Wells Fargo Q1 2026 13F: NFLX +892%, HOOD +277%, AMD -64%

Wells Fargo filed its Q1 2026 13F reporting $467.90B in top-500 holdings — essentially flat (-0.4%) versus $469.73B the prior quarter. The headline is sleepy. The position-by-position read is anything but: Netflix shares lifted 892%, Robinhood Markets 277%, ServiceNow 405%, and a 64% AMD share cut alongside 55% trims to Adobe and Micron.

For a bank-anchored 13F that aggregates wealth-management, asset-management, and private-banking sub-funds under one umbrella, that level of sub-surface rotation is the real news. The top-10 lineup looks structurally unchanged versus Q4 2025; the convictions inside the long tail tell the story of where Wells Fargo's active sleeves are positioning into 2026.

The top-line snapshot

Per the canonical filing brief, Wells Fargo's reported total 13F AUM stands at $530.34B, with the top-500 covered holdings totaling $467.90B. WhaleScore is 67.75 — middle of the bank-anchored peer set. Position count held at 500, and QoQ AUM change was a marginal -0.4%, masking a meaningful net rotation across the underlying book.

AAPL remains the largest reported position at $15.68B (3.35%), followed by IVV at $12.79B, MSFT at $12.52B, NVDA at $10.54B, and ITOT at $9.40B. The presence of two large iShares ETFs (IVV, ITOT) and SPY further down reflects Wells Fargo's wealth-management client holdings — these are programmatic core-portfolio positions, not active conviction picks. The active read sits in the single-name lines.

The conviction adds

The five biggest Q1 2026 share-count increases from the Wells Fargo book:

Ticker	Share Change	From	To	Q1 Value
NFLX	+892%	1.47M	14.53M	$1,397.4M
NOW	+405%	0.91M	4.59M	$479.6M
HOOD	+277%	1.12M	4.24M	$293.5M
SMCI	+247%	2.69M	9.34M	$212.7M

The Netflix build is the cluster signal of Q1 2026. Wells Fargo is now the second large US bank-anchored manager to lift Netflix by an order of magnitude in the same quarter — Invesco's 13F (filed earlier in May 2026) reported a 823% NFLX share increase to 42.86M shares, also a single-quarter structural build. Two large asset managers buying the same name to that magnitude back-to-back is the kind of cluster signal that the platform's insights feed would tag as an active-money confluence.

The ServiceNow add (+405% to 4.59M shares, $479.6M) is similarly a step-up-from-existing-position pattern, mirroring Invesco's +381% NOW move. Two top-tier 13F filers building enterprise SaaS workflow exposure in lockstep is structurally bullish for the name regardless of the broader software trim context discussed below.

The Robinhood Markets (+277% to 4.24M shares, $293.5M) and Super Micro Computer (+247% to 9.34M shares) adds are smaller-dollar but high-conviction in share-count terms — both are mid-cap names where a 247-277% share lift represents a deliberate position build rather than a benchmark drift.

The conviction trims

The five biggest Q1 2026 share-count decreases:

Ticker	Share Change	From	To	Q1 Value
AMD	-64%	12.90M	4.70M	$956.6M
ADBE	-56%	1.64M	0.73M	$177.0M
IQV	-55%	1.76M	0.79M	$134.4M
MU	-55%	5.61M	2.54M	$859.7M
PAYX	-52%	8.81M	4.24M	$390.5M

The AMD cut of 64% (8.2M shares sold) is the largest absolute trim and lands in the same quarter when Q1 AMD earnings reflected the AI-data-center revenue inflection. Wells Fargo took most of that off the table. Combined with the Micron cut (-55%, $860M), the read is a meaningful reduction in semiconductor cyclical exposure — even as the firm held NVDA roughly flat (-7%). That split — keep NVDA, cut AMD/MU — is the active call: an AI compute-platform bet narrowed to the single-name leader rather than a sector-wide chip thesis.

