVDA) is JPMorgan's largest holding at $85.1 billion (5.34%), having reclaimed the #1 spot from Microsoft during the second half of 2025.
Why did JPMorgan reduce Meta so aggressively?
JPMorgan trimmed Meta Platforms (META) by approximately 28% from Q2 to Q4 2025, reducing the position from $40.4B to $29.0B. The trim appears to reflect a relative value rotation from Meta (25x forward earnings) into Alphabet (20x forward earnings) — a pattern seen across multiple major institutional filers this quarter.
Is Broadcom a new position for JPMorgan?
No, but Broadcom (AVGO) entered JPMorgan's top 5 for the first time in Q4 2025 at $32.5 billion. The 25% increase from Q2 reflects growing conviction in Broadcom's AI custom chip business and its VMware integration.
How has JPMorgan's AUM changed over time?
JPMorgan's 13F AUM grew from $826 billion (Q3 2022) to $1.59 trillion (Q4 2025) — a 93% increase over approximately 3 years, driven by both market appreciation and wealth management platform growth.
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