Fidelity discloses stake cuts in SpaceX, Amazon, and Nvidia

Fidelity has disclosed reductions in its stakes in SpaceX, Amazon, and Nvidia, according to filings with the SEC.

Trimming is not abandoning, though. Based on Fidelity’s most recent detailed disclosure, all three companies still hold prominent spots in a portfolio large enough to have its own weather system.

What the filings show

The disclosures come through FMR LLC, the Fidelity entity that files the quarterly 13F reports institutional managers owe the SEC. Its Q2 2026 13F laid out an equity portfolio of approximately $2.3 trillion, spread across almost 14,000 positions.

Nvidia sits at the top of that list. The chipmaker’s stake was valued at approximately $205.3 billion, roughly 8.91% of the portfolio.

Amazon was another heavyweight. Fidelity’s stake in the e-commerce and cloud giant was valued at about $87.2 billion, or approximately 3.78% of the portfolio.

SpaceX is the newest headline name in the mix. The Q2 filing showed Fidelity holding approximately 302.5 million SpaceX shares, valued at around $51.7 billion.

That works out to about 2.24% of the overall portfolio at the filing date.

The filings referenced in the disclosure do not come with an explanation from Fidelity about why it pared back. Asset managers rarely narrate their trades, and 13F reports are spreadsheets, not memoirs.

Why SpaceX, Amazon, and Nvidia matter here

SpaceX went public in June 2026. That listing pulled Fidelity’s stake into the spotlight, placing the firm among the top disclosed outside shareholders alongside Alphabet and others.

Nvidia carries a different kind of visibility. It has become the market’s main proxy for the artificial intelligence boom, and that makes every institutional move in the stock a sentiment signal.

Fidelity is not alone in easing off. Net selling of Nvidia was observed from 10 managers in Q2 2026, a pattern consistent with growing caution around high-valuation technology names.

That caution has a backdrop. Investors have been debating how much companies should spend on AI infrastructure, and whether current valuations already price in years of flawless execution.

Amazon sits squarely in that conversation too. Its cloud business is one of the biggest spenders on the data centers that power AI, which ties its stock to the same capex debate hanging over Nvidia.

How to read a 13F without overreacting

Some context helps before anyone treats these filings as a crystal ball. A 13F reports long equity positions only, leaving out derivatives and short positions.

That means the filing shows what Fidelity owned, but not how it may have hedged those holdings. A manager could cut a stake on paper while maintaining exposure through instruments the form never captures.

The data is also backward-looking by design. Detailed insight into Q3 2026 activity is still pending, with any further changes likely to surface in the reports due in mid-November.

And quarterly portfolios at this scale tend to reflect routine rebalancing rather than reactions to a single dramatic event. When one holding grows faster than the rest, a manager often sells some simply to keep the portfolio’s shape in line with its mandates.

Nvidia’s massive weighting makes that dynamic especially relevant. A position worth roughly 8.91% of a portfolio can drift into concentration-risk territory without the manager changing its view of the company at all.

Fidelity also runs a sprawling family of funds rather than one monolithic account. A reduction in a combined 13F can reflect dozens of portfolio managers making separate calls for separate reasons.

What this means for investors

The most direct read is that one of the largest institutional holders of three mega-cap names is managing its exposure.

The more interesting signal is the broader pattern. With Nvidia seeing net selling from multiple managers in Q2 2026, Fidelity’s trims fit into a wider picture of institutions growing pickier about expensive tech.

Newly public stocks also tend to see their shareholder base shift as early holders take profits and new buyers step in. Fidelity’s moves in SpaceX may simply be part of that settling-in process after the June listing.

The concentration question cuts both ways for Nvidia. A manager this large selling some shares is notable, yet the company remained Fidelity’s largest holding by a wide margin in the Q2 filing, well above Amazon’s approximately $87.2 billion stake.

The next checkpoint arrives in mid-November, when Q3 2026 filings should show whether the trims kept going, reversed, or leveled off.