Most of the stocks in Nvidia’s (NVDA) portfolio lost ground in the second quarter, although a majority of the company’s holdings have nevertheless gained since the beginning of the year.

As shown in Nvidia’s 13F filing this week, the chipmaker owned shares of Arm (ARM), SoundHound AI (SOUN), Nano X Imaging (NNOX), Recursion Pharmaceuticals (RXRX) and Serve Robotics (SERV) at the end of the second quarter.

Nvidia, as well as most companies with $100 million or more in assets under management, must file this form quarterly with the Securities and Exchange Commission (SEC), disclosing their holdings.

All But Arm lost ground in the second quarter

During the quarter, Nvidia maintained its shareholdings in Arm, SoundHound AI, Nanox Imaging and Recursion Pharmaceuticals and also bought a stake in Serve Robotics, which began trading on the Nasdaq in April.

Arm was the only stock among these holdings to gain in the second quarter, while all other holdings fell. Arm’s shares rose about 30%, while Nanox Imaging and Recursion Pharmaceuticals lost nearly 25% and SoundHound AI lost 32%. Serve Robotics shares lost about half their IPO value by the end of the period.

Nvidia’s Arm stake is its most valuable equity investment and was worth over $320 million at the end of June.

Nevertheless, most forecasts for 2024 are higher

Still, the majority of Nvidia’s stocks have posted gains since the beginning of the year, with some growing faster than the S&P 500 index, which rose 16.5 percent during that period.

SoundHound AI shares have more than doubled so far in 2024, similar to Nvidia, while Arm has gained 73% and Nano X Imaging has climbed 13% by Friday’s close.

Meanwhile, Serve Robotics has nearly tripled in value since its IPO. The company recently announced a partnership with Shake Shack (SHAK) through Uber Technologies’ (UBER) Uber Eats, which led to a surge in its stock price.

Recursion Pharmaceuticals was the only stock to lose ground over the same period, down nearly 32% year-to-date.