This article first appeared on GuruFocus.
Nvidia (NASDAQ:NVDA), the AI-chip powerhouse at the center of the global computing boom, gained approximately 0.8% Thursday morning as another striking measure of its market dominance emerged. Norway’s Government Pension Fund Global now counts Nvidia as its single largest equity holding, with the stake valued at 612 billion Norwegian kroner as of June 30. That puts Nvidia ahead of virtually every other corporate giant in one of the world’s biggest investment portfolios. The disclosure landed alongside Thursday’s share-price gain, although there is no evidence the fund update itself drove the move.
The gap is already substantial. Apple (NASDAQ:AAPL) ranked second at 522 billion kroner, meaning Nvidia’s position was worth roughly 90 billion kroner more. Alphabet (NASDAQ:GOOG) followed at 499 billion kroner. Norges Bank Investment Management reported ownership equal to approximately 1.28% of Nvidia, while the fund holds stakes across roughly 7,100 listed companies globally. This is not simply a fund manager making an aggressive AI bet. It is also the mathematical consequence of Nvidia becoming so enormous that an index-oriented global portfolio increasingly cannot avoid having serious exposure to the stock.
GuruFocus adds another layer to the story. Nvidia carries a GF Score of 95 out of 100, with exceptional marks for profitability, growth and financial strength. Momentum also remains strong. The obvious weak spot is GF Value, which trails the other four categories by a wide margin. That is the tension investors cannot ignore: Nvidia continues to look like an elite business, but an elite business does not automatically mean a cheap stock. Norway’s massive position shows just how deeply Nvidia now sits inside global institutional portfolios. The next question is tougher: can AI-chip demand, hyperscaler spending and Nvidia’s earnings growth keep moving fast enough to justify a valuation that already assumes plenty of future dominance?
