SCHEDULE: Temasek Reduces Blaize Holdings Stake Below 5%

Temasek Holdings and its subsidiaries have reported a reduction in their beneficial ownership of Blaize Holdings, Inc. common stock to 4.97%.

Summary

• Temasek Holdings (Private) Limited, along with its subsidiaries Tembusu Capital Pte. Ltd., Thomson Capital Pte. Ltd., and Anderson Investments Pte. Ltd., has filed an amendment to their Schedule 13G.
• The reporting group collectively beneficially owns 5,517,182 shares of Blaize Holdings, Inc. common stock.
• This ownership represents 4.97% of the outstanding common stock, calculated based on 110,988,152 shares outstanding as of November 6, 2025.
• Anderson Investments Pte. Ltd. directly holds these shares, with Temasek, Tembusu, and Thomson having shared beneficial ownership through a hierarchical subsidiary structure.
• The reporting persons certify that the shares are not held for the purpose of changing or influencing the control of Blaize Holdings, Inc.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this as a moderately negative development, as a reduction in stake by a significant institutional investor like Temasek can signal diminished confidence or a strategic reallocation away from Blaize Holdings, Inc.

Positives

• The filing explicitly states that the securities are not held for the purpose of changing or influencing the control of the issuer, indicating a passive investment stance by Temasek and its affiliates.

Negatives

• A reduction in ownership below the 5% threshold by a significant institutional investor like Temasek could be interpreted by the market as a signal of decreased confidence or a strategic portfolio reallocation away from Blaize Holdings, Inc.

Risks

• The reduction in stake by a major institutional investor could lead to negative market sentiment or increased selling pressure on Blaize Holdings' stock.
• The certification of not seeking control, while standard for a 13G, confirms that this significant shareholder will not actively push for strategic changes or governance improvements, potentially limiting external pressure for performance.

Future Outlook

The filing does not provide any forward-looking statements or guidance regarding Blaize Holdings, Inc.'s future operations or financial performance. It solely reports a change in beneficial ownership.

Management Comments

• The securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

Industry Context

StockSavvy.ai notes that Temasek Holdings is a prominent global investment company owned by the Government of Singapore, known for its long-term, fundamental-driven investment approach across various sectors. A reduction in its stake in Blaize Holdings, Inc. to below 5% could be part of a broader portfolio rebalancing strategy or a response to specific developments within the semiconductor or AI hardware industry, where Blaize operates. This move might signal a shift in Temasek's conviction regarding Blaize's growth prospects or valuation relative to other opportunities.

Comparison to Industry Standards

• The reduction of a significant institutional stake, particularly by a sovereign wealth fund like Temasek, is often scrutinized by the market. For instance, when SoftBank reduced its stake in NVIDIA in 2019, it was seen as a strategic move to realize gains and reallocate capital, impacting market perception of NVIDIA's short-term trajectory, though NVIDIA's long-term fundamentals remained strong.
• Compared to other major tech investors, Temasek's decision to reduce its stake below the 5% threshold suggests a move from a more active monitoring position (implied by a larger stake) to a more passive, less reportable holding, aligning with typical portfolio management practices for large, diversified funds.

Stakeholder Impact

• Shareholders: May interpret the reduction in stake by Temasek as a negative signal, potentially leading to increased selling pressure or a re-evaluation of Blaize Holdings' stock.
• Management: Could face questions regarding the reasons for a major investor reducing its position, potentially impacting future investor relations efforts.

Next Steps

• The reporting persons will no longer be required to file Schedule 13D or 13G amendments unless their ownership again crosses the 5% threshold or they change their investment intent.

Key Dates

Recommendation

The reduction of a significant stake by a prominent institutional investor like Temasek Holdings to below 5% is typically viewed as a negative indicator. This move suggests a potential loss of conviction or a strategic divestment, which could lead to negative market sentiment and increased selling pressure on Blaize Holdings, Inc. shares. Investors might consider selling to avoid potential downside.

Keywords

Blaize Holdings, Temasek Holdings, Schedule 13G, Beneficial Ownership, Institutional Investor, Stock Ownership, SEC Filing, Passive Investment, Equity Stake, Singapore Investment