Author: Nancy, PANews

The U.S. stock market is undoubtedly the main battleground for global liquidity, especially with technology stocks led by Nvidia, which have become a significant reference signal for capital allocation worldwide.

Now, the cryptocurrency market is also influenced by the trends of U.S. tech stocks, with increasing price correlation. According to The Kobeissi Letter citing Bloomberg data, the 30-day correlation between Bitcoin and the Nasdaq 100 index recently rose to about 0.8, the highest level since 2022 and the second highest in nearly a decade. In contrast, the correlation between Bitcoin and cash or gold is essentially zero. Bitcoin's performance is increasingly resembling that of a leveraged tech stock.

As the third-quarter earnings reports of U.S. stocks are being disclosed, this article summarizes the capital movements of 11 financial giants, showing a clear trend of risk differentiation. Companies like JPMorgan, Invesco, and Wells Fargo have chosen to continue increasing their positions in tech stocks, while Berkshire Hathaway has reduced its holdings in Apple while initiating a position in Google for the first time. Bridgewater and the Saudi sovereign fund have adopted defensive strategies, significantly reducing their holdings in overvalued tech stocks and increasing their allocation to index ETFs. Additionally, many institutions have made related arrangements in crypto assets, but the overall investment proportion remains small.

JPMorgan: Continues to Increase Tech Stock Holdings, Nvidia Surpasses Microsoft as Largest Position

JPMorgan's Q3 earnings report was impressive, with revenue and profit exceeding market expectations, achieving the best single-quarter performance in the company's history, and continuing to increase its holdings in leading tech stocks this season.

The latest 13F filing shows that as of September 30, 2025, JPMorgan's total holding market value is close to $1.67 trillion, with the top ten holdings accounting for 26.36%, including Nvidia, Microsoft, Apple, META, Amazon, SPY, Broadcom, Alphabet, and Tesla. Notably, Nvidia's position has surpassed Microsoft for the first time this quarter, becoming JPMorgan's largest holding.

In terms of specific holding changes, JPMorgan added 864 new stocks this quarter and increased its holdings in 3,144 stocks, with the five stocks with the largest increases being Apple, Nvidia, Alphabet Class C shares, Alphabet Class A shares, and Palantir. Meanwhile, JPMorgan reduced its holdings in 2,747 stocks and completely sold off 527 stocks, with the top five reductions including Amazon, IVV, META, Netflix, and Visa.

Additionally, JPMorgan held over 5.28 million shares of IBIT (valued at approximately $343 million), a 64.2% increase from the previous quarter, and also held $68 million worth of IBIT call options and $133 million worth of put options. In the third quarter, JPMorgan also reduced and sold off FBTC, GBTC, and BITB.

Berkshire Hathaway: Increased Apple Sell-off, Initiated Position in Google

As Buffett's last earnings report before retirement, the 13F filing shows that as of the end of the third quarter, Berkshire Hathaway's holding market value was $267.3 billion. The concentration of the top ten holdings reached 86.69%, including Apple, American Express, Bank of America, Coca-Cola, Chevron, Occidental Petroleum, Moody's, Swiss Re, Kraft Heinz, and Alphabet (Google's parent company).

According to Whalewisdom data, the top five stocks that Berkshire increased its holdings in during the third quarter were Alphabet, Chubb, Lennar Corporation, Domino's Pizza, and Sirius XM. Notably, Berkshire initiated a position in Alphabet, adding approximately 17.85 million shares valued at about $4.34 billion, accounting for about 1.6% of its portfolio.

In terms of reductions, the five stocks that Berkshire sold the most were Verizon, DaVita, Bank of America, Houghton Mifflin Harcourt, and Nucor. It is worth noting that Berkshire has sold Apple for two consecutive quarters, reducing its holdings by about 41.79 million shares in the third quarter, with the market value decreasing by about $10.6 billion compared to the end of Q2, but it remains its largest holding.

Invesco: Bets on Tech Stocks, Increases Holdings in Nvidia and Apple

According to the latest disclosed 13F filing, as of the end of the third quarter of 2025, global asset management giant Invesco's total holding value exceeded $634.7 billion. The top ten holdings accounted for 21.34% of the total portfolio value, with Nvidia ranking first, holding a value of approximately $26.64 billion, accounting for 4.2%.

In the third quarter, Invesco made active adjustments to its portfolio: it newly bought 131 stocks, increased holdings in 2,005 stocks, with the five stocks with the largest increases being Nvidia, Apple, Google, Applovin, and Broadcom; it reduced holdings in 1,597 stocks and completely sold off 104 stocks, with the five stocks with the largest reductions being Amazon, Heico, Intuitive Surgical, ServiceNow, and Costco.

