桥水，抛售英伟达

Core Viewpoint - Bridgewater, the world's largest hedge fund, significantly reduced its holdings in major U.S. tech stocks in the third quarter, indicating a cautious outlook on these investments [2][5]. Holdings Summary - As of the end of Q3 2025, Bridgewater's portfolio value was approximately $25.5 billion, up from $24.8 billion at the end of Q2 2025 [2]. - The top five holdings included IVV (S&P 500 ETF-iShares), SPY (S&P 500 ETF-SPDR), Google-A, Microsoft, and Salesforce, with Nvidia ranked sixth [2][3]. Reduction in Tech Stocks - Bridgewater reduced its Nvidia shares from 7.23 million to approximately 2.51 million, a decrease of about 65.3% [5]. - The fund also cut its holdings in Google-A by over 50%, Microsoft by over 35%, META by 48%, and Amazon by nearly 10% [5][6]. Increase in Index Holdings - In contrast to the reduction in individual tech stocks, Bridgewater increased its position in IVV (S&P 500 ETF-iShares) by approximately 1.74 million shares, a 75% increase from the previous quarter [8][10]. - This strategy reflects a shift towards a defensive approach, favoring broad market indices over high-priced individual stocks [8]. Additional Investments - Bridgewater also increased its stakes in companies such as Lam Research, Adobe, AMD, and Sea during the third quarter [8][10].