What happened

According to an SEC filing dated July 10, 2025, Ferguson Wellman Capital Management increased its position in Nvidia (NVDA 0.53%) in the second quarter by 50,175 shares. The firm’s total stake rose to 1,983,319 shares, valued at approximately $313.34 million. The reported transaction value for the purchase was $6.3 million.

What else to know

Nvidia now accounts for 5.5% of Ferguson Wellman’s 13F AUM. Its top five holdings after the filing are:

  1. Microsoft (MSFT): $943.49 million (16.6% of AUM)
  2. Alphabet (GOOGL): $753.34 million (13.3% of AUM)
  3. Nvidia (NVDA): $626.69 million (11.0% of AUM)
  4. Apple (AAPL): $511.18 million (9.0% of AUM)
  5. JPMorgan Chase (JPM): $441.66 million (7.8% of AUM)

Other things to know about Nvidia:

  • Nvidia closed at $164.92 on July 11, 2025, up 29.5% over the past year, outperforming the S&P 500's comparable performance by 17.4 percentage points.
  • Nvidia's market cap is $4 trillion.
  • Nvidia's trailing 12-month revenue is $148.5 billion as of April 30, 2025, and its net income (TTM) is $76.8 billion.
  • Dividend yield stands at 0.02%. Forward P/E ratio is 38.02 (as reported).
  • Five-year revenue compound annual growth rate (CAGR) is 64.24%.

Company snapshot

  • Offers graphics processing units (GPUs), data center platforms, AI software, and networking solutions for gaming, professional visualization, data centers, and automotive applications.
  • Serves original equipment manufacturers, cloud service providers, system builders, retailers, automotive manufacturers, and enterprise customers globally.
  • Generates revenue through product sales, software licensing, and cloud-based services, with a focus on AI and accelerated computing markets.

Nvidia provides graphics, compute, and networking solutions internationally, leveraging its expertise in GPU design and AI software for a broad range of industries. The company’s strategy centers on innovation in accelerated computing and scalable data center solutions, positioning it at the forefront of the AI revolution. Nvidia's extensive ecosystem and deep integration across gaming, data center, and automotive markets provide a significant competitive advantage in the evolving technology landscape.

Foolish take

Ferguson Wellman's acquisition of more stock in Nvidia is a sign that the bulls are winning the debate over the future of data center/AI spending. The bears are fearful of a slowdown in the economy caused by ongoing trade disputes, the possibility of overspending in data center deployment, and a reduction in Nvidia sales to China due to U.S. export controls.

On the other hand, the bulls saw the dip in Nvidia's share price earlier in the year (and this possibly includes Ferguson Wellman) as a buying opportunity in a long-term growth story that's still in its very early innings.

The bulls appear to be winning the argument as a host of anecdotal and factual evidence (including Nvidia's earnings report) from industry suppliers and hyperscalers suggests that all lights are green with capital spending in the industry. In addition, a new generation of data centers is emerging to meet the burgeoning demand for AI-led services.

Everything points to a market still in growth mode, and Nvidia is one of the best ways to get exposure to the market.

Glossary

  • 13F assets under management (AUM): The total value of securities managed by an institutional investment manager, as reported in SEC Form 13F.
  • Reportable 13F assets: Securities that institutional managers must disclose in quarterly SEC filings, typically including U.S.-listed stocks and certain options.
  • Position: The amount of a particular security or asset held by an investor or fund.
  • Stake: The ownership interest or amount of shares held in a company by an investor or fund.
  • Market value: The current total value of a holding, calculated by multiplying the share price by the number of shares owned.
  • Dividend yield: Annual dividends paid by a company as a percentage of its current share price.
  • Forward P/E ratio: Price-to-earnings ratio using forecasted earnings over the next year, indicating how much investors pay per expected dollar of profit.
  • Compound annual growth rate (CAGR): The mean annual growth rate of an investment over a specified period, assuming profits are reinvested.
  • Data center platforms: Hardware and software solutions designed to support large-scale computing, storage, and networking for enterprise and cloud applications.
  • Original equipment manufacturers (OEMs): Companies that produce parts or equipment used in another company's end products.
  • System builders: Businesses or individuals that assemble computers or servers from components, often for resale or specialized use.
  • Professional visualization: Advanced graphics solutions used for design, simulation, and visualization in industries like engineering, architecture, and media.