Billionaire George Soros' family office, Soros Fund Management, saw notable shifts in its U.S. equity holdings in the third quarter. According to the latest 13F filing, as of Sept. 30 the fund's stake in Intel (INTC) had surged from 100,000 shares at the end of the second quarter to 2.83 million shares, valued at about $340.3 million (approximately NT$11 billion) at quarter-end. It also established a new position in SK Hynix American Depositary Receipts (ADRs) and reduced its holdings in Nvidia (NVDA).
The filing covers 247 investment positions and discloses a portfolio with a total value of about $6.481 billion (approximately NT$210 billion). 13F filings reflect only quarter-end long positions and exclude short positions, cash and the full global allocation. There is also a lag between the publication date and the actual trades, so the filing can only be treated as a clue for observing changes in holdings; it cannot be used to infer the fund's investment rationale or its current positions.
Intel Increase Tops the List; Meta Also Grows Nearly Sevenfold
Intel was the stock with the largest adjustment this quarter. The fund held only 100,000 shares at the end of the second quarter and added 2.73 million shares in the third quarter, a quarterly increase of about 2,730%, equivalent to expanding the position to 28.3 times its original size. Based on quarter-end value, the stake was worth about $340.3 million, or roughly NT$11 billion.
Intel's stock has risen nearly 62% year to date, driven mainly by rising demand for artificial intelligence data-center processors. However, the company warned late last month that weak personal computer markets, manufacturing bottlenecks and heavy capital spending on capacity expansion would result in substantial cash consumption this year, news that at one point weighed noticeably on the share price.
The second-largest increase was in Meta (META). The fund's stake rose from 21,776 shares at the end of the second quarter to 151,500 shares, an increase of about 129,700 shares, or roughly 596%, with a quarter-end value of about $109.9 million (approximately NT$3.6 billion).
The simultaneous expansion of both stocks shows the fund clearly raised its allocation to large U.S. technology stocks in the third quarter.
New SK Hynix Position Extends Semiconductor Holdings Toward AI Memory
The position newly established in the third quarter was in South Korea's memory chip giant SK Hynix ADRs, with 325,000 shares purchased and a quarter-end value of about $59.85 million (approximately NT$2 billion), accounting for about 0.82% of the disclosed portfolio.
SK Hynix is one of the world's major memory chip suppliers and a key link in the high-bandwidth memory (HBM) supply chain for AI data centers. As demand for AI servers and accelerated computing expands, HBM has become an indispensable part of the AI chip supply chain. The new position appeared alongside the Intel increase, reflecting the fund's expansion in semiconductors from computing chips into memory, though the filing itself did not explain the investment motive.
Nvidia Stake Cut by Nearly One-Fifth; Apple and ON Semiconductor Also Reduced
At the other end of its semiconductor holdings, the fund cut its Nvidia common shares from 1.0646 million at the end of the second quarter to 858,800, a reduction of 205,800 shares, or about 19.3%, with a quarter-end value of about $196 million (approximately NT$6.4 billion). The reduction was not a full exit; the fund still held a sizable position at quarter-end.
The filing separately disclosed a Nvidia put option position, with the corresponding quantity falling from 400,000 shares to 350,000 shares and a disclosed value of about $79.93 million (approximately NT$2.6 billion). Common shares and put options are positions of different nature and cannot be combined to calculate the number of Nvidia shares held; the disclosed option quantity also does not equal the number of contracts.
Among other adjustments, the Apple (AAPL) stake was cut 25.7% to 393,700 shares, while ON Semiconductor (ON) was reduced by 92.7% to 16,600 shares. The fund also exited some financial and software stocks: KKR (KKR), with 88,715 shares held at the end of the second quarter, and ServiceNow (NOW), with 48,570 shares, were no longer in the disclosed list in the third quarter. The two positions were valued at about $8.14 million (approximately NT$270 million) and $4.82 million (approximately NT$160 million), respectively, at the end of the second quarter.
Note: The end-Q2 holdings for Apple and ON Semiconductor were back-calculated from the disclosed percentage changes; the source did not directly disclose the original share counts. "—" indicates the source did not provide a quarter-end value. Nvidia common shares and put options are positions of different nature and cannot be combined.
Market Read: AI Theme Intact, Allocation Shifts Within Chips
Looking at the quarter's entries and exits, the fund did not retreat from its AI focus but reallocated weights within the chip supply chain. On one end is Intel, relatively undervalued and with a data-center CPU story; on the other is SK Hynix, positioned in the HBM supply chain. As for Nvidia, which has rallied sharply this year, the fund took some profits while retaining put options as downside protection.
For investors, the reference value of a 13F lies in direction rather than timing. The filing presents only a snapshot of positions as of Sept. 30; subsequent price moves and trades fall outside its disclosure scope. In addition, the fund did not explain the reasons for the adjustments, so any inference about individual stocks' outlook can only remain speculative. Institutional investors generally caution that tracking large holders' positions should be paired with company fundamentals and industry trends, and that a single quarter's filing changes should not be treated directly as buy or sell signals.
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