Jane Street, one of Wall Street’s leading quantitative trading firms, more than doubled its Nvidia holdings in the third quarter, according to regulatory filings released Thursday and reviewed by Fortune. The securities filings show the firm’s positions as of Sept. 30—just over six weeks before Jensen Huang resigned as Nvidia CEO following reports of extramarital affairs, including one with a woman U.S. authorities suspect of spying for China. The scandal has led Nvidia shares to fall nearly 13% over the past five days, reaching a 17-month low intraday Thursday. The regulatory disclosure, known as a 13F, doesn’t reveal exactly when Jane Street purchased the shares, or how much the firm has gained or lost on its bets though.
The market maker held 23.8 million shares worth about $5.44 billion at $228.38 at quarter end, according to the 13F. That’s over double the 11.8 million shares held, worth $2.4 billion, in the second quarter. Nvidia was its second-largest holding behind SPDR S&P 500 ETF Trust. Jane Street did not immediately respond to Fortune’s request for comment.
The filings show what Jane Street held in late September, not what it owns now, and leave out short positions. Jane Street traders could, in theory, have shorted Nvidia after the reporting period ended and made money from the subsequent decline. The filings alone cannot tell us whether they did, though.
Options add another layer of complexity to this. The 13F also discloses that Jane Street holds a large amount of puts and calls, which are reported using the value of the underlying shares, rather than the market value of the options themselves. Those notional figures can make positions look far larger than the sums actually invested, while revealing little about the firm’s overall exposure once offsetting trades are taken into account. A large reported position, in other words, is not necessarily a huge directional bet.
Huang stepped down on Thursday after more than three decades at the helm of the company he cofounded in 1993. In his place, Chief Financial Officer Colette Kress was named interim CEO. Huang’s departure comes days after bombshell media reports about his relationship with Alice Huang, a former exec at Singapore-based cloud company Megaspeed who U.S. intelligence authorities suspect of working for Beijing.
In a message to employees on Sunday, Huang admitted that he had been “unfaithful” to his wife and apologized. He also said he supported an independent investigation into whether he had been targeted by a foreign intelligence operation.
The bad news didn’t stop there for Huang, though. Just three days later, the New York Times reported that the 63-year-old also had an affair with Kimberly Powell, Nvidia’s vice president of healthcare. Reuters reported Thursday, citing two people familiar with the matter, that he had an intimate relationship with another Nvidia employee, as well.
Reuters reported in August, citing a person familiar, that Jane Street had so far generated more than $40 billion in trading revenue in 2026. That surpassed its $39.6 billion total for all of 2025 and comfortably beat trading revenues for the nation’s largest banks.
Still, there have been some signs of cracks. That same Reuters report over the summer said Jane Street took a $15 billion hit, partly from its exposure to AI-focused hedge fund Situational Awareness. Situational Awareness, started by former OpenAI researcher Leopold Aschenbrenner, sold the bulk of its equities 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, though it remained profitable over the full period, per Reuters. Jane Street has not confirmed this report.