In the crypto investment segment, Invesco increased its holdings in Bitcoin ETFs to varying degrees this quarter, including approximately $1.64 million in IBIT and small amounts of FBTC and GBTC.

Wells Fargo: Continues to Increase Holdings in "Seven Giants"

The 13F filing shows that Wells Fargo's total holdings reached $526 billion in the third quarter, an increase of 8.8% from the previous quarter. The top ten holdings accounted for 19.54%, including Microsoft, Apple, IVV, Nvidia, ITOT, Broadcom, Vanguard, JPMorgan, Google, and Amazon, with all "Seven Giants" seeing varying degrees of increases. Additionally, Wells Fargo significantly increased its holdings in the largest U.S. tech ETF, the Nasdaq 100 ETF-Invesco QQQ Trust call options, with an increase of 66.4%.

In the third quarter, Wells Fargo added 501 new stocks and increased holdings in 3,686 stocks, with the top five purchases being Apple, Google, Nasdaq 100 ETF-Invesco QQQ Trust call options, Nvidia, and Broadcom; it reduced holdings in 2,068 stocks and completely sold off 562 stocks, with the top five sales being SPDR S&P 500 ETF, Accenture, Russell 2000 ETF-iShares, Russell 2000 ETF-Vanguard, and Swiss Re.

Additionally, Wells Fargo increased its holdings in IBIT and related call and put options, with a holding value exceeding $520 million.

Bridgewater: Significantly Reduced Holdings in Nvidia and Other Tech Stocks, Enhanced Defensive Layout

Bridgewater made defensive adjustments in the third quarter, reducing exposure to overvalued tech stocks, gold, and emerging markets while increasing allocations to U.S. large-cap index ETFs.

According to the latest disclosed 13F filing, as of September 30, 2025, the world's largest hedge fund, Bridgewater, had a holding size of approximately $25.53 billion, a 33.3% increase from the end of the second quarter. The top ten holdings accounted for 32.54%, with SPDR S&P 500 ETF (SPY) and iShares Core S&P 500 ETF (IVV) accounting for over 17.3%.

In the third quarter, Bridgewater made significant adjustments to its portfolio structure. Whalewisdom data shows that it added 493 new stocks and increased holdings in 325 stocks, with the five stocks with the largest increases being IVV, Lam Research (LRCX), Adobe, Southeast Asia's small Tencent Sea, and Reddit; it reduced holdings in 194 stocks and completely sold off 64 stocks, with the five stocks with the largest reductions being IEMG, Nvidia, Google, gold ETF-SPDR (GLD.US), and Microsoft. Notably, Bridgewater significantly reduced its position in NVIDIA by about 62%, as well as reducing holdings in Amazon, Alphabet, and Meta, but Google and Microsoft remained among the top four holdings.

Saudi Sovereign Fund: Reduced Holdings by Nearly 20% in a Single Quarter, Only Holds Six U.S. Stocks

The Saudi Arabian sovereign wealth fund is one of the largest sovereign wealth funds in the world, with a scale of about $1 trillion. According to the latest 13F filing, as of the end of the third quarter, the fund's total U.S. stock holdings were approximately $19.4 billion, a decrease of over 18% from the end of the second quarter.

This quarter, the Saudi sovereign fund significantly withdrew from U.S. stocks, completely selling off 51 stocks, including Nvidia, Intercontinental Exchange, New Era Energy, Google, Apple, Netflix, Microsoft, and Pinduoduo. Currently, the fund's U.S. stock holdings are down to just six companies: Uber, Electronic Arts, Lucid Group, Take-Two, Clarivate, and Allurion Technologies.

Citigroup: Cut Tech Stock Holdings, Increased Options Layout

According to the latest 13F filing, as of the end of the third quarter of 2025, Citigroup's total holding market value was approximately $224.3 billion, an increase of about 10% from the previous quarter's $204 billion. The top ten holdings accounted for 19.48% of the portfolio, with Nvidia, Microsoft, Apple, and Amazon all experiencing varying degrees of reductions.

In the third quarter, Citigroup made active adjustments to its portfolio, particularly in tech stocks. The institution newly bought 826 stocks and increased holdings in 1,833 stocks, with the five stocks with the largest increases being iShares iBoxx High Yield Corporate Bond (HYG, put options), Nvidia put options, Invesco QQQ Trust ETF put options, Applovin Corp call options, and Tesla put options, indicating a focus on options assets. Meanwhile, Citigroup completely sold off 399 stocks and reduced holdings in 3,028 stocks, with the five stocks with the largest reductions being Nvidia, Meta, Amazon, Microsoft, and Apple.

SoftBank: AI Stocks Boost Holdings, Reduced Heavy Holdings in T-Mobile

Japanese financial giant SoftBank's third-quarter earnings report showed that due to the strong performance of heavily weighted AI stocks, its total holding value exceeded $25.9 billion. The top ten holdings accounted for as much as 95.94%, including T-Mobile US, Nvidia, Intel, Symbotic, and WEBTOON. Notably, SoftBank disclosed that it sold all its shares in Nvidia for $5.8 billion in October.

In the third quarter, SoftBank added four new stocks and increased holdings in two stocks, with the five stocks with the largest increases being Intel, Nvidia, Klarna, Manbang, and Ambiq Micro. At the same time, the fund reduced holdings in four stocks and completely sold off two stocks, with the five stocks with the largest reductions being T-Mobile US, Oracle, Lemonade, Bitcoin miner Cipher Mining, and Nu Holdings.

ARK: Focused on Increasing Tech and Crypto Stocks

The latest 13F filing shows that as of September 30, 2025, the ARK fund managed by Cathie Wood held a total value close to $16.8 billion. The top ten holdings accounted for 46.1% of the portfolio, including Tesla, Coinbase, Roku, Palantir, Roblox, Robinhood, Shopify, Crispr Therapeutics, Tempus AI, Advanced Micro Devices, and Circle, but most experienced varying degrees of reductions this quarter.

In terms of holding changes, according to Whalewisdom data, ARK added 14 new stocks in the third quarter and increased holdings in 108 stocks, with the five stocks with the largest increases being Tesla, BitMime, Brera Holdings, Bullish, and Teradata, involving several crypto concept stocks. Meanwhile, ARK reduced holdings in 74 stocks and completely sold off eight stocks, with the five stocks with the largest reductions being Coinbase, Roku, Robinhood, Roblox, and Guardant Health. Additionally, ARK also held $240 million worth of ARKB.

Soros Fund Management: Amazon Becomes the Largest Holding

Soros Fund Management, the fund under financial giant George Soros, had a total holding market value of $7.02 billion in the third quarter, a decrease of 13% from the previous quarter. The top ten holdings accounted for 31.1%, including Amazon, Smurfit WestRock, Spotify, CenterPoint Energy, Google, PG&E, RSP, and Rivian, with Amazon rising to become the largest holding, increasing by 481.4% compared to the previous season.

In the third quarter, the fund added 77 new stocks and increased holdings in 44 stocks, with the five stocks with the largest increases being Amazon, the Rydex S&P Equal Weight ETF, Google, Forward Industrial Notes, and the VanEck Semiconductor Index ETF put options, indicating a focus on technology and ETF options. At the same time, the fund reduced holdings in 45 stocks and completely sold off 95 stocks, with the five largest sales being First Solar call options, iShares Russell 2000 ETF put options, Invesco Nasdaq 100 ETF call options, SPDR S&P 500 ETF put options, and Liberty Broadband-C.

Thiel Macro LLC: Completely Sold Off Nvidia, Portfolio Reduced to Three Stocks

Thiel Macro LLC, the fund under Silicon Valley investment guru Peter Thiel, made significant reductions in its holdings in the third quarter of 2025. The latest 13F filing shows that as of September 30, its portfolio consists of only three stocks: Tesla, Microsoft, and Apple, with a total market value of approximately $7.448 million, a decrease of 64.9% from the previous quarter.

Specifically, Thiel Macro LLC completely sold off Nvidia, which had accounted for 40% of the fund's portfolio in the previous quarter. The fund also reduced its holdings in Vistra Energy and significantly cut its position in Tesla (by as much as 76%), although Tesla remains its largest holding, accounting for about 38.8%. Notably, Thiel Macro LLC chose to initiate positions in Microsoft and Apple for the first time this quarter, accounting for approximately 34.1% and 27.1% of the portfolio, respectively.

Additionally, Peter Thiel's venture capital firm Founders Fund also made strategic adjustments to its investment in DAT (a crypto treasury company) in the third quarter, including selling about half of its holdings in BitMine, currently holding approximately 2.547 million shares; it also reduced its holdings in ETHZilla, with the holding percentage dropping to 5.6%.

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