Nvidia’s Form 13F-HR shows that it held zero Arm Holdings shares on December 31, 2025, down from 1,101,249 shares three months earlier. The sale ended an equity investment, not Nvidia’s ability to license Arm technology or build Arm-based CPUs. Analysts view the move as portfolio rebalancing across AI infrastructure, but Nvidia has not announced a specific reason.
What Nvidia’s filing actually shows
Nvidia filed its Form 13F-HR on February 17, 2026, reporting its U.S. holdings as of December 31, 2025. The filing lists no Arm Holdings shares. Nvidia’s previous filing, covering September 30, 2025, listed 1,101,249 shares.
| Reporting date | Arm shares reported | What is established |
|---|---|---|
| September 30, 2025 | 1,101,249 | Nvidia reported a minority equity position. |
| December 31, 2025 | 0 | The position was no longer held at the quarter-end reporting date. |
A 13F establishes the quarter-end position, not the execution history. Nvidia’s filing does not disclose the sale dates or prices. Contemporary coverage described the exit as roughly 1.1 million shares worth about $140 million, but that dollar amount is an estimate based on market prices rather than a transaction ledger.
Why selling Arm stock did not end Nvidia’s use of Arm
Arm equity ownership and Arm technology rights are separate. Nvidia can license Arm’s instruction-set architecture and CPU designs under commercial agreements without owning Arm shares.
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- Nvidia has continued developing Arm-based products, including the Vera server CPU.
- Arm’s own product strategy is moving beyond individual intellectual-property components toward compute subsystems and production silicon.
- Arm introduced the Arm AGI CPU in March 2026, showing that the company remains an active participant in AI-compute hardware rather than only a passive IP licensor.
Consequently, the share sale does not demonstrate that Nvidia is abandoning Arm CPUs. It removes a financial holding while leaving licensing and product collaboration available.
Arm’s 2026 results provide operating context
Arm Holdings’ fiscal year ended March 31, 2026. Its reported results show a growing licensing business, although those figures alone do not establish why Nvidia sold its shares or what Nvidia believes Arm is worth.
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| Arm measure | Reported figure | Qualification |
|---|---|---|
| Revenue | $4,920 million | Arm Holdings plc fiscal year ended March 31, 2026; 2025 revenue was $4,007 million. |
| Profit before tax | $960 million | Arm Holdings plc fiscal year ended March 31, 2026. |
| Extant Total Access licences | 56 | Arm’s count at March 31, 2026. |
| Extant Flexible Access licences | 329 | Arm’s count at March 31, 2026. |
Arm’s expanding financial and licensing base means Nvidia exited an equity position in a growing technology licensor. The sale, by itself, is not evidence that Nvidia expects Arm’s operating business to weaken or that Arm shares were demonstrably overvalued.
Why analysts describe the move as an AI-portfolio realignment
The realignment interpretation comes from the way Nvidia is spreading exposure across the AI-computing stack. Reporting has connected the Arm sale with Nvidia’s activity across Arm, x86 and RISC-V CPU architectures, as well as interconnects, advanced packaging and data-center infrastructure.
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Nvidia’s July 2026 10-Q says the company continues to make public and non-marketable equity investments and warns that valuation changes in those holdings can materially affect their carrying value. That disclosure provides a financial reason to view individual stakes as adjustable portfolio positions rather than permanent operating commitments.
The evidence supports a cautious conclusion: Nvidia may be reallocating capital toward a broader set of AI ecosystems and infrastructure layers. Nvidia has not published a statement tying the Arm sale to a named strategy, product cancellation or change in CPU licensing policy.
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| Question | What the evidence says | What it does not establish |
|---|---|---|
| Did Nvidia still own Arm shares at December 31, 2025? | No; the 13F reported zero shares. | The exact sale dates, prices or counterparties. |
| Can Nvidia still make Arm-based CPUs? | Yes, through licensing agreements with Arm. | That Nvidia will use Arm for every future CPU product. |
| Is Arm only an IP-royalty business? | No. Arm is expanding into compute subsystems and production silicon, including the Arm AGI CPU. | Whether Arm’s newer products will compete with or complement Nvidia in a particular workload. |
| Does the sale prove Nvidia is leaving Arm? | No. Equity ownership and product licensing are separate. | Nvidia’s preferred architecture mix for all future AI systems. |
The 2022 takeover attempt explains why the stake mattered
Nvidia and SoftBank terminated a proposed $40 billion acquisition of Arm in February 2022. Nvidia’s later minority holding represented an equity connection that followed that failed takeover attempt. Selling the remaining shares closes that investment link, while licensing arrangements and potential product cooperation can continue independently.
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What investors should take from the sale
- It is a documented portfolio change: Nvidia reported 1,101,249 Arm shares at September 30, 2025 and none at December 31, 2025.
- It is not a licensing termination: Nvidia can continue to design and sell Arm-based CPUs under its agreements.
- The reported value is approximate: the roughly $140 million figure is a market-based estimate, not a disclosed settlement amount.
- The strategic reading is provisional: diversification across architectures and infrastructure is a reasonable interpretation, but Nvidia has not disclosed a precise internal motive.
- Arm remains financially active: its fiscal 2026 revenue, pretax profit and licence counts indicate a substantial and expanding business, independent of Nvidia’s shareholding.
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