Author: Nancy, PANews
The U.S. equity market stands as the world's most liquid primary market. Technology stocks, led by giants like NVIDIA, continue to attract global capital and serve as a crucial benchmark for portfolio allocation worldwide.
This influence now extends powerfully into the crypto market, where price correlations with U.S. tech stocks are strengthening. According to The Kobeissi Letter, which cites Bloomberg data, Bitcoin's 30-day correlation with the Nasdaq-100 Index recently climbed to around 0.8—its highest level since 2022 and the second-highest in nearly a decade. In stark contrast, Bitcoin's correlation with cash and gold remains near zero. Increasingly, Bitcoin is trading like a leveraged tech stock.
As U.S. Q3 earnings season unfolds, a review of capital movements across 11 financial giants reveals a clear divergence in risk appetite. JPMorgan Chase, Invesco, and Wells Fargo continued to increase their exposure to tech stocks. Berkshire Hathaway reduced its stake in Apple while establishing a new position in Google's parent company, Alphabet. Meanwhile, Bridgewater Associates and Saudi Arabia's sovereign wealth fund pivoted toward defensive strategies, significantly trimming high-valuation tech holdings and boosting allocations to index ETFs. Notably, while several institutions made crypto-related investments, their overall allocation to the asset class remains modest.
JPMorgan Chase: Doubles Down on Tech; NVIDIA Becomes Top Holding
JPMorgan Chase posted outstanding Q3 results, with revenue and profit exceeding market expectations to deliver its strongest quarterly performance on record. The banking giant further increased its bet on leading tech stocks this quarter.
Its latest 13F filing shows that as of September 30, 2025, JPMorgan's total portfolio value stood near $1.67 trillion. The top 10 holdings—including NVIDIA, Microsoft, Apple, META, Amazon, SPY, Broadcom, Alphabet, and Tesla—accounted for 26.36% of the total. Notably, NVIDIA overtook Microsoft this quarter to become JPMorgan's largest holding.
In specific moves, JPMorgan added 864 new positions and increased its stake in 3,144 stocks. The most aggressively bought names were Apple, NVIDIA, Alphabet Class C shares, Alphabet Class A shares, and Palantir. Concurrently, the bank reduced positions in 2,747 stocks and fully exited 527, with Amazon, IVV, META, Netflix, and Visa among the top five sales.
On the crypto front, JPMorgan held over 5.28 million shares of the iShares Bitcoin Trust (IBIT), valued at approximately $343 million—a 64.2% increase from the previous quarter. It also held $68 million in IBIT call options and $133 million in put options. The bank reduced or fully exited its positions in FBTC, GBTC, and BITB during Q3.
Berkshire Hathaway: Accelerates Apple Sell-Off, Initiates Google Stake
In what was Warren Buffett's final quarterly report before stepping down, Berkshire Hathaway's 13F filing reveals a total portfolio value of $267.3 billion. Its top 10 holdings—Apple, American Express, Bank of America, Coca-Cola, Chevron, Occidental Petroleum, Moody’s, Swiss Re, Kraft Heinz, and Alphabet—accounted for an exceptionally high 86.69% of total assets.
According to Whalewisdom data, Berkshire's top five purchases this quarter were Alphabet, Chubb, Lennar Corporation, Domino’s Pizza, and Sirius XM. The most notable move was initiating a first-time position in Alphabet, acquiring roughly 17.85 million shares valued at approximately $4.34 billion, representing about 1.6% of its total portfolio.
On the sell side, the top five reductions were in VeriSign, DaVita, Bank of America, Lennar Corporation, and Nucor. Crucially, Berkshire sold Apple shares for the second consecutive quarter, reducing its position by about 41.79 million shares��a cut of roughly $10.6 billion from its end-Q2 holding. Apple remains its largest holding nonetheless.
