Institutional Investor Q3 Moves: Tech Stocks & Crypto Strategies

Overview of Institutional Investment Strategies in Q3

The US stock market is undeniably the most liquid battlefield globally, particularly tech stocks led by NVIDIA, which significantly influences global capital allocation decisions. The crypto market has also become increasingly influenced by US tech stock movements, with their price correlation steadily increasing. According to The Kobeissi Letter, citing Bloomberg data, the 30-day correlation between Bitcoin and the Nasdaq 100 recently rose to approximately 0.8, the highest level since 2022 and the second-highest in the past decade. In contrast, Bitcoin's correlation with cash and gold is essentially zero. Bitcoin is increasingly behaving like a leveraged tech stock.

As US companies' Q3 reports are gradually disclosed, this article analyzes the financial moves of 11 giant financial firms, revealing a clear trend towards risk differentiation. Companies like JPMorgan Chase, Invesco, and Wells Fargo are opting to continue increasing their stakes in tech stocks, while Berkshire Hathaway is taking a defensive strategy, significantly reducing high-valuation stocks. Additionally, many institutions have allocated investments in crypto assets, but these constitute a small portion of the total.

JPMorgan Chase: Continues to Add Tech Stocks, NVIDIA Surpasses Microsoft to Become Largest Holding

JPMorgan Chase's Q3 financial report showed outstanding performance, with revenue and profits exceeding market expectations, marking the company's best quarterly performance ever, and it continued to increase investment in leading tech stocks this quarter. The latest 13F filing reveals that as of September 30, 2025, JPMorgan Chase's total stock market value is approaching $1.67 trillion, with the top ten holdings accounting for 26.36%, namely NVIDIA, Microsoft, Apple, META, Amazon, SPY, Broadcom, Alphabet, and Tesla. Notably, NVIDIA's position surpassed Microsoft's for the first time this quarter to become JPMorgan Chase's largest holding.

Berkshire Hathaway: Increases Apple Sales, First-Time Position in Google

As Buffett's last financial report before retirement, the 13F filing revealed that as of the end of Q3, Berkshire Hathaway's stock holdings were worth $267.3 billion. Among them, the top ten holdings are highly concentrated at 86.69%, namely 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, Berkshire's top five increases in Q3 were Alphabet, Chubb, Lennar Corporation, Domino's Pizza, and Sirius XM. Among them, Berkshire built a position for the first time in Alphabet, adding approximately 17.85 million shares, worth approximately $4.34 billion, accounting for about 1.6% of its portfolio.

Invesco: Betting on Tech Stocks, Increasing Holdings in NVIDIA and Apple

According to the latest disclosed 13F filing, as of the end of the third quarter of 2025, the total value of holdings of global asset management giant Invesco exceeded $634.7 billion. The top ten holdings combined account for 21.34% of the total market value of the portfolio, with NVIDIA ranking first, with a holding value of approximately $26.64 billion, accounting for 4.2%. In Q3, Invesco made active adjustments in the portfolio: buying 131 new stocks, increasing 2005 stocks, with the top five increases being NVIDIA, Apple, Google, Applovin, and Broadcom; selling 2005 stocks, with the top five increases being NVIDIA, Apple, Google, Applovin, and Broadcom; selling 1597 stocks, clearing 104 Service, with the top five stocks sold being Amazon City, Haike Aviation, and Intuitive Amazon City.

Wells Fargo: Continued Increase in the "Magnificent Seven"

The 13F filing showed that Wells Fargo held a total value of $526 billion in Q3, an increase of 8.8% from the previous quarter. The top ten holdings accounted for 19.54%, namely Microsoft, Apple, IVV, NVIDIA, ITOT, Broadcom, Vanguard, JPMorgan Chase, Google, and Amazon, and the "Magnificent Seven" have increased to varying degrees. In addition, Wells Fargo also significantly increased the call option for the Nasdaq 100 ETF-Invesco QQQ Trust, the largest US tech stock ETF, with an increase of 66.4%.

Bridgewater Associates: Significantly Reducing Tech Stocks Such as NVIDIA, Strengthening Defensive Planning

Bridgewater Associates conducted defensive planning in Q3, reducing high-valuation tech stocks, gold, and emerging market exposure, while increasing the allocation of the S&P 500 ETF. According to the latest disclosed 13F filing, as of September 30, 2025, the size of holdings of the world's largest hedge fund Bridgewater Associates reached approximately $25.53 billion, an increase of 33.3% from the end of the second quarter. The top ten holdings accounted for 32.54% in total, with SPDR S&P 500 ETF (SPY) and iShares Core S&P 500 Index (IVV) combined accounting for more than 17.3%.

