Q4 2025: Apple Leads Fund Position Gains, AppLovin Surprises
The fourth quarter of 2025 brought striking shifts in institutional fund positions, as revealed in the latest 13F filings. Technology giants continued to dominate, but the quarter also delivered a few surprises that highlight how investor sentiment is evolving in the age of AI.
The Biggest Position Increases
- Apple Inc. posted the largest gain, with USD 545 billion added compared to Q3. This surge reflects record-breaking Q4 earnings, with revenue topping USD 102.5 billion (+8% YoY), driven by strong demand for the iPhone 17 lineup and services growth.
- Nvidia Corporation followed with USD 487 billion, underscoring its role as the backbone of AI infrastructure. Nvidia’s quarterly revenue surged nearly 80% YoY, powered by demand for its Blackwell GPUs in data centers.
- Alphabet Inc. ranked third with USD 464 billion, supported by resilient advertising (+13% YoY) and AI integration via Gemini 3, which is now embedded across Google’s ecosystem.
AppLovin Corp: Breakout Growth
AppLovin stunned markets in Q4 2025 with a 160% jump in fund positions (+USD 113B). Its Axon AI advertising engine drove nearly 99% revenue growth YoY, pushing the company into large‑cap territory and catching institutional investors’ attention.
Meta Platforms Inc: Pullback
Meta saw a USD 9.9B decrease in fund positions compared to Q3. Despite strong ad revenue growth (+26% YoY), investors grew cautious over its USD 70–72B capex tied to metaverse and infrastructure projects, reallocating capital toward firms with nearer‑term AI returns.