Bridgewater massively restructured its portfolio in the first quarter of 2026. While classic software stocks lost importance, the hedge fund increasingly focused on chip and AI infrastructure stocks.
Although industry icon Ray Dalio withdrew from day-to-day operations some time ago, his signature remains noticeable through an advisory role – and the name Bridgewater is inextricably linked to his person. Investors are accordingly looking forward to Bridgewater Associates’ current 13F reporting for the first quarter of 2026.
This reveals an unmistakable macroeconomic message: The hedge fund is making a radical and aggressive industry rotation away from pure cloud software towards physical artificial intelligence infrastructure. The data shows that the management around CEO Nir Bar Dea and the co-CIOs are putting Wall Street’s theoretical fears – namely that the advancing AI evolution threatens or makes classic SaaS models (Software-as-a-Service) obsolete – into action. While billion-dollar investments flowed into chip sizes and hardware suppliers, the hedge fund lost trust in traditional technology giants.
This fundamental change in course becomes particularly clear when looking at the strike list for the quarter. To make room for the new hardware giants, prominent tech and services stocks were mercilessly eliminated. The former pillars Salesforce, Adobe and Booking.com were completely eliminated from the ten largest positions in the reporting period – Salesforce was even completely liquidated. Bridgewater is therefore positioning itself clearly: the big money in the AI boom will initially be made on the hardware side, while the software providers are losing weight in the portfolio.
The following ranking shows the ten largest pure stock positions in the Bridgewater portfolio as of the reporting date of March 31, 2026. Management used the first quarter of the year for a radical portfolio rotation: While classic software and tech giants were consistently eliminated, billions of dollars flowed into the AI hardware and chip sector. As usual, large ETF positions were not taken into account in this evaluation.
Claudia Stephan, editorial team at finanzen.net
11th place: The ranking
Large investors with assets of $100 million or more must report their U.S. holdings quarterly to the Securities and Exchange Commission. Bridgewater Associates is one of these heavyweights: The hedge fund founded by legend Ray Dalio managed a US stock portfolio worth around $22.41 billion in the first quarter of 2026. While Dalio now focuses on an advisory mentorship role, the company’s leadership now lies with CEO Nir Bar Dea and co-CIOs Greg Jensen, Bob Prince and Karen Karniol-Tambour. The following ranking shows Bridgewater Associates’ ten largest individual stock positions as of March 31, 2026, sorted by their portfolio percentage. ETF holdings were not taken into account in this evaluation.
Source: sec.gov, Image: T. Schneider / Shutterstock.com
10th place: AMD
The ranking of Bridgewater’s ten largest shareholdings begins in the first quarter with a newcomer to the top ten: the technology group AMD. Although the hedge fund sold 363,760 AMD shares in the reporting quarter, the remaining shares were worth $262,987,591 as of the reporting date and were enough for 10th place with a portfolio share of 1.17 percent.
Source: sec.gov, Image: JHVEPhoto / Shutterstock.com
9th place: Lam Research
The loser in the ranking of the ten largest Bridgewater holdings can be found directly in 9th place: Lam Research. After the hedge fund sold 1,470,432 shares in the reporting quarter and thus reduced its holdings to 1,571,229 shares, the portfolio fell by seven places. The remaining Lam Research shares were worth $335,708,788 at the end of March – a portfolio share of 1.50 percent.
Source: finanzen.net, Image: Michael Vi / Shutterstock.com
8th place: TSMC
Bridgewater joined the world’s largest semiconductor contract manufacturer TSMC in the first quarter. The hedge fund acquired 1,077,079 shares in the reporting period. At the end of March, these were worth $363,998,848, making it the 8th largest Bridgewater holding with a portfolio share of 1.62 percent.
Source: sec.gov, Image: ichael Vi / Shutterstock.com
7th place: GE Vernova
At the end of the first quarter, GE Vernova was in seventh place among the largest holdings in the Bridgewater portfolio. The hedge fund held 434,897 shares as of the reporting date – 231,100 fewer than in the previous quarter. With a total value of 379,621,591 US dollars and a portfolio share of 1.69 percent, it was still enough to move up one place.
Source: sec.gov, Image: T. Schneider / Shutterstock.com
6th place: Microsoft
Still in fifth place in the previous quarter, the shareholding in Microsoft slipped to sixth place in the first quarter. However, Bridgewater acquired 100,888 Microsoft shares between January and March, increasing its holdings to 1,084,979 shares. These came to a total value of around 401,626,676 US dollars, meaning that this investment accounted for 1.79 percent of the total portfolio value.
Source: sec.gov, Image: Volodymyr Kyrylyuk / Shutterstock.com
5th place: Micron
New among Bridgewater’s ten largest holdings in the first quarter was the semiconductor manufacturer Micron, in which a purchase of 586,064 shares brought the total number of shares held to 1,475,704. The investment was worth $498,551,839 at the end of the quarter – the portfolio share was 2.23 percent.
Source: sec.gov, Image: undry Photography / Shutterstock.com
4th place: Broadcom
Broadcom shares jumped sharply in the first quarter of 2026. After entering the top 10 in the previous quarter, participation moved up to fourth place in the most recent quarter. This was also thanks to the fact that Bridgewate acquired 669,640 additional shares, increasing the number of shares held to 1,835,380 with a total value of 568,068,464. The portfolio share was 2.54 percent as of the reporting date.
Source: sec.gov, Image: Ken Wolter / Shutterstock.com
3rd place: Alphabet A
Alphabet’s A shares moved into Bridgewater’s top three largest equity holdings in the first quarter. The US hedge fund increased its stake in the Google parent by 406,848 shares in the reporting period, meaning that Bridgewater owned a total of 1,997,674 Alphabet A shares with a total value of $574,451,135 as of the reporting date. These accounted for a share of the total portfolio of 2.56 percent.
Source: finanzen.net, Image: Fenixx666 / Shutterstock.com
2nd place: NVIDIA
Bridgewater Associates also bought shares in the AI giant NVIDIA again in the quarter under review. The hedge fund expanded its position in the AI giant by 827,798 shares in the first quarter of 2026, so that there were 4,693,003 NVIDIA shares in the portfolio as of the reporting date with a total value of $818,459,723. Despite the purchase, the tech giant lost a pole position in the Bridgewater depot and slipped to second place with a depot share of 3.65 percent.
Source: sec.gov, Image: michelmond / Shutterstock.com
1st place: Amazon
The Bridgewater portfolio has a new number 1: After purchasing 2,440,457 shares in the first quarter, the US trading giant Amazon moved into the top position. The hedge fund held 4,388,711 shares as of the reporting date – with a total value of $914,036,840. With a portfolio share of 4.08 percent, Amazon is by far Bridgewater’s largest shareholding.
Source: sec.gov, Image: Ioan Panaite / Shutterstock.com
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Image sources: T. Schneider / Shutterstock.com