Invesco: Bets Big on Tech, Boosts NVIDIA and Apple
Global asset manager Invesco held a total portfolio value exceeding $634.7 billion as of the end of Q3 2025, per its latest 13F. Its top 10 holdings represented 21.34% of the total, with NVIDIA ranked first at roughly $26.64 billion (about 4.2%).
The firm was active this quarter, adding 131 new positions and increasing stakes in 2,005 stocks. Its top five buys were NVIDIA, Apple, Google, AppLovin, and Broadcom. It reduced positions in 1,597 stocks and fully exited 104, with Amazon, HEICO, Intuitive Surgical, ServiceNow, and Costco among the top sales.
Invesco also increased its Bitcoin ETF exposure, including a position in IBIT worth approximately $1.64 million, alongside smaller holdings in FBTC and GBTC.
Wells Fargo: Keeps Loading Up on the "Magnificent Seven"
Wells Fargo's 13F shows it held $526 billion in total assets this quarter, an 8.8% increase from the previous quarter. Its top 10 holdings comprised 19.54% of the portfolio and included Microsoft, Apple, IVV, NVIDIA, ITOT, Broadcom, Vanguard, JPMorgan Chase, Google, and Amazon—all members of the "Magnificent Seven," which saw varying degrees of buying. The bank also significantly increased its long position in the Invesco QQQ Trust (the Nasdaq-100 ETF) by 66.4%.
This quarter, Wells Fargo added 501 new positions and increased stakes in 3,686 stocks. Its top five purchases were Apple, Google, Invesco QQQ Trust call options, NVIDIA, and Broadcom. It reduced positions in 2,068 stocks and fully exited 562, with the SPDR S&P 500 ETF (SPY), Accenture, iShares Russell 2000 ETF, Vanguard Russell 2000 ETF, and Swiss Re among the top sales.
Wells Fargo also increased its holdings in IBIT and related call and put options, with total exposure valued at over $520 million.
Bridgewater Associates: Slashes Tech, Shifts to Defense
Bridgewater Associates adopted a defensive posture this quarter, cutting exposure to high-valuation tech stocks, gold, and emerging markets while increasing allocations to broad U.S. equity index ETFs.
As of September 30, 2025, the world's largest hedge fund held roughly $25.53 billion in assets—a 33.3% increase from Q2. Its top 10 holdings accounted for 32.54% of assets, with the SPDR S&P 500 ETF (SPY) and iShares Core S&P 500 ETF (IVV) together representing over 17.3%.
The fund made significant structural adjustments, adding 493 new positions and increasing stakes in 325 stocks. Its top five buys were IVV, Lam Research (LRCX), Adobe, Sea Ltd, and Reddit. It reduced positions in 194 stocks and fully exited 64, including IEMG, NVIDIA, Google, SPDR Gold Shares (GLD), and Microsoft. Notably, Bridgewater cut its NVIDIA stake by about 62% and also trimmed Amazon, Alphabet, and Meta, though Google and Microsoft remain among its top four holdings.
Saudi Sovereign Wealth Fund: Cuts U.S. Equity Holdings by Nearly 20%
Saudi Arabia's Public Investment Fund (PIF), one of the world's largest sovereign wealth funds with roughly $1 trillion in assets, held about $19.4 billion in U.S. equities as of quarter-end, down over 18% from Q2.
PIF executed a major exit from U.S. equities, fully divesting from 51 stocks including NVIDIA, Intercontinental Exchange, NextEra Energy, Google, Apple, Netflix, Microsoft, and Pinduoduo. Its U.S. equity portfolio now consists of just six companies: Uber, Electronic Arts, Lucid Group, Take-Two, Claritev, and Allurion Technologies.
Citigroup: Trims Tech, Boosts Options Play
Citigroup held roughly $224.3 billion in total assets as of Q3 2025, up about 10% from the previous quarter. Its top 10 holdings accounted for 19.48% of the portfolio, with NVIDIA, Microsoft, Apple, and Amazon all seeing reductions.
