Major Shake-up at World's Largest Hedge Fund: Bridgewater Loads Up on Chips, Liquidates Software Stocks

Bridgewater Associates, the world’s largest hedge fund, disclosed its Q1 2026 U.S. equity holdings via its 13F filing on Friday.

The report reveals that during the first quarter ending March 31, Bridgewater aggressively reshuffled its portfolio.

The fund established a new position in TSMC and ramped up stakes in prominent AI beneficiaries including Amazon, Micron, and Broadcom.

Concurrently, it entirely liquidated positions in enterprise software giants like Salesforce and ServiceNow, signaling deep concern over the disruptive impact of AI on the software-as-a-service (SaaS) sector.

Bridgewater Loads Up on Nvidia and Amazon

According to Whalewisdom data, the total market value of Bridgewater’s U.S. equity portfolio stood at $22.4 billion in Q1, down significantly from $27.4 billion in the prior quarter.

During the three-month period, the fund initiated 214 new positions, increased stakes in 292, completely exited 261, and trimmed holdings in 487.

Amazon saw the most substantial buying volume from the fund.

Bridgewater snapped up an additional 2.44 million shares, boosting Amazon's portfolio weight from 1.64% to 4.08% and catapulting the e-commerce and cloud giant to its top holding.

Within its top 10 holdings, Bridgewater also notably increased exposure to Nvidia, Google, Broadcom, Micron, and Microsoft—reflecting a clear conviction in chipmakers and hyperscalers driving the AI boom.

Furthermore, the fund initiated a position in TSMC, purchasing 1.08 million shares valued at $364 million as of late March, representing 1.62% of the total portfolio.

A Complete Exit from Enterprise Software

On the selling side, Bridgewater’s largest divestment was the iShares Core S&P 500 ETF (IVV), reducing its portfolio weight from 10.45% to 7.87%.

However, the most striking tactical shift was the wholesale liquidation of enterprise software firms. The fund completely exited positions in Salesforce, ServiceNow, and GoDaddy (Class A), while heavily reducing its stake in Adobe.

The move aligns with an ongoing debate on Wall Street regarding how generative AI might cannibalize the traditional software industry. The software stocks discarded by Bridgewater suffered severe sell-offs during the first quarter:

Salesforce: Plunged 29.58%
ServiceNow: Tumbled 31.00%
GoDaddy (Class A): Dropped 33.00%

Bridgewater’s swift and complete exit from these names serves as a defining statement on its stance: in the era of AI, hardware and infrastructure remain the clear winners, while legacy software providers face unprecedented structural headwinds.