Saudi Arabian Sovereign Fund: Reducing Nearly 20% of Holdings in One Quarter, Holding Only Six US Stocks

The Saudi Arabian Sovereign Fund is one of the largest sovereign wealth funds in the world, with a size of approximately $1 trillion. According to the latest 13F filing, as of the end of Q3, the total value of the fund's US stock holdings was approximately $19.4 billion, a decrease of more than 18% from the end of the second quarter. This quarter, the Saudi Arabian Sovereign Fund withdrew significant funds from US stocks, liquidating 51 stocks, including NVIDIA, Intercontinental Exchange, NextEra Energy, Google, Apple, Netflix, Microsoft, and Pinduoduo. Currently, the fund only has 6 companies left in its US stock holdings, namely Uber, Electronic Arts, Lucid Group, Take-Two, Claritev, and Allurion Technologies.

Citi: Cutting Tech Stocks, Increasing Call and Put Option Planning

According to the latest 13F filing, as of the end of the third quarter of 2025, the total market value of Citi's holdings was approximately $224.3 billion, an increase of approximately 10% from $204 billion in the previous quarter. The top ten holdings accounted for 19.48% of the portfolio, with NVIDIA, Microsoft, Apple, and Amazon experiencing varying degrees of decline. In Q3, Citi made active adjustments to the portfolio, especially tech stocks. The institution bought 826 new stocks and increased 1833 stocks, and the top five stocks increased were iShares iBoxx High Yield Corporate Bond (HYG, put option), NVIDIA put option, Invesco QQQ Trust ETF put option, Applovin Corp call option, and Tesla put assets, demonstrating its focus on option asset planning.

SoftBank: AI Stock Holdings Increased Significantly, Reducing Heavily Weighted Stock T-Mobile

The Q3 financial report of Japanese financial giant SoftBank showed that the total value of its holdings exceeded $25.9 billion due to the outstanding performance of heavily weighted AI stocks. The top ten holdings accounted for 95.94%, including T-Mobile US, NVIDIA, Intel, Symbotic, and WEBTOON, etc. It is worth mentioning that SoftBank revealed that it sold all of its shares in NVIDIA that it held in October for $5.8 billion.

ARK: Increasing Focus on Tech and Crypto Stocks

The latest 13F filing showed that as of September 30, 2025, ARK Fund, managed by Cathie Wood, had a total value of nearly $16.8 billion. Among them, the top ten holdings accounted for 46.1% of the portfolio, namely Tesla, Coinbase, Roku, Palantir, Roblox, Robinhood, Shopify, CRISPR Therapeutics, Tempus AI, Super Micro Computer, and Circle, but most of them have experienced varying degrees of decline this quarter. In stock changes, according to Whalewisdom data, ARK added 14 new stocks in Q3, while increasing 108 stocks, and the top five stocks increased were Tesla, BitMime, Brera Holdings, Bullish, and 泰瑞达, involving many crypto concept stocks. At the same time, ARK reduced 74 stocks and cleared 8 stocks, and the top five stocks reduced were Coinbase, Roku, Robinhood, Roblox, and Guardant Health. In addition, ARK also holds ARKB worth $240 million.

Soros Fund Management: Amazon Becomes the Largest Holding

The total market value of holdings of Soros Fund, a fund under financial giant George Soros, was $7.02 billion in Q3, 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, etc., with Amazon being promoted to the largest holding, with an increase of 481.4% from the previous quarter.

Thiel Macro LLC: Liquidating NVIDIA, Reducing the Portfolio to Three Stocks

Thiel Macro LLC, a fund under Silicon Valley investment godfather Peter Thiel, made a significant reduction in the third quarter of 2025. The latest 13F filing showed that as of September 30, its investment portfolio only had three stocks: Tesla, Microsoft, and Apple, with a total market value of approximately $74.48 million, a decrease of 64.9% from the previous quarter. Specifically, Thiel Macro LLC liquidated NVIDIA this quarter, which accounted for 40% of the fund's portfolio in the previous quarter. At the same time, the fund also reduced Vistra Energy and significantly reduced Tesla (with a decrease of 76%), but Tesla remains its largest holding, accounting for approximately 38.8%.