Some are liquidating their positions while others are adding to them: A look at the Q3 earnings reports of 11 Wall Street financial giants.

Original author: Nancy, PANews

US stocks are undoubtedly the main battleground with the most abundant global liquidity, especially technology stocks led by Nvidia, which attract the attention of global capital and become an important reference signal for portfolio allocation.

The crypto market is now also influenced by the performance of US tech stocks, with their price correlation steadily increasing. According to Bloomberg data cited by TheKobeissiLetter, the 30-day correlation between Bitcoin and the Nasdaq 100 index recently rose to approximately 0.8, the highest level since 2022 and the second highest in nearly a decade. In contrast, Bitcoin's correlation with cash and gold is essentially zero. Bitcoin's performance is increasingly resembling that of a leveraged tech stock.

As US stock market third-quarter earnings reports are gradually released, this article analyzes the capital movements of 11 financial giants, revealing a clear trend of risk divergence. JPMorgan Chase, Invesco, and Wells Fargo, among others, have chosen to continue increasing their holdings in technology stocks, while Berkshire Hathaway reduced its Apple stake and established its first position in Google. Bridgewater Associates and the Saudi sovereign wealth fund have adopted defensive strategies, significantly reducing their holdings in overvalued technology stocks and increasing their allocations to index ETFs. Additionally, several institutions have also made moves in the crypto asset sector, but the overall investment proportion remains relatively small.

JPMorgan Chase: Continues to increase holdings in tech stocks, with Nvidia surpassing Microsoft to become the largest holding.

JPMorgan Chase delivered a stellar Q3 earnings report, with both revenue and profit exceeding market expectations, marking the company's best single-quarter performance in history. The company also continued to increase its holdings in leading technology stocks during the quarter.

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

Looking at specific changes in holdings, JPMorgan Chase added 864 stocks this quarter and increased its holdings in 3,144 stocks. The five stocks with the largest increases in holdings were Apple, Nvidia, Alphabet Class C shares, Alphabet Class A shares, and Palantir. Conversely, JPMorgan Chase reduced its holdings in 2,747 stocks and completely sold off 527 stocks. The top five stocks with the largest reductions in holdings were Amazon, IVV, META, Netflix, and Visa.

In addition, JPMorgan Chase held over 5.28 million shares of IBIT (worth approximately $343 million) this quarter, 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. Meanwhile, JPMorgan Chase also reduced and liquidated its holdings in FBTC, GBTC, and BITB during the third quarter.

Berkshire Hathaway: Increases Apple selling and initiates initial position in Google.

As Buffett's final financial report before his retirement, the 13F filing shows that Berkshire Hathaway's holdings were valued at $267.3 billion as of the end of the third quarter. The top ten holdings accounted for a staggering 86.69% of the portfolio: Apple, American Express, Bank of America, Coca-Cola, Chevron, Occidental Petroleum, Moody's, Chubb, Kraft Heinz, and Alphabet (Google's parent company).

According to data from Whalewisdom, Berkshire Hathaway's top five increased holdings in the third quarter were Alphabet, Chubb, Lennar Corporation, Domino's Pizza, and SiriusXM. Notably, Berkshire Hathaway initiated its first position in Alphabet, adding approximately 17.85 million shares, worth about $4.34 billion, representing about 1.6% of its portfolio.

Regarding share reductions, Berkshire Hathaway sold the five largest amounts of shares: VeriSign, DaVita, Bank of America, Holden Corporation, and Nucor Steel. Notably, Berkshire sold Apple shares for the second consecutive quarter, reducing its holdings by approximately 41.79 million shares in the third quarter, resulting in a decrease in market value of about $10.6 billion compared to the end of Q2, although it remains its largest holding.

Invesco: Betting on tech stocks, increasing holdings in Nvidia and Apple.

According to the latest 13F filing, as of the end of the third quarter of 2025, global asset management giant Invesco's total holdings exceeded $634.7 billion. The top ten holdings accounted for 21.34% of the total portfolio value, with Nvidia ranking first, with a holding 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 and increased its holdings in 2,005 stocks, with the top five stocks it increased its holdings in being Nvidia, Apple, Google, Applovin, and Broadcom; it reduced its holdings in 1,597 stocks and sold off 104 stocks, with the top five stocks it reduced its holdings in being Amazon, Hydranautics, Intuitive Surgical, ServiceNow, and Costco.

