A filing with the U.S. Securities and Exchange Commission (SEC) revealed Bridgewater Associates' first-quarter portfolio holdings as of March 31, 2026. The data shows Bridgewater's total portfolio value for Q1 stood at $22.4 billion, down from $27.4 billion in the previous quarter. The fund added 214 new stocks, increased its position in 292 stocks, reduced its stake in 487 stocks, and completely exited 261 positions. The top ten holdings accounted for 40.65% of the total portfolio value.

The top five holdings were: SPDR S&P 500 ETF Trust (SPY) in first place, with approximately 4.36 million shares valued at about $2.838 billion, representing 12.67% of the portfolio; iShares Core S&P 500 ETF (IVV) in second, with about 2.68 million shares valued at roughly $1.75 billion, or 7.81% of the portfolio; Amazon.com (AMZN) in third, with about 4.38 million shares valued at approximately $914 million, making up 4.08% of the portfolio; NVIDIA (NVDA) in fourth, with about 4.69 million shares valued at around $818 million, accounting for 3.65% of the portfolio; and Alphabet (GOOGL) in fifth, with about 1.99 million shares valued at about $574 million, representing 2.56% of the portfolio.

Holdings six through ten were: Broadcom (AVGO), Micron Technology (MU), Microsoft (MSFT), GE Vernova (GEV), and Taiwan Semiconductor Manufacturing (TSM).

Bridgewater significantly adjusted its U.S. equity portfolio in Q1 2026, substantially increasing its stakes in core AI hardware and computing power chip giants like TSMC and NVIDIA. Simultaneously, the fund completely exited positions in some traditional enterprise software stocks, such as Salesforce.com (CRM), which are perceived as facing challenges from AI.

The report indicates that e-commerce and cloud services giant Amazon.com received the largest increase in allocation from Bridgewater during the quarter. Concurrently, Bridgewater continued to capitalize on the upstream benefits of the AI arms race, significantly boosting its positions in AI leader NVIDIA, tech giants Alphabet and Microsoft, and semiconductor bellwethers Broadcom and Micron Technology.

More notably, Bridgewater re-established a major position in TSMC during the quarter, with the end-period holding value soaring directly to $364 million. These moves suggest that, amid the ongoing surge in AI computing demand, Bridgewater recognizes the absolute certainty of chips, the semiconductor supply chain, and hyperscale cloud service providers as core "picks and shovels" plays in the AI industry and has deployed significant capital for both defensive and offensive positioning.

Aligning with its increased hardware allocation, Bridgewater notably reduced its exposure to the enterprise SaaS (Software-as-a-Service) sector in Q1. Early in 2026, market discussions intensified regarding how AI adoption could potentially reduce corporate reliance on traditional, high-cost office software, raising concerns about the business models of some legacy SaaS providers and leading to varying degrees of pullback in related software stocks. Against this backdrop, Bridgewater took clear adjustment actions in the latest quarter: it completely exited its position in Salesforce.com and implemented a significant reduction in its stake in digital workplace software giant Adobe.

This "increase hardware, decrease software" portfolio adjustment by Bridgewater reflects how some Wall Street macro strategy funds are beginning to translate theoretical concerns about AI disrupting traditional software industries into practical portfolio changes.

In terms of the magnitude of position changes, the top five buys were: Amazon.com, Taiwan Semiconductor Manufacturing, Micron Technology, Broadcom, and NVIDIA. The top five sells included: iShares Core S&P 500 ETF (IVV), Salesforce.com (CRM), Adobe (ADBE), Booking Holdings (BKNG), and MasterCard (MA).

Reviewing Bridgewater's historical moves over the past few quarters reveals that the fund's positioning in the AI sector is not static but exhibits characteristics of macro-prudential dynamic adjustment. Taking computing power core NVIDIA as an example, after a significant increase in Q2 2025, Bridgewater reduced nearly two-thirds of its position in Q3 due to valuation considerations, only to increase its stake again in Q4 as AI demand continued to materialize, further deepening its ties with the hardware ecosystem in Q1 2026.