BlackRock expands Nova holding with $262 million share purchase as AI drives chip demand
The asset management giant increased its stake in the Israeli semiconductor equipment company as Nova benefits from record results and the global race to build AI infrastructure.
BlackRock, the world’s largest asset manager, has acquired Nova shares worth more than NIS 800 million ($262 million) since the beginning of the year, according to a report published by the Israeli chip manufacturing equipment company.
BlackRock acquired approximately 560,000 Nova shares since its previous filing, with the stock trading at an average price of around NIS 1,450 ($475) during that period. The investment firm notified Nova on July 29 that its stake in the company had increased.
Nova designs, develops and manufactures process control systems used in semiconductor manufacturing. The company provides its technology to some of the world’s largest chipmakers and has benefited from growing demand for semiconductors driven by the artificial intelligence boom. Nova’s stock has climbed 295% over the past five years, giving the company a market capitalization of approximately NIS 36 billion ($11.8 billion).
Nova does not have a controlling shareholder. Its largest shareholders include Harel with a 10% stake, U.S. investment firm Fidelity with 9%, Migdal with 7.8%, and Menora Mivtachim Provident Funds with 6.3%. Following BlackRock’s latest purchases, its stake in Nova increased to 6.8%, up from 5.26%.
Nova is dual-listed on the Tel Aviv Stock Exchange and Nasdaq. Over the past three years, its shares have risen 168%, as investors expect the company to benefit from rising global demand for advanced chips and the massive investments by technology companies in AI infrastructure. Since the beginning of 2026, Nova’s stock has gained 15%, despite a 22% decline in July amid a broader selloff in global semiconductor stocks.
BlackRock is one of the world’s largest providers of exchange-traded funds (ETFs) and holds shares in thousands of companies through passive investment strategies. In most cases, such holdings are designed to track market indices rather than influence company management.
The increase in BlackRock’s Nova stake may partly reflect adjustments to the exposure of funds tracking indices that include the company. Nova is included in major U.S. indices such as the Nasdaq and the PHLX Semiconductor Sector Index, as well as Israel’s TA-35 and TA-125 indices.
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However, BlackRock also manages hundreds of billions of dollars in actively managed equity funds, meaning the increase could also reflect an investment decision based on the company’s outlook.
The increase in BlackRock’s holdings comes as Nova reports record financial results. The company generated revenue of $235 million (approximately NIS 717 million) in the first quarter of 2026, compared with $213 million (approximately NIS 650 million) in the same period last year, representing 10% growth. Net profit rose to $69 million (approximately NIS 210 million) from $65 million (approximately NIS 198 million), an increase of 6%.
While Nova’s revenue and profit increased in dollar terms, they declined when measured in shekels due to the strengthening of the Israeli currency against the dollar by 9.8% over the past 12 months.