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

Wells Fargo: Continues to increase its holdings in the "Big Seven" banks.

According to its 13F filings, Wells Fargo held a total value of $526 billion in the third quarter, an 8.8% increase from the previous quarter. The top ten holdings accounted for 19.54% of the total, namely Microsoft, Apple, IVV, Nvidia, ITOT, Broadcom, Vanguard, JPMorgan Chase, Google, and Amazon; all seven of these "giants" increased their holdings to varying degrees. In addition, Wells Fargo significantly increased its holdings of the largest U.S. technology ETF, the Nasdaq 100 ETF-Invesco QQQTrust call options, by 66.4%.

In the third quarter, Wells Fargo added 501 stocks and increased its holdings in 3,686 stocks. The top five purchases were Apple, Google, Nasdaq 100 ETF-Invesco QQQ Trust call options, Nvidia, and Broadcom. It reduced its holdings in 2,068 stocks and sold off 562 stocks. The top five sales were S&P 500 ETF-SPDR, Accenture, Russell 2000 ETF-iShares, Russell 2000 ETF-Vanguard, and Chubb Insurance.

In addition, Wells Fargo increased its holdings of IBIT and related call and put options in the third quarter, with a total value exceeding $520 million.

Bridgewater Associates: Significantly reduced its holdings in tech stocks such as Nvidia, strengthening its defensive portfolio.

Bridgewater Associates adopted a defensive strategy in the third quarter, reducing its exposure to overvalued technology stocks, gold, and emerging markets while increasing its allocation to large-cap US stock index ETFs.

According to the latest 13F filing, as of September 30, 2025, Bridgewater Associates, the world's largest hedge fund, held approximately $25.53 billion in assets, a 33.3% increase from the end of the second quarter. The top ten holdings accounted for 32.54% of the total, with the SPDRS & P500 ETF (SPY) and the iShares Core S&P 500 Index (IVV) accounting for over 17.3% combined.

In the third quarter, Bridgewater made significant adjustments to its portfolio structure. Whalewisdom data shows that it added 493 stocks to its holdings and increased its holdings in 325 stocks. The top five stocks with increased holdings were IVV, Lam Research (LRCX), Adobe, Sea (a Southeast Asian equivalent of Tencent), and Reddit. It reduced its holdings in 194 stocks and completely sold off 64 stocks. The top five stocks with reduced holdings were IEMG, NVIDIA, Google, the SPDR Gold ETF (GLD.US), and Microsoft. Notably, in addition to significantly reducing its NVIDIA holdings by approximately 62%, Bridgewater also reduced its holdings in Amazon, Alphabet, and Meta, but Google and Microsoft remained among its top four holdings.

Saudi Arabia's sovereign wealth fund reduced its holdings by nearly 20% in a single quarter, now holding only six US stocks.

Saudi Arabia's sovereign wealth fund is one of the world's largest, with approximately $1 trillion in assets. According to its latest 13F filing, as of the end of the third quarter, the fund's total holdings in U.S. stocks were worth approximately $19.4 billion, a decrease of more than 18% from the end of the second quarter.

This quarter, Saudi Arabia's sovereign wealth fund significantly reduced its holdings in US stocks, liquidating its positions in 51 companies, including Nvidia, Intercontinental Exchange, New Era Energy, Google, Apple, Netflix, Microsoft, and Pinduoduo. Currently, the fund holds only six US stocks: Uber, Electronic Arts, Lucid Group, Take-Two, Claritev, and Allurion Technologies.

Citigroup: Cutting losses on tech stocks, increasing options positions.

According to the latest 13F filing, as of the end of the third quarter of 2025, Citigroup's total holdings were valued at approximately $224.3 billion, an increase of about 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 all experiencing varying degrees of reduction in holdings.

In the third quarter, Citigroup actively adjusted its portfolio, particularly in technology stocks. The institution newly purchased 826 stocks and increased its holdings in 1,833 stocks. The five stocks with the largest increases in holdings were iShares Boxx High Yield Corporate Bonds (HYG, put options), Nvidia put options, Invesco QQQ Trust ETF put options, Applovin Corp call options, and Tesla put options, demonstrating its focus on options assets. At the same time, Citigroup liquidated 399 stocks and reduced its holdings in 3,028 stocks. The top five stocks with the largest reductions were Nvidia, Meta, Amazon, Microsoft, and Apple.