The bank actively repositioned, particularly within tech. It added 826 new positions and increased stakes in 1,833 stocks. Its top five purchases highlighted a strategic focus on options: iShares iBoxx High Yield Corporate Bond ETF (HYG) puts, NVIDIA puts, Invesco QQQ Trust ETF puts, AppLovin Corp calls, and Tesla puts. Simultaneously, Citigroup fully exited 399 stocks and reduced positions in 3,028 names, with NVIDIA, META, Amazon, Microsoft, and Apple among the top sales.
SoftBank: AI Stocks Drive Gains; Trims T-Mobile
SoftBank's portfolio value exceeded $25.9 billion in Q3, buoyed by strong performance from its AI-focused holdings. Its top 10 holdings accounted for 95.94% of total assets and included T-Mobile US, NVIDIA, Intel, Symbotic, and WEBTOON. Notably, SoftBank disclosed selling its entire NVIDIA stake for $5.8 billion in October.
This quarter, SoftBank added four new positions and increased stakes in two names. Its top five buys were Intel, NVIDIA, Klarna, Full Truck Alliance (Manbang), and Ambiq Micro. It reduced positions in four stocks and fully exited two, selling T-Mobile US, Oracle, Lemonade, Bitcoin miner Cipher Mining, and Nu Holdings.
ARK Invest: Focuses on Tech & Crypto
ARK Invest, managed by Cathie Wood, held roughly $16.8 billion in total assets as of September 30, 2025. Its top 10 holdings accounted for 46.1% of the portfolio and included Tesla, Coinbase, Roku, Palantir, Roblox, Robinhood, Shopify, CRISPR Therapeutics, Tempus AI, AMD, and Circle, though most were reduced this quarter.
ARK added 14 new positions and increased stakes in 108 stocks. Its top five buys were Tesla, BitMime, Brera Holdings, Bullish, and Teradyne—many tied to crypto themes. It reduced positions in 74 stocks and fully exited eight, including Coinbase, Roku, Robinhood, and Roblox. ARK also holds $240 million in its own Bitcoin ETF, ARKB.
Soros Fund Management: Amazon Rises to Top Spot
Soros Fund Management held $7.02 billion in total assets this quarter, down 13% from the last. Its top 10 holdings accounted for 31.1% of the portfolio and included Amazon, Smurfit WestRock, Spotify, CenterPoint Energy, Google, PG&E, RSP, and Rivian. Amazon rose to become its number one holding, up 481.4% quarter-over-quarter.
The fund added 77 new positions and increased stakes in 44 names. Its top five purchases—Amazon, Rydex S&P Equal Weight ETF, Google, Forward Industrial Notes, and VanEck Semiconductor ETF puts—indicate a strategic tilt toward tech and ETF options. It reduced positions in 45 stocks and fully exited 95, with First Solar calls, iShares Russell 2000 ETF puts, Invesco QQQ Trust calls, SPDR S&P 500 ETF puts, and Liberty Broadband-C among the top sales.
Thiel Macro LLC: Exits NVIDIA, Portfolio Shrinks to Three Stocks
Peter Thiel's investment firm, Thiel Macro LLC, executed substantial reductions this quarter. As of September 30, its portfolio consisted solely of Tesla, Microsoft, and Apple, totaling roughly $74.48 million—a 64.9% decline from the previous quarter.
Specifically, Thiel Macro fully exited NVIDIA, which had represented 40% of its portfolio last quarter. It also reduced its Vistra Energy stake and cut its Tesla exposure by 76%, though Tesla remains its largest holding at about 38.8%. The firm initiated new positions in Microsoft and Apple this quarter, which now account for roughly 34.1% and 27.1% of the portfolio, respectively.
Additionally, Peter Thiel's venture capital firm, Founders Fund, made strategic adjustments to its digital asset treasury (DAT) investments, selling about half its BitMine stake and reducing its ETHZilla holding to 5.6%.