Bridgewater Significantly Increased Holdings in Chip Stocks and Liquidated Software Stocks in Q1
The world's largest hedge fund, Bridgewater, released its 13F U.S. stock holdings report for the quarter ending March 31, 2026.
In Q1, Bridgewater initiated positions in 214 stocks, increased holdings in 292 stocks, liquidated 261 stocks, and reduced holdings in 487 stocks, with the overall portfolio value decreasing from $27.4 billion in the previous quarter to $22.4 billion.
Core operations:
Significantly increased holdings in chip stocks:
NVIDIA (NVDA): Increased by 827,800 shares, with the holding percentage rising from 2.63% to 3.65%
Broadcom (AVGO): Increased by 670,000 shares, with the percentage rising from 1.47% to 2.54%
Micron Technology (MU): Increased by 586,000 shares, with the percentage rising from 0.93% to 2.23%
First-time position in TSMC (TSM) with 1,077,000 shares, accounting for 1.62%
Reduced holdings/liquidated software stocks: Liquidated Salesforce (CRM), ServiceNow (NOW), and reduced Adobe (ADBE).
Market mechanism: Institutional funds are accelerating the shift from overvalued enterprise software to AI hardware and semiconductor supply chains, driving capital concentration in the chip industry, putting short-term pressure on the enterprise software sector.
Source: Public information
ABAB AI Insight
Bridgewater's recent operations continue its judgment on the AI capital expenditure cycle: significantly increasing core assets in computing power while reducing software stocks with slowing growth, indicating that it believes the next phase of AI dividends will be primarily driven by hardware infrastructure.
ABAB News · Cognitive Law
When Bridgewater heavily buys chips and liquidates software, the real battleground for AI shifts from the cloud to silicon-based.
Institutions never chase stories; they bet money on the most scarce and essential bottleneck segments.
The real cycle switch from overvalued software to hardware computing power marks the beginning of the next round of pricing power.