Nightview Capital Pivots to Enterprise Software, Builds Nvidia Stake and Buys Autodesk

Overview

• Nightview Capital’s Q1 2026 investor letter details a shift toward enterprise and platform software after broad selling in the sector created what it sees as selective bargains.
• The firm said it increased its Nvidia holding after an early-year selloff, arguing that cheaper AI output spurs more usage in a Jevons’ Paradox effect that lifts total compute demand.
• Nightview cites Nvidia’s H100 and forthcoming Blackwell chips and its CUDA and cuDNN software stack as reasons large-scale training and inference customers face high switching costs.
• The letter also disclosed a new Autodesk position started in late February, pointing to a completed move from perpetual licenses to subscriptions, rising free cash flow, and early AI tools like generative design and automated code‑compliance checks to raise revenue per user.
• Nvidia’s latest reported quarter showed $68 billion in revenue, up 73% year over year, while publisher data lists more hedge funds owning Nvidia and Autodesk compared with the prior quarter.