National Pension Service Q2 13F Portfolio Revealed, Reducing Nvidia and Buying 'This Stock'?
The National Pension Service's Q2 13F US stock portfolio has been released. We analyze the reasons behind reducing Nvidia and heavily accumulating other AI semiconductor stocks like Micron.
National Pension Service's Portfolio Restructuring: Reducing Nvidia, Heavy Accumulation of Micron
In the second quarter of 2026, the National Pension Service (NPS) executed a major portfolio adjustment in the US stock market, focusing heavily on AI and semiconductor stocks. The most notable change is that they took partial profits by selling about 430,000 shares (0.86%) of Nvidia, which previously held an overwhelming weight, while aggressively accumulating new positions in Micron Technology and AMD.
In particular, for Micron, the NPS completely pivoted from its Q1 selling position to a net buy in Q2. Driven by the stock's surge, the valuation of their Micron holdings skyrocketed by 242.9% quarter-over-quarter to $3.3 billion. Consequently, the total valuation of the NPS's US stock portfolio at the end of Q2 jumped 17.8% from the previous quarter to approximately $155.1 billion, proving the direct benefits of the AI rally.
Picking the True Winners in AI Semiconductors: Market Impact?
Experts analyze that through this 13F filing, the NPS is aiming for both risk diversification and long-term growth potential. They have slightly reduced the weight of the already-surged market leader (Nvidia) and diversified their investments into memory semiconductors (Micron) and fabless companies (AMD) that are still judged to have high upside potential.
- Nvidia: Despite the reduction, it still firmly maintains the #1 spot in the portfolio, suggesting this is merely short-term profit-taking rather than a doubt in its AI dominance.
Frequently Asked Questions (FAQ)
Q. Why did the National Pension Service sell Nvidia?
A. While the long-term outlook for the AI industry remains positive, it is analyzed that they slightly adjusted their position (0.86%) for portfolio risk management and profit realization following the short-term stock price surge. Nvidia remains the top holding in the NPS US stock portfolio.
Q. What is a 13F report?
A. It is a mandatory quarterly report on equity holdings filed by institutional investment managers with over $100 million in qualifying assets, as required by the US Securities and Exchange Commission (SEC). It serves as a key indicator to grasp the investment trends of global market whales.
Q. Will this buying trend affect the domestic stock market (KOSPI) in the second half?
A. The fact that the NPS increased its weight in memory semiconductors like Micron is interpreted as a positive signal for the global memory semiconductor cycle, including HBM. This could have a positive ripple effect on foreign and institutional supply and demand for domestic semiconductor leaders like Samsung Electronics and SK Hynix.