The investment management company stated in its second-quarter 2026 investor letter that Nvidia's end markets are now more stable due to its massive installed base, and its CUDA software ecosystem creates high switching costs. The fund believes Nvidia remains the go-to platform, ensuring a healthy replacement cycle, and its architectural design delivers superior performance. The fund took the opportunity to build a position, noting the stock has de-rated despite becoming fundamentally stronger. As of the end of Q2 2026, 285 hedge fund portfolios held Nvidia, up from 275 in the previous quarter.