Oak Grove Put 50.2% of Its $844B Q4 Portfolio Into Micron and NVIDIA

Oak Grove Capital filed one of the most concentrated large books in the entire Q4 2025 cycle. The firm put Micron at 26.5% of reported assets and NVIDIA at 23.7%, meaning two semiconductor names alone account for 50.2% of the portfolio. Add AMD and the filing starts to look less like a diversified institution and more like a deliberately expressed AI memory-and-compute thesis.

TL;DR

• 13F AUM: $843.9B across 74 positions.
• Top-1 weight: Micron at 26.5%.
• Top-2 weight: Micron plus NVIDIA total 50.2%.
• Top-5 weight: 61.3%, which is hedge-fund style concentration inside a very large filing.
• Fresh capital: New positions include Micron, AMD, Eli Lilly, TSMC, and Apple.
• Momentum adds: Netflix shares rose 1,059% and ServiceNow rose 412%.
• Retail takeaway: Oak Grove is not hedging away its view. It is concentrating around the AI supply chain.

Filing Snapshot

The Core Thesis Is Semiconductor Bottlenecks

Most concentrated portfolios hide behind one heroic stock. Oak Grove does not. The quarter is clearly organized around the parts of the AI stack that still feel capacity constrained: memory through Micron, accelerators through NVIDIA, adjacent compute through AMD, optics and photonics through Coherent, and manufacturing support through TSMC. That makes this filing more coherent than a casual top-10 list suggests.

The new Micron position matters most. Starting a 26.5% line in one quarter is not a nibble. It is a statement that memory remains one of the cleanest ways to express AI demand without paying the same narrative premium investors attach to software beneficiaries. NVIDIA at 23.7% confirms the firm wants direct exposure to the demand leader as well.

Why the Rest of the Book Still Matters

The secondary positions help explain the risk budget. Oak Grove also built Eli Lilly, Apple, and Alphabet, while Netflix and ServiceNow were aggressively expanded. That is not random diversification. It is a way to keep secular growth exposure outside pure semis while the core thesis remains intact.

Retail investors often see concentration and assume recklessness. That is too simple. Concentration becomes interesting when the underlying positions reinforce each other. Here, Oak Grove's major lines all point toward AI capacity, enterprise compute, and durable platform spending.

What To Watch Next

• Micron persistence: If Micron stays above a quarter of assets, Oak Grove is effectively telling you where it sees the best risk-reward in the AI stack.
• NVIDIA trimming or adding: The fund already carries a 23.7% weight in NVIDIA, so the next move matters.
• AMD and Coherent: Smaller lines in AMD and Coherent show whether the thesis broadens or narrows.
• Netflix follow-through: A 1,059% increase in Netflix says Oak Grove still wants growth outside hardware.

Questions Investors Search For

How concentrated is Oak Grove's Q4 2025 13F?

Very concentrated. The top five holdings make up 61.3% of reported assets.

What are Oak Grove's biggest holdings?

Micron, NVIDIA, AMD, Coherent, and a smaller non-ticker CUSIP position, with Alphabet close behind.

Is Oak Grove making an AI bet?

Yes. The two largest lines, Micron and NVIDIA, are the clearest evidence possible.

Does Oak Grove hold anything outside semiconductors?

Yes. New positions in Eli Lilly, Apple, and expanded stakes in Netflix and ServiceNow broaden the growth sleeve.