Oak Grove Capital's Semiconductor Conviction: Micron & NVIDIA Dominate $844M Portfolio

Oak Grove Capital's Semiconductor Conviction: Micron & NVIDIA Dominate $844M Portfolio

Oak Grove Capital LLC has made a bold bet on semiconductor leadership, concentrating over half its $844M portfolio in just two stocks: Micron Technologies (MU) and NVIDIA (NVDA). With 277 holdings across the fund, this 50.2% concentration in chip leaders signals a conviction play on AI infrastructure and memory demand.

The Concentration Play

As of Q4 2025, Oak Grove's top two positions are:

• Micron Technologies (MU): $223.4M (26.5% of portfolio) — 1.0M shares
• NVIDIA (NVDA): $199.9M (23.7% of portfolio) — 1.64M shares

Combined, these positions represent a 50.2% portfolio weight—an unusually high concentration for a fund managing 277 securities. This suggests Oak Grove's managers believe the semiconductor cycle is in its early innings, with AI-driven demand for both processors (NVIDIA) and memory (Micron) set to accelerate.

Semiconductor Ecosystem Exposure

Beyond the top two, Oak Grove maintains meaningful exposure to the broader chip ecosystem:

• AMD: $40.0M (4.7%) — Competing in CPUs and GPUs
• Coherent (COHR): $27.6M (3.3%) — Laser and photonics for chip manufacturing
• Taiwan Semiconductor (TSM): $17.9M (2.1%) — Foundry backbone for NVIDIA and others

These positions, combined with MU and NVDA, create a vertically integrated semiconductor thesis: foundry capacity (TSM), chip design (NVIDIA, AMD), memory (Micron), and manufacturing equipment (COHR). Oak Grove is betting on the entire value chain.

Rapid Growth & Portfolio Expansion

Oak Grove's AUM has surged dramatically over the past two years:

• Q4 2023: $0.29B (114 holdings)
• Q4 2024: $0.67B (203 holdings)
• Q4 2025: $0.84B (277 holdings)

The fund nearly tripled in size while expanding its holdings from 114 to 277 positions. This growth, paired with the concentrated semiconductor bet, suggests Oak Grove is capitalizing on strong performance in chip stocks while diversifying into adjacent opportunities.

Diversification Beyond Semiconductors

While semiconductors dominate, Oak Grove maintains exposure to complementary sectors:

• Cloud & AI Infrastructure: Google (GOOGL, 3.1%), Netflix (NFLX, 2.4%)
• Healthcare & Biotech: Eli Lilly (LLY, 2.6%)
• Cybersecurity: CrowdStrike (CRWD, 1.7%)
• Utilities & Energy: Duke Energy (DUK, 1.7%), Coterra Energy (CTRA, 1.2%)

This diversification suggests Oak Grove is hedging semiconductor concentration risk while maintaining conviction in AI-adjacent plays.

The Thesis

Oak Grove's portfolio construction reflects a clear thesis: AI infrastructure demand will drive semiconductor outperformance for years to come. By concentrating 50% in Micron and NVIDIA—the memory and processor leaders—while maintaining ecosystem exposure through foundries, equipment makers, and cloud platforms, the fund is positioned to capture both the primary beneficiaries and the supporting cast of the AI boom.

With a WhaleScore of 72.25, Oak Grove ranks among the more focused institutional investors, and this semiconductor conviction is the primary driver of that focus.

Key Takeaway

Oak Grove Capital's $844M portfolio is a masterclass in concentrated conviction. The 50.2% bet on Micron and NVIDIA, supported by ecosystem exposure to TSM, AMD, and COHR, signals that the fund's managers believe the semiconductor cycle has years of runway ahead. For retail investors tracking institutional moves, Oak Grove's positioning offers a clear signal: the smart money is doubling down on chip leadership.