The Adobe trim (-56%) and IQVIA trim (-55%) are smaller in dollars but rhyme with Invesco's same-quarter CRM/ORCL cuts: enterprise-software platforms underweight after 2025's AI-narrative outperformance. Paychex -52% completes the rotate-out-of-fee-based-services list.

AUM history: the multi-year context

Wells Fargo's 13F AUM has scaled from roughly $400B to over $500B reported over the trailing eight quarters, with the top-500 covered book sitting at $467.90B as of Q1 2026. The asset-management complex has grown in line with the broader US equity market's appreciation and stable inflow profile — not through a structural change in coverage breadth. Position count has stayed within a narrow band, meaning the AUM expansion is mark-to-market plus organic net-new asset gathering, not breadth expansion.

The relatively muted QoQ AUM line is the right way to think about Wells Fargo's 13F: the book grows when markets grow, and the active sleeves under the umbrella rotate sector tilts at the margin. The Q1 2026 filing is a higher-rotation quarter than the multi-year average — five 50%+ share moves on the increase side and five 50%+ share moves on the decrease side suggests genuine active discretion was exercised rather than passive index drift.

Cluster reads — what this means alongside peer filings

Putting Wells Fargo's Q1 2026 filing next to Invesco's and the Capital Group sleeves yields three concrete cluster signals worth carrying forward:

First, Netflix as a new core position across multiple large active managers. Wells Fargo (+892%), Invesco (+823%), and Capital Group growth sleeves (in late 2025) have all built materially. When three top-tier 13F filers establish a position to that magnitude in adjacent quarters, the read is institutional re-rating of the name post the 2025 platform monetization narrative.

Second, enterprise software platforms underweight. Wells Fargo trimmed Adobe and held the line on Microsoft. Invesco cut Salesforce and Oracle by roughly half. The shared message: software platforms that traded on the AI narrative have been actively de-risked into Q1 2026 strength.

Third, chip-cyclicals narrowed to NVDA-only. Wells Fargo cut AMD 64% and MU 55% while holding NVDA roughly flat. This is the cleanest expression of "AI infrastructure thesis = NVIDIA, not the broader chip cycle" as a positioning call.

What the filing does not tell you

Three caveats. First, Wells Fargo's 13F aggregates wealth-management client-directed positions alongside discretionary asset-management strategies — large ETF lines (IVV, ITOT, SPY, VO) reflect client portfolios, not active conviction. Discount those when reading the top 10. Second, the Q1 filing represents positions as of March 31, 2026; six weeks of subsequent activity is invisible. Third, the position-count cap at 500 means tail-of-distribution moves are not captured here; the full 13F is broader.

Watch list for Q2 2026

Three anchors matter on the next filing cycle. First, whether the NFLX position is held or trimmed after the Q1 cluster build — same question carries forward across Wells Fargo, Invesco, and Capital Group sleeves. Second, whether the AMD/MU cuts continue or reverse — a stable underweight would confirm the NVDA-only-chip-thesis read. Third, whether the HOOD/SMCI mid-cap adds are scaled further or trimmed back as profit-taking. Q2 2026 13F deadline closes mid-August 2026.

How to use this filing

For ongoing tracking of Wells Fargo's holdings history, the filer page surfaces quarter-over-quarter deltas across the full 500+ position book. The insights aggregate feed picks up cluster-trade alerts when multiple active managers move in the same direction within a quarter, and the learn library covers methodological details on reading multi-channel umbrella filings where client-directed ETF lines mix with discretionary sleeves.

Bottom line

Wells Fargo's Q1 2026 13F looks quiet at $467.90B and -0.4% QoQ. Under the hood, the active sleeves multiplied the Netflix position nearly tenfold, cut AMD by two-thirds, trimmed Micron and Adobe by more than half, and built mid-cap positions in ServiceNow, Robinhood, and Super Micro. The cluster read — Netflix as a new active-money core position across three top-tier filers — is the signal worth carrying forward. The flat AUM number is the noise.