Bridgewater Associates’ latest 13F reveals heavy bets on S&P 500 ETFs and AI chip stocks

Bridgewater Associates, the macro-focused hedge fund managing an estimated $150B to $170B in assets, disclosed a US equity portfolio worth approximately $22.4B in its most recent 13F filing. The portfolio’s top positions tell a clear story: broad index exposure through S&P 500 ETFs like SPY and IVV, layered with concentrated bets on technology heavyweights including Nvidia and Amazon. The filing, which covers Q1 2026 and was submitted on May 15, revealed 993 individual holdings. The top 10 positions alone accounted for roughly 40.65% of the total portfolio value. The ETF backbone and the AI pivot SPY, the SPDR S&P 500 ETF Trust, claimed the largest single allocation at approximately 12.67% of the portfolio. IVV, BlackRock’s competing S&P 500 tracker, followed at around 7.81%. Together, these two functionally identical index funds represent more than a fifth of Bridgewater’s reported US equity exposure. Bridgewater meaningfully increased its exposure to semiconductor and AI-adjacent stocks during Q1, adding to positions in Nvidia, Broadcom, and Micron. The fund also initiated new stakes in Taiwan Semiconductor Manufacturing Company, the chipmaker that fabricates processo...