According to regulatory documents reviewed by Fortune and released on Thursday, one of Wall Street's leading quantitative trading firms, Jane Street, more than tripled its holdings of NVIDIA in the third quarter.
These securities documents show that as of September 30th – which is a little over six weeks before reports emerged regarding Jensen Huang's resignation from his position as NVIDIA's CEO – the company held these positions. The reports stated that Jensen Huang resigned due to a scandal involving an extramarital affair, which included a relationship with a woman suspected by American authorities of engaging in espionage for China. This scandal caused NVIDIA's stock price to fall by nearly 13% over the past five trading days and hit a 17-month low during trading on Thursday. The regulatory disclosure, which is part of the 13F documents, does not indicate when Jane Street specifically purchased these stocks, nor does it clarify whether the company made a profit or a loss from these investments.
According to this 13F document, this market maker held 23.8 million NVIDIA shares at the end of the quarter, which, at a price of $228.38 per share, is worth approximately $5.44 billion. In contrast, in the second quarter, it held 11.8 million shares, valued at $2.4 billion, indicating that its stake has more than doubled. NVIDIA is Jane Street's second-largest position, only behind SPDR S &P 500 ETF Trust. Jane Street did not immediately respond to Fortune's request for comment.
These files show the positions held by Jane Street in late September, not their current holdings, and they do not include short positions. Theoretically, Jane Street could have gone short on NVIDIA after the end of the reporting period and profited from the subsequent decline in stock prices. However, it is impossible to determine whether they did so based solely on these files.
Options add another layer of complexity to the situation. 13F also disclosed that Jane Street holds a large number of put and call options, but these positions are reported based on the value of the underlying stock rather than the market value of the options themselves. Such nominal amounts may make the positions seem much larger than the actual capital invested, and it becomes difficult to discern the company's overall exposure after taking into account hedging transactions. In other words, large positions disclosed in the report do not necessarily indicate significant directional bets.
Jensen Huang stepped down on Thursday after more than thirty years of leading the company. He founded NVIDIA in 1993, and the Chief Financial Officer Colette Kress was appointed as the interim CEO. A few days before Jensen Huang's resignation, multiple media outlets reported on his relationship with Alice Huang, a former executive of a Singapore-based cloud computing company Megaspeed; American intelligence agencies suspected that she worked for Beijing.
On Sunday, Jensen Huang sent a message to his employees stating that he was "unfaithful" to his wife and expressed his apologies. He also said that he supported an independent investigation into whether he had become a target of foreign intelligence operations.
However, the bad news doesn't end there. Three days later, The New York Times reported that this 63-year-old executive also had an extramarital affair with Kimberly Powell, the vice president of NVIDIA's medical business. On Thursday, Reuters cited two people familiar with the matter as saying that he also had an intimate relationship with another NVIDIA employee.
Reuters cited an informed source in August reporting that Jane Street has generated over $40 billion in transaction revenue since 2026. This figure exceeds its total revenue of $39.6 billion for the entire year of 2025 and also far surpasses the transaction revenue of the largest banks in the United States.
However, there have also been some signs of cracks. A report by Reuters this summer also stated that Jane Street suffered a loss of $15 billion, partly due to its exposure to the artificial intelligence hedge fund Situational Awareness. This fund was founded by former OpenAI researcher Leopold Aschenbrenner, and after a market downturn triggered a margin call, most of its stock portfolio was sold to Citadel under Ken Griffin. Reuters reported that Jane Street told its employees that this setback essentially canceled out their investments for the year, but they still remained profitable throughout the period. Jane Street has not yet confirmed this report.