SoftBank: AI stocks boost holdings, reduces major holding in T-Mobile

SoftBank, the Japanese financial giant, reported in its third-quarter earnings report that its total holdings in AI stocks exceeded $25.9 billion, thanks to the strong performance of its heavy investment in such stocks. The top ten holdings accounted for a staggering 95.94% of its portfolio, including T-Mobile US, Nvidia, Intel, Symotic, and Webton. Notably, SoftBank disclosed that it sold all of its Nvidia shares in October for $5.8 billion.

In the third quarter, SoftBank added four stocks to its portfolio and increased its holdings in two others. The top five stocks it increased its holdings in were Intel, Nvidia, Klarna, Full Truck Alliance, and Ambiq Micro. Meanwhile, the fund reduced its holdings in four stocks and sold off all its shares in two others. The top five stocks it sold were T-Mobile US, Oracle, Lemonade, Bitcoin miner CipherMining, and NuHoldings.

ARK: Focus on increasing investment in technology and crypto stocks

The latest 13F filings show that as of September 30, 2025, the ARK Fund managed by Cathie Wood held a total value of nearly $16.8 billion. The top ten holdings comprised 46.1% of the portfolio: Tesla, Coinbase, Roku, Palantir, Roblox, Robinhood, Shopify, Crispr Therapeutics, Tempus AI, AMD, and Circle. However, most of these holdings were reduced to varying degrees during the quarter.

Regarding changes in holdings, according to Whalewisdom data, ARK added 14 stocks in the third quarter and increased its holdings in 108 stocks. The five stocks with the largest increases were Tesla, BitMime, Brera Holdings, Bullish, and Teradyne, involving multiple crypto-related stocks. At the same time, ARK reduced its holdings in 74 stocks and completely sold off 8 stocks. The top five stocks with the largest reductions included Coinbase, Roku, Robinhood, Roblox, and GuardantHealth. In addition, ARK also holds ARKB worth $240 million.

Soros Fund Management: Amazon becomes its largest holding.

George Soros Fund Management's total holdings in the third quarter were $7.02 billion, a 13% decrease from the previous quarter. The top ten holdings accounted for 31.1% of the portfolio, including Amazon, Smurfit West Rock, Spotify, Center Point Energy, Google, PG&E, RSP, and Rivian. Amazon became the largest holding, with its share price increasing by a staggering 481.4% compared to the previous quarter.

In the third quarter, the fund added 77 new stocks and increased its holdings in 44 stocks. The top five stocks with increased holdings were Amazon, the Rydex S&P Average Weighted Index ETF, Google, Forward Industrial Notes, and VanEck Semiconductor Index ETF put options, indicating a strong focus on technology and ETF options. Simultaneously, the fund reduced its holdings in 45 stocks and liquidated 95 stocks. The top five stocks sold were 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.

ThielMacroLLC: Sold off Nvidia shares, reducing portfolio to three stocks.

Thiel Macro LLC, the fund managed by Silicon Valley investment guru Peter Thiel, significantly reduced its holdings in the third quarter of 2025. The latest 13F filing shows that as of September 30, its portfolio consisted of only three stocks: Tesla, Microsoft, and Apple, with a total market value of approximately $74.48 million, a 64.9% decrease from the previous quarter.

Specifically, Thiel Macro LLC completely sold its Nvidia shares this quarter, which at one point accounted for 40% of the fund's portfolio last quarter. The fund also reduced its holdings in Vistra Energy and significantly reduced its Tesla holdings (by a whopping 76%), although Tesla remains its largest holding, accounting for approximately 38.8%. Notably, Thiel Macro LLC initiated new positions in Microsoft and Apple this quarter, representing approximately 34.1% and 27.1% of the portfolio, respectively.

In addition, Peter Thiel's venture capital firm Founders Fund also made strategic adjustments to its investments in DAT (crypto treasury company) in the third quarter, including selling about half of its BitMine holdings, currently still holding about 2.547 million shares; at the same time, it reduced its holdings in ETHZilla, lowering its stake to 5.6%.

Original link