Zhi Tong Cai Jing·2025-11-14 09:35Core Viewpoint - Citigroup has significantly reduced its positions in major AI-related tech stocks, reflecting concerns over an "AI bubble" and the sustainability of the AI investment trend, while simultaneously increasing positions in certain ASIC leaders like Broadcom [1][2]. Holdings Summary - Citigroup's total holdings value reached approximately $224 billion in Q3, up 10% from the previous quarter, with 826 new stocks added and 3,028 stocks reduced [1]. - The top ten holdings accounted for 19.48% of Citigroup's total U.S. stock market value, indicating a high concentration in these positions [1]. Major Stock Adjustments - Significant reductions were made in holdings of Nvidia, Microsoft, Apple, and Amazon, with Nvidia being the largest holding but reduced by 28.22% to approximately 33.39 million shares valued at $6.2 billion [2][3]. - Citigroup increased its position in the Russell 2000 ETF put options, reflecting a bearish outlook on small-cap stocks [3]. Specific Stock Positions - The second-largest holding was in Russell 2000 ETF put options, with approximately 23.99 million shares valued at $5.8 billion, an increase of 12.26% [3]. - Microsoft was the third-largest holding, with about 9.56 million shares valued at $5 billion, down 19.55% from the previous quarter [3]. - Tesla put options ranked fourth, with about 10.43 million shares valued at $4.6 billion, showing a slight increase of 6.84% [3]. Additional Insights - Citigroup's strategy included a significant reduction in positions in Apple and Amazon by 33% and 30% respectively, while increasing its stake in Broadcom, which is seen as a competitor to Nvidia in the AI GPU market [4]. - The firm also increased its holdings in Nasdaq 100 ETF put options by 81%, indicating preparation for potential declines in AI-related stocks [4][5]. - The top five sell-offs included Nvidia, Meta, Amazon, Microsoft, and Apple, further emphasizing Citigroup's cautious stance on the AI investment trend [5].