By Olivia Hart

Jane Street’s third-quarter Nvidia holding reached 23.8 million shares worth about $5.44 billion, more than double its position in the previous quarter. One of Wall Street’s leading quantitative trading firms and a market maker, it reported a quarter-end price of $228.38 on Sept. 30 in regulatory 13F filings released Thursday and reviewed by Fortune.

The filing lists 11.8 million Nvidia shares worth $2.4 billion in the second quarter. Nvidia ranked second among Jane Street’s disclosed holdings, behind only the SPDR S&P 500 ETF Trust. Jane Street did not immediately respond to Fortune’s request for comment.

The portfolio snapshot predates Jensen Huang’s resignation as Nvidia chief executive by just over six weeks. His departure followed reports of extramarital affairs, including one involving a woman U.S. authorities suspected of spying for China.

In a Sunday message to employees, Huang admitted he had been “unfaithful” to his wife and apologized. Nvidia shares fell nearly 13% over five days and reached a 17-month intraday low on Thursday.

What does the 13F actually show?

The 13F establishes what Jane Street held on Sept. 30, not what it owns now. It does not disclose exact purchase dates or realized gains and losses. Traders could have changed their exposure after quarter end, so the filing cannot establish when the position was built or how it performed afterward.

Jane Street’s traders could also have shorted Nvidia after the reporting period and profited from the subsequent decline. The filings omit short positions, so they cannot show whether that occurred. The disclosure therefore provides a dated inventory of reported positions rather than a complete measure of risk.

What do the options figures mean?

The 13F also discloses a large amount of puts and calls. It values those options using the underlying shares rather than the options’ market value, which can make the reported notional amount far larger than the capital invested.

Offsetting trades can also leave little indication of the firm’s overall exposure. A large reported position, in other words, need not be a large directional bet.

Why did Nvidia change leadership?

Huang stepped down on Thursday after more than three decades at the helm of Nvidia, the company he started in 1993. Chief Financial Officer Colette Kress became interim CEO.

His departure came days after reports about his relationship with Alice Huang, a former executive at Singapore-based cloud company Megaspeed. U.S. intelligence authorities suspected that she worked for Beijing.

He also supported an independent investigation into whether he had been targeted by foreign intelligence. Three days later, The New York Times reported that the 63-year-old had an affair with Kimberly Powell, Nvidia’s vice president of healthcare. Reuters reported Thursday, citing two people familiar with the matter, that he also had an intimate relationship with another Nvidia employee.

How strong was Jane Street’s trading business?

Reuters reported in August, citing one person familiar with the matter, that Jane Street had generated more than $40 billion in trading revenue so far in 2026. That exceeded the firm’s $39.6 billion for all of 2025 and surpassed trading revenue at the nation’s largest banks.

The same Reuters report described a $15 billion hit, partly arising from exposure to AI-focused hedge fund Situational Awareness. The fund was started by former OpenAI researcher Leopold Aschenbrenner. It sold the bulk of its equity portfolio to Ken Griffin’s Citadel after the market downturn triggered margin calls.

Jane Street told employees that the drawdown had left its investment roughly flat for the year, while the investment remained profitable over the full period, according to Reuters. The firm had not confirmed the report.

For practitioners, the Nvidia headline documents dated equity exposure, not present conviction. Short sales and offsetting options can materially change the risk, so the $5.44 billion figure cannot be read as an unqualified bullish bet. The filing’s clearest conclusion is narrower: Jane Street held a much larger reported stake at Sept. 30, six weeks before Jensen Huang